Hampered by higher costs, InterMune, Inc. (NASDAQ:ITMN) booked a net loss in the third quarter. InterMune is a biotech company, which is focused on developing and commercializing innovative therapies in pulmonology and hepatology.
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InterMune, Inc. Earnings Cheat Sheet
Results: Loss widened to $45.4 million (70 cents per diluted share) from $38.2 million (loss of 63 cents per share) in the same quarter a year earlier.
Revenue: Rose 6284.7% to $7.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: InterMune, Inc. beat the mean analyst estimate of a loss of 84 cents per share. It fell short of the average revenue estimate of $36.4 million.
Quoting Management: Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, “We are pleased to report this quarter many important accomplishments by our European and Canadian businesses and continued sequential quarterly growth in Esbriet sales since its first launch in Europe in September of 2011.” Mr. Welch continued, “With continued successful completion of the pricing and reimbursement processes and Esbriet launches throughout Europe over the coming months, along with the planned launch of Esbriet in Canada on January 1, 2013, we have begun a period of sustained annual sales growth. We also expect that our ASCEND Phase three study, which is nearing full enrollment, will lead to positive top-line data in the first half of 2014 and the launch of Esbriet in the U.S., providing further acceleration of our sales growth.”
After two quarters of falling short, the company beat estimates last quarter. In the second quarter, it missed the mark by 61 cents, and in the first quarter, it came in under estimates by 3 cents.
The company reported a net loss last quarter, after reporting a profit in the quarter prior. The company booked a profit of $46.6 million, or 72 cents per share, in the first quarter.
Looking Forward: The outlook for the company’s next-quarter performance in increasingly unfavorable. Over the past sixty days, the average estimate for the fourth quarter has dipped to a loss of 90 cents per share from a loss of 89 cents. The average estimate for the fiscal year is now $2.51 per share, a rise from the $2.66 predicted ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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