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- Casper Sleep Inc (NYSE:CSPR) reported second-quarter FY21 revenue growth of 37.7% year-on-year, to $151.76 million, marginally ahead of the analyst consensus of $151.28 million.
- North America revenue increased 44.6%. North America Direct-to-Consumer revenue increased 31.3% to $99.5 million, while North America Retail Partnership revenue rose 78.9% to $52.2 million.
- Gross profit increased 27.1% Y/Y to $72.5 million, while profit margin contracted 400 basis points to 47.8%.
- The operating loss widened to $(33.1) million. Adjusted EBITDA loss narrowed to $(6.7) million.
- The company held $49.7 million in cash and equivalents as of June 30, 2021.
- Loss per share of $(0.81) missed the analyst consensus of $(0.34).
- Outlook: Casper Sleep sees Q3 sales of $152 million - $159 million, versus the consensus of $156.01 million.
- It expects Q3 Adjusted EBITDA loss of $(12.5) million - $(9.5) million.
- FY21 revenue outlook is unchanged at $580 million - $610 million, versus the consensus of $609.35 million.
- Casper Sleep expects to achieve Adjusted EBITDA profitability during 2022.
- Price action: CSPR shares traded lower by 17.2% at $5.73 on the last check Tuesday.
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