ArQule Inc. (NASDAQ:ARQL) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
ArQule Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.09 in the quarter versus EPS of $-0.08 in the year-earlier quarter.
Revenue: Decreased 33.41% to $5.66 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ArQule Inc. reported adjusted EPS loss of $0.09 per share. By that measure, the company beat the mean analyst estimate of $-0.11. It beat the average revenue estimate of $3.78 million.
Quoting Management: “With respect to our lead product, tivantinib, in January we enrolled the first patient in the pivotal Phase 3 METIV trial of tivantinib as a single agent in HCC,” said Paolo Pucci, chief executive officer of ArQule. “Building upon the clinical benefits observed in MET-high patients in our Phase 2 trial, investigators in the METIV trial are enrolling previously treated patients with MET-high tumors. We have opened a number of sites in the U.S. and Europe during the past several months, and we look forward to building momentum in patient enrollment in the months to come.”
Key Stats (on next page)…