The company didn’t quite meet expectations for either trailing results or full-year guidance.
Cancer drug developer Y-mAbs Therapeutics (YMAB -11.24%) didn’t exactly kick off the stock trading week on a high note. The company’s shares closed the day more than 11% lower in price, following the release of its latest set of quarterly results. That contrasted unfavorably with the performance of the bellwether S&P 500 index, which flatlined that session.
A double miss for the second quarter
Y-mAbs is a commercial-stage biotech, and its one commercialized product, Danyelza, brought in $22.8 million for the second quarter and was responsible for all the company’s net revenue. Those sales were 10% higher on a year-over-year basis. Y-mAbs said that much of this was due to higher international sales of the drug; it cited Western Europe and recent commercial launches in Brazil and Mexico as three relatively high-growth markets.
On the bottom line, Y-mAbs booked a net loss of $9.2 million, or $0.21 per share. This was deeper than its $6.3 million deficit of second quarter 2023.
Analysts tracking the biotech were expecting a notably better performance. On average, they were modeling slightly over $23 million on the top line, and only $0.12 per share for net loss.
2024 revenue guidance falls just short
Another negative was Y-mAbs’s guidance, which also didn’t meet prognosticator expectations. The company is forecasting it will earn net revenue of $87 million to $95 million for the entirety of this year; however, the average analyst estimate is slightly above the top end of that range at almost $95.2 million. Meanwhile, the company anticipates that its operating expenses will be $115 million to $120 million. It did not provide a range for net loss.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
