Array BioPharma Earnings: Here’s Why Shares are Up Now
Array BioPharma, Inc. (NASDAQ:ARRY) had a loss 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 up 0.02%.
Array BioPharma, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.19 in the quarter versus EPS of $-0.11 in the year-earlier quarter.
Revenue: Decreased 47.67% to $10 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Array BioPharma, Inc. reported adjusted EPS loss of $0.19 per share. By that measure, the company missed the mean analyst estimate of $-0.15. It missed the average revenue estimate of $14.54 million.
Quoting Management: Ron Squarer, Chief Executive Officer of Array, noted, “With the recent Phase 3 announcements regarding Array-invented MEK inhibitors, MEK162 and selumetinib, and continuing progress with our wholly-owned hematology-oncology programs, we continue to deliver on our stated objective to become a late-stage development company focused in oncology.”
Key Stats (on next page)…
Revenue decreased 45.59% from $18.38 million in the previous quarter. EPS decreased to $-0.19 in the quarter versus EPS of $-0.10 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 loss of $0.16 to a loss $0.17. For the current year, the average estimate has moved up from a loss of $0.58 to a loss of $0.54 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)