p strong Veru Inc Reports Fiscal 2024 Third Quarter Financial Results strongpp Veru Inc NASDAQ VERU
Intellectia.AI Updated: 1970-01-01
Veru Inc. Reports Fiscal 2024 Third Quarter Financial Results
Veru Inc. (NASDAQ: VERU), a late clinical-stage biopharmaceutical company, reported its financial results for the fiscal 2024 third quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q3 Fiscal 2024 | Q3 Fiscal 2023 | Year-over-Year Change | Wall Street Consensus | Performance vs. Consensus |
|---|---|---|---|---|---|
| Total Revenue | $4.0M | $3.3M | +21.21% | $3.5M | Beat by $0.5M |
| Earnings Per Share (EPS) | $-0.07 | $-0.14 | N/A | $-0.06 | Miss by $0.01 |
| Gross Profit | $1.3M | $1.2M | +8.33% | N/A | N/A |
| Operating Loss | $10.9M | $13.7M | N/A | N/A | N/A |
| Net Loss | $11.0M | $12.5M | N/A | N/A | N/A |
Interpretation: Veru Inc. showed a notable improvement in financial performance for the third quarter of fiscal 2024 compared to the previous year, marked by a substantial increase in both revenue and gross profit. The total revenue exceeded Wall Street consensus estimates, indicating strong market performance despite missing the EPS forecast by a narrow margin. The company successfully reduced its operating loss and net loss year-over-year, demonstrating significant cost management and efficiency improvements.
Revenue Performance Across Major Segments
| Segment | Q3 Fiscal 2024 | Previous Guidance | Performance vs. Guidance |
|---|---|---|---|
| Biopharmaceuticals | $4.0M | Not Provided | N/A |
| Operating Expenses | $12.4M | Not Provided | N/A |
| Research and Development Expenditure | $4.9M | Not Provided | N/A |
| Selling, General, and Administrative | $7.5M | Not Provided | N/A |
Interpretation: Though specific guidance figures for individual segments were not provided, revenue from biopharmaceuticals increased significantly year-over-year. The company has successfully managed its operating expenses, signaling prudent financial management policies.
Key Operational Data
- Cash and Cash Equivalents: $29.2M as of June 30, 2024, compared to $9.6M as of September 30, 2023.
- Net Accounts Receivable: $1.6M as of June 30, 2024, down from $4.5M as of September 30, 2023.
Comments from Company Officers
Mitchell Steiner, M.D., Chairman, President, and CEO of Veru Inc., emphasized the company's milestone achievement in completing the full enrollment of over 150 patients for its Phase 2b QUALITY clinical trial, highlighting the importance of enobosarm for muscle preservation. Dr. Steiner also underscored enobosarm's potential to address the muscle loss challenge in obesity patients treated with GLP-1 drugs.
Dividends or Share Repurchase Program
No announced dividends or share repurchase programs were detailed in the provided report.
Forward Guidance
Veru Inc. anticipates topline data from its Phase 2b QUALITY clinical trial in January 2025. The company also expects the topline results for the separate blinded Phase 2b extension clinical study in the second calendar quarter of 2025.
Stock Price Movement
Following the earnings release, Veru Inc.’s stock price experienced a change of +7.80%.
In summary, Veru Inc. reported solid fiscal third-quarter results marked by increased revenue, improved gross profit, and reductions in both operating and net losses. The company has made notable advancements in its clinical trial for enobosarm and is positioned for notable future developments with promising clinical data expected in early 2025.