Planet Fitness Inc.'s stock fell 3.9% premarket Thursday, after the gym operator topped second-quarter earnings estimates but lowered its full-year guidance amid higher costs. The company had net income of $41.1 million, or 48 cents a share, for the quarter, up from $22.3 million, or 26 cents a share, in the year-earlier period. Adjusted per-share earnings came to 65 cents, ahead of the 55 cent FactSet consensus. Revenue rose 27.6% to $286.5 million, also ahead of the $252 million FactSet consensus. "More of our members are working out more frequently, previous members are rejoining at a faster rate than they did pre-pandemic, and they're staying longer as Q2 was our eighth straight quarter with lower year-over-year cancellation rates, " said CEO Chris Rondeau in a statement. However, because of new store construction costs and higher interest rates, the company is lowering its full -year guidance for placements of equipment in new franchisee stores to approximately 140, down from 160 previously. It expects revenue to rise about 12%, compared with prior guidance of 13% to 14%. Adjusted EPS is now expected to rise about 34%, compared with prior guidance of 33% to 36%. The stock has fallen 16% in the year to date, while the S&P 500 has gained 18%.
Thursday, August 3, 2023
Henry Schein to Acquire a Majority Interest in Shield Healthcare
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, announced today that it has signed an agreement to acquire a majority ownership position in Shield Healthcare, Inc., a leading supplier of homecare medical products delivered directly to patients in their homes. The addition of Shield Healthcare will advance Henry Schein Medical’s continuum-of-care delivery model.
The Shield Healthcare agreement follows Henry Schein’s 2021 acquisition of Prism Medical Products LLC, and represents a further investment in the homecare medical supplies market delivering products directly to patients in their homes. With this acquisition, Henry Schein’s homecare medical products platform will have a revenue base of more than $300 million in annualized revenue. The Shield Healthcare transaction enhances Henry Schein's existing medical business by delivering a wide range of products, including incontinence, urology, ostomy, enteral nutrition, advanced wound, and diabetes supplies, as well as continuous glucose monitoring devices, directly to patients in their homes.
Headquartered in Valencia, Calif., Shield Healthcare had 2022 net sales of approximately $180 million. Henry Schein expects the transaction to be neutral to 2023 non-GAAP earnings per share and accretive thereafter. Closing is subject to standard closing conditions and is expected to be completed in the third quarter of 2023. Financial terms were not disclosed.
https://finance.yahoo.com/news/henry-schein-acquire-majority-interest-103000265.html
Regeneron expects FDA decision on high-dose eye drug this year
Regeneron Pharmaceuticals expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares 5% higher in premarket trading on Thursday.
The U.S. Food and Drug Administration declined to approve a higher-dose version of Eylea in June following an inspection at third-party manufacturer Catalent, sending Regeneron's shares slumping over concerns of a delay.
The drugmaker said on Thursday it expects to submit some manufacturing data required by the FDA by mid-August, and expects the regulator to make a decision in the third quarter.
"This is a big positive as many investors were concerned that timeline could slip and a potential class 2 re-submission could potentially move the approval into 2024," said Wells Fargo analyst Mohit Bansal.
Analysts have said an approval of the higher-dose version of the eye drug could provide a defense against rivals such as Roche's Vabysmo.
Regeneron and partner Bayer are betting on longer intervals between injections through the higher dose to win over patients.
U.S. sales of Eylea fell 7% to $1.50 billion in the second quarter, but came in slightly above estimates of $1.48 billion.
Meanwhile, sales of eczema drug Dupixent, recorded by partner Sanofi, surged 33% to $2.79 billion during the quarter. Sales of the treatment, which was approved in 2017, has helped mitigate the decline in sales of Eylea.
