Pharmacyclics Inc. (NASDAQ:PCYC) 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.
Pharmacyclics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.40 in the quarter versus EPS of $-0.19 in the year-earlier quarter.
Revenue: Rose 47.15% to $2.84 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pharmacyclics Inc. reported adjusted EPS loss of $0.40 per share. By that measure, the company missed the mean analyst estimate of $-0.17. It missed the average revenue estimate of $25.89 million.
Quoting Management: “This past quarter has been particularly successful for our company,” said Bob Duggan, CEO and Chairman of the Board. “We completed the enrollment of our first Phase III trial and are well on track with our clinical programs. We also received the third Breakthrough Therapy Designation from the FDA. Last month at the American Association of Clinical Research we had 8 poster presentations and 1 oral presentation. There are 5 additional oral and 6 poster presentations with clinical and pre-clinical updates planned for the upcoming scientific conferences this summer, the American Society of Clinical Oncology, the European Hematology Association and the International Conference on Malignant Lymphoma. Last month we earned a milestone payment of $50 million from our collaboration partner Janssen, for the start of our front line study in CLL and on March 8th we concluded a successful equity offering netting us $201 million. Pharmacyclics remains resolute in its goal to lead in the creation of a new era of patient friendly, body harmonious, medicinal solutions, which are intended to improve the quality of life, increase duration of life and address serious, unmet medical health care needs for patients.”
Key Stats (on next page)…
Revenue decreased 95.1% from $57.96 million in the previous quarter. EPS decreased to $-0.40 in the quarter versus EPS of $0.56 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.34 to a profit $0.02. For the current year, the average estimate has moved down from $0 to a loss of $0.09 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)