Acorda Therapeutics Earnings: Here’s Why Shares are Down Now
Acorda Therapeutics, Inc. (NASDAQ:ACOR) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.78%.
Acorda Therapeutics, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 52.63% to $0.09 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Rose 0.91% to $71.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Acorda Therapeutics, Inc. reported adjusted EPS income of $0.09 per share. By that measure, the company missed the mean analyst estimate of $0.13. It missed the average revenue estimate of $80.71 million.
Quoting Management: “AMPYRA sales were pressured in the first part of the quarter, consistent with the seasonal pattern we have seen in prior years and in line with our internal projections. Sales rebounded strongly in March and continued to increase in April. Underlying consumer demand also remained strong and we are maintaining our 2013 AMPYRA net sales guidance of $285-$315 million,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO. “Seasonal factors included patients switching insurance plans as well as some additional year-end inventory build and subsequent destocking.”
Key Stats (on next page)…
Revenue decreased 11.75% from $81.47 million in the previous quarter. EPS increased 800% from $0.01 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.15 to a profit $0.14. For the current year, the average estimate has moved down from a profit of $0.67 to a profit of $0.58 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)