Avadel loss deeper than views

 

• Revenue: Reported $27.2 million in net product revenue, surpassing the estimate of $25.90 million.

• Net Loss: Posted a net loss of $27.3 million, exceeding the estimated net loss of $18.99 million.

• Earnings Per Share: Recorded a loss of $0.30 per diluted share, above the estimated loss of $0.21 per share.

• Gross Profit: Achieved a gross profit of $25.7 million for the quarter.

• R&D Expenses: R&D expenses decreased to $3.1 million from $3.8 million in the same period last year.

• SG&A Expenses: SG&A expenses increased significantly to $48.6 million, up from $24.5 million in the prior year's quarter.

• Cash Position: Ended the quarter with $88.8 million in cash, cash equivalents, and marketable securities.

Despite the revenue beat, Avadel reported a net loss of $27.3 million, or ($0.30) per diluted share, v. net loss of $30.8 million, or ($0.48) per diluted share, in the same period last year. This loss was primarily due to a significant increase in SG&A expenses, which totaled $48.6 million, driven by the commercial launch of LUMRYZ, increased headcount, and higher marketing and legal costs.

R&D expenses decreased slightly to $3.1 million from $3.8 million in Q1 2023, reflecting lower pre-commercial costs for LUMRYZ. The company ended the quarter with $88.8 million in cash, cash equivalents, and marketable securities.

https://finance.yahoo.com/news/avadel-pharmaceuticals-reports-first-quarter-123658716.html