TCMD Expects 13-15% Revenue Growth In 2022, AXSM On Watch, QURE Awaits Huntington’s Trial Data
The following are some of the biotech companies that reported quarterly earnings and provided business update on Monday.
1. ARCA biopharma Inc. (ABIO) has revealed that it is in the process of evaluating options for creating stockholder value, including potential development of its assets, partnering and other strategic options.
The company is focused on developing genetically and other targeted therapies for cardiovascular diseases through a precision medicine approach to drug development.
Cash and cash equivalents totaled $49.1 million as of March 31, 2022.
ABIO closed Monday’s trading at $2.37.
2. Addus HomeCare Corp. (ADUS), a provider of home care services, has reported better-than-expected earnings for the first quarter of 2022 while revenue missed analysts’ estimate.
Adjusted net income for the first quarter of 2022 improved to $12.34 million or $0.77 per share from $11.91 million or $0.74 per share for the first quarter of 2021. Total revenue for Q1, 2022 was $226.6 million compared to $205 million in the year-earlier quarter.
Wall Street analysts were expecting the company to earn $0.76 per share on revenue of $227.33 million for the quarter.
As of March 31, 2022, cash on hand was $124.8 million and bank debt was $259.9 million.
ADUS closed Monday’s trading at $84.31, up 0.04%.
3. Axsome Therapeutics Inc. (AXSM) has a couple of anticipated milestones to achieve in the coming months.
The company has plans to explore its drug candidate AXS-05 in a pivotal Phase 2/3 trial in smoking cessation, and information on the timing of initiation of this study is expected to be provided this year.
AXS-05 is also being explored as a treatment for major depressive disorder, with the FDA decision expected this quarter.
Yesterday, the FDA declined to approve the company’s AXS-07, proposed for the acute treatment of migraine, citing chemistry, manufacturing, and controls (CMC) considerations.
AXS-12 and AXS-14 are the other clinical compounds in the company’s pipeline.
AXS-12 is under a phase III trial in the treatment of narcolepsy, dubbed SYMPHONY, with topline results anticipated in the first half of 2023.
AXS-14, being developed for the management of fibromyalgia, has successfully completed phase III trial, with NDA submission planned in 2023.
AXSM closed Monday’s trading at $34.04, up 7.21%.
4. InMode Ltd. (INMD) reported strong earnings and revenue for the first quarter ended March 31, 2022.
For the first quarter of 2022, the company reported non-GAAP net income of $34.1 million or $0.40 per share on revenue of $85.9 million. This compares with a non-GAAP net income of $29.3 million or $0.34 per share and revenue of $65.5 million in the first quarter of 2021.
Looking ahead to full-year 2022, the company expects revenues between $415 million and $425 million. Non-GAAP income from operations is expected to be between $199 million and $204 million and non-GAAP earnings per share are anticipated to be between $2.06 and $2.11.
Wall Street analysts expect the company to earn $2.08 per share on revenue of $423.28 million.
INMD closed Monday’s trading at $25.61, up 1.99%.
5. uniQure N.V. (QURE) has a clinical trial catalyst to watch in the coming months.
The company expects to present one-year safety and biomarker data from the 10-patient lower dose cohort of the U.S. randomized, controlled Phase I/II trial of AMT-130 in Huntington’s disease this quarter.
Last month, the company initiated an IND-enabling dose-ranging study of AMT-260, a potential treatment for refractory temporal lobe epilepsy. A Good Laboratory Practices (GLP) toxicity study of AMT-260 in non-human primates is expected to be initiated in the second half of 2022 to support an IND submission in 2023.
The company expects to initiate a GLP toxicology study of AMT-191 in non-human primates in the second half of 2022, which is expected to support an IND submission in 2023. AMT-191 is being developed for the treatment of Fabry disease.
As of March 31, 2022, the company held cash and cash equivalents of $524.9 million.
QURE closed Monday’s trading at $15.77, up 5.56%.
6. Semler Scientific Inc. (SMLR) reported lower net income for the three months ended March 31, 2022, as operating expenses increased 41% and revenue improved just 6%.
Net income for the first quarter of 2022 declined to $3.4 million or $0.41 per share from $4.9 million or $0.60 per share in the year-ago quarter. Revenue for the quarter was $14.0 million, an increase of 6% over $13.2 million reported in the year-ago quarter.
Semler Scientific expects revenue to range between $14.2 million and $15.2 million for the second quarter of 2022, and annual revenue to range from $58.0 million to $60.0 million.
Wall Street analysts expect the company to report revenue of $15.84 million for the second quarter and $59.57 million for the full-year of 2022.
The company’s cash on hand totaled $38.4 million at March 31, 2022.
SMLR closed Monday’s trading at $47.34, up 2.94%.
7. Tactile Systems Technology Inc. (TCMD), a medical technology company, has reported 12% revenue growth for the first quarter ended March 31, 2022, and has reaffirmed its total revenue guidance for full-year 2022.
Non-GAAP net loss for the first quarter of 2022 widened to $8.4 million from $1.5 million in first quarter of 2021. On a per share basis, net loss was $0.78 in the first quarter of 2022 compared to a net loss of $0.12 per share in the first quarter of 2021.
Total revenue in the first quarter of 2022 increased to $48.0 million from $42.8 million in the year-ago comparable quarter.
Looking ahead to full-year 2022, the company continues to expect total revenue in the range of $235.0 million to $240.0 million, up from $208.1 million in 2021, reflecting growth of roughly 13% to 15% year-over-year.
Wall Street analysts expect the company to report revenue in the range of $235.3 million to $237.4 million in 2022.
TCMD closed Monday’s trading at $17.91, up 6.10%.
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