Oncocyte Corporation Reports Q2 Financial Results for 2024
Intellectia.AI1970-01-01
Oncocyte Corporation Reports Q2 Financial Results for 2024
Oncocyte Corporation has announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Change Year-over-Year | Wall Street Consensus (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $104,000 | $463,000 | -77.54% | $320,000 |
| Earnings Per Share (EPS) | -$2.76 | -$0.56 | N/A | -$0.56 |
Interpretation: The company's revenue has significantly decreased by 77.54% year-over-year, missing the Wall Street consensus estimate of $320,000 by a wide margin. Earnings per share have also fallen drastically to -$2.76, deviating from the expectation of -$0.56.
Breakdown of Revenue Performance:
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Change Year-over-Year | Q2 2024 Guidance |
|---|---|---|---|---|
| Pharma Services | $104,000 | $463,000 | -77.54% | Not Provided |
Interpretation: The revenue from the Pharma Services segment has plummeted by 77.54% year-over-year, impacting the company's overall revenue. No specific guidance or detailed figures are provided for other segments.
Stock Price Movement:
After the earnings release, Oncocyte Corporation’s stock showed a price movement of an approximate 2.67% increase.
This summary highlights Oncocyte Corporation’s financial performance for Q2 2024, indicating significant declines in revenue and earnings per share compared to last year and missing consensus estimates.
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