Exelixis, Inc. (NASDAQ:EXEL) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Exelixis, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.34 in the quarter versus EPS of $-0.25 in the year-earlier quarter.
Revenue: Rose 52.37% to $11.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Exelixis, Inc. reported adjusted EPS loss of $0.34 per share. By that measure, the company missed the mean analyst estimate of $-0.30. It beat the average revenue estimate of $6.55 million.
Quoting Management: “We gained significant momentum in both commercial and development activities in the second quarter of 2013,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “While continuing to focus on enrollment of the COMET phase 3 pivotal trials as our top priority, we initiated the METEOR phase 3 pivotal trial in metastatic RCC and finalized planning for our phase 3 pivotal trial in metastatic hepatocellular carcinoma (NYSE:HCC). In addition, the overall survival and post-hoc analyses from the phase 2 NRE metastatic CRPC cohort were presented at the ASCO Annual Meeting and those data continue to support the rationale for the COMET pivotal trials in metastatic CRPC, for which we continue to expect top-line data in 2014.”
Key Stats (on next page)…