Biotechnology company Evogene Ltd. EVGN EVGN posted its financial results Wednesday for the first half and second quarter of 2021 along with a proclamation from the company's president and CEO Ofer Haviv in which he said that this fiscal year is “turning out to be a key strategic year for unlocking value at Evogene and its subsidiaries.”
During the three months ended June 30, the company generated roughly $135 000 in revenue, down by 51.7% year-over-year and missing estimates by $0.08 million. GAAP earnings per share were negative at $0.15, beating projections by $0.02.
In its earnings report, the Rehovot, Israel-based company, revealed having $65.4 million in consolidated cash, cash-related accounts, bank deposits and marketable securities, as of June 30, including $10.6 million, which is appropriated to its subsidiary, Lavie Bio.
In the first six months of 2021, the consolidated net cash usage totaled roughly $11.3 million, or $8.9 million, excluding the Lavie Bio subsidiary.
The consolidated cash usage amounted to $5.7 million for the second quarter, or $4.5 million, excluding the Lavie Bio subsidiary.
According to the company’s management, cash usage for the full year of 2021 will be within the projected range of $20-$22 million.
Other Q2 2021 Financial Highlights
- Research and development expenses were $5 million versus $3.9 million in the corresponding quarter of 2020.
- Business development increased year-over-year to $0.7 million from $0.5 million in the same period of last year.
- General and administrative expenses amounted to $1.8 million compared to $1.1 million in the corresponding quarter of last year.
- Operating loss was $7.4 million, up from $5.2 million in the prior-year period.
- Net loss totaled $6.9 million, which compares to a $4.8 million loss in the second quarter of 2020.
Price Action
Evogene’s shares were trading 1.02% higher at $2.98 per share at market close Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!