h3 Earnings Summary G1 Therapeutics Inc Second Quarter 2024 Financial Resultsh3p strong G1 Therapeu
Intellectia.AI Updated: 1970-01-01
Earnings Summary: G1 Therapeutics, Inc. Second Quarter 2024 Financial Results
G1 Therapeutics, Inc. (NASDAQ:GTHX) reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Q/Q Change | Y/Y Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $16.5M | NA | $42.4M | NA | -61.1% | $16.36M |
| Net COSELA Revenue | $15.8M | NA | $11.1M | NA | 42.3% | NA |
| Earnings per Share | $(0.10) | NA | $0.17 | NA | -158.8% | $(0.16) |
Interpretation: G1 Therapeutics posted a total revenue of $16.5 million, slightly beating the consensus estimate of $16.36 million. Net COSELA revenue grew by 42.3% year-over-year to $15.8 million, demonstrating consistent demand and market penetration. However, the company's EPS of $(0.10) was below the previous year's earnings but better than the expected $(0.16).
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Previous Guidance | Q/Q Change |
|---|---|---|---|
| Net COSELA Revenue | $15.8M | $60-$70M annually | NA |
| License Revenue | $0.7M | NA | NA |
| Total Revenue | $16.5M | NA | NA |
Interpretation: The majority of G1 Therapeutics' revenue came from COSELA sales, which saw a double-digit increase in vial volume and net revenue over the previous quarter. The company reaffirmed its annual guidance of $60-$70 million in COSELA net revenue for 2024.
Key Operational Data:
| Operational Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Operating Expenses | $20.1M | $30.9M |
| R&D Expenses | $5.7M | $12.0M |
| SG&A Expenses | $13.6M | $17.4M |
| Cash, Cash Equivalents, and Securities | $60.7M | $82.2M (Dec 31, 2023) |
| Net Loss | $5.5M | Net income of $8.7M |
| Cost of Goods Sold | $0.7M | $1.4M |
Comments from Company's Officers:
Jack Bailey, CEO of G1 Therapeutics, expressed optimism about the company's future post-acquisition by Pharmacosmos, emphasizing the potential for broader access to COSELA and assured the continued focus on the growth of the COSELA business.
Dividends or Share Repo Program:
No information was provided regarding dividends or share repurchase programs.
Forward Guidance:
G1 Therapeutics reaffirmed its full-year 2024 revenue guidance of $60-$70 million for COSELA net revenue and expects operational expenses to be 25%-30% lower compared to the prior year.
Stock Price Movement:
No stock price movement data was provided post-earnings release.
In summary, G1 Therapeutics exhibited strong performance in COSELA sales, maintaining upward momentum despite overall revenue decline year-over-year due to one-time payments in the prior year. The reaffirmation of robust guidance and the impending acquisition by Pharmacosmos are indicative of a promising trajectory for the company.
