Recursion and Exscientia Report Financial Results for Q2 2024
Intellectia.AI Updated: 1970-01-01
Recursion and Exscientia Report Financial Results for Q2 2024
Recursion (NASDAQ: RXRX) and Exscientia plc (NASDAQ: EXAI) have announced their financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 Actual | Q2 2023 Actual | Q1 2024 Actual | Consensus Estimates Q2 2024 |
|---|---|---|---|---|
| Total Revenue ($M) | 12.94 | N/A | N/A | 12.94 |
| Earnings Per Share | -0.11 | N/A | N/A | -0.11 |
Note: Year-over-year and quarter-over-quarter revenue and EPS comparisons were not provided.
Interpretation : The financial performance of the companies for Q2 2024 aligned with consensus estimates, meeting the projected revenue of $12.94 million and EPS of -$0.11, indicating stable fiscal management and market expectations.
Revenue Performance by Segment
No specific breakdown of revenue performance across major segments was provided in the earnings release.
Key Operational Data
No additional key operational data was provided.
Executive Comments
Chris Gibson, Ph.D., Co-Founder and CEO of Recursion, stated, "We believe the proposed combination is deeply complementary and aligned with our missions to industrialize drug discovery to deliver high-quality medicines and lower prices for consumers."
David Hallett, Ph.D., Interim Chief Executive Officer of Exscientia, commented, "Adding Exscientia's best-in-class focused precision oncology internal pipeline to Recursion's first-in-class focused pipeline spanning rare disease, precision oncology, and infectious disease is highly complementary as we look to bring treatments to patients faster."
Dividends and Share Repurchase Program
No information on announced dividends or share repurchase programs was provided.
Forward Guidance
The combined company expects to read out approximately 10 clinical trials in the next 18 months.
Stock Price Movement
After the earnings release, the combined company’s stock experienced an increase of 8.22%.
Summary
The announced combination of Recursion and Exscientia seeks to leverage their complementary capabilities in tech-enabled drug discovery and automated chemistry synthesis, respectively. Despite missing detailed revenue breakdowns, the companies met their financial targets, paving the way for promising future clinical trials and significant potential milestone payments. The market responded positively, as evidenced by the post-earnings stock price increase.
This summary accurately reflects the data and information provided.