Regeneron reported adjusted profit of $10.24 per share for the second quarter, topping analysts' average estimates of $9.84, according to Refinitiv data.
https://finance.yahoo.com/news/regeneron-pharma-beats-quarterly-profit-103722003.html
Aurinia beats, ups guidance
Net revenue increased to $41.5 million for second quarter of 2023; 47% over the prior year second quarter
Increases 2023 revenue guidance range to $150 - $160 million from net product sales of LUPKYNIS® (voclosporin)
Conference call to be hosted today at 8:30 a.m. ET
Aurinia will host a conference call and webcast to discuss the quarter ended June 30, 2023 financial results today, Thursday, August 3, 2023 at 8:30 a.m. ET. The audio webcast can be accessed under "News/Events" through the "Investors" section of the Aurinia corporate website at www.auriniapharma.com. In order to participate in the conference call, please dial +1 (888) 645-4404 (Toll-free U.S. & Canada). An audio webcast can be accessed under "News/Events" through the Investors section of the Aurinia corporate website at www.auriniapharma.com. A replay of the webcast will be available on Aurinia’s website.
https://finance.yahoo.com/news/aurinia-pharmaceuticals-reports-second-quarter-100000442.html
Voyager Q2 and update
Introduced new vectorized anti-Aβ antibody gene therapy research initiative, expanding Alzheimer’s disease portfolio -
- Executed license agreement with Sangamo for prion disease treatment -
- Presented validating preclinical results including increased brain transduction of IV-administered TRACER™ capsids across multiple non-human primate species at ASGCT 2023 -
- Conference call at 8:30 a.m. ET today -
Voyager is committed to maintaining a strong balance sheet that supports the advancement and growth of its platform and pipeline. Voyager continues to assess its planned cash needs both during and in future periods. As communicated previously, we expect our cash, cash equivalents, and marketable securities, along with amounts expected to be received as reimbursement for development costs under the Neurocrine collaborations and interest income, to be sufficient to meet Voyager’s planned operating expenses and capital expenditure requirements into 2025.
Conference Call
Voyager will host a conference call and webcast today at 8:30 a.m. ET to discuss the second quarter 2023 financial and operating results. To participate via telephone and join the call live, please register in advance here. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. A live webcast of the call will also be available on the Investors section of the Voyager website at ir.voyagertherapeutics.com, and a replay of the call will be available at the same link approximately two hours after its completion. The replay will be available for at least 30 days following the conclusion of the call.
https://finance.yahoo.com/news/voyager-therapeutics-reports-second-quarter-110000788.html
Lantheus to Sell RELISTOR® Royalties to HealthCare Royalty
Agreement enhances Lantheus’ strong liquidity position and supports continued pipeline advancement and commercial readiness
Lantheus Holdings, Inc. (“Lantheus” or the “Company”) (NASDAQ: LNTH), a company committed to improving patient outcomes through diagnostics, radiotherapeutics and artificial intelligence solutions that enable clinicians to Find, Fight and Follow disease, today announced the divestiture of its RELISTOR (methylnaltrexone bromide) net sales royalties. The sale of this non-core asset strategically aligns with Lantheus’ long-term vision and growth strategy, allowing the Company to enhance its focus on the core radiopharmaceutical business and fuel further investment in this growing field. HealthCare Royalty (“HCRx”) has acquired the tiered, sales-based royalty rights on worldwide net sales of RELISTOR while Lantheus retains the rights to future sales-based milestone payments.
https://finance.yahoo.com/news/lantheus-announces-agreement-sell-relistor-111000726.html
Moderna sees up to $8 bln in 2023 COVID vaccine sales on private market hopes
Moderna Inc on Thursday raised its annual forecast for COVID-19 vaccine sales to up to $8 billion on hopes of a boost in the fall season as sales move to a private market in the United States from government contracts, sending its shares up 6% in premarket trading.
COVID vaccine makers Moderna and Pfizer are pinning their hopes on private markets sales and strong demand for their new updated shots targeting XBB.1.5 variant to turn around a slump in sales of the products that had bumper growth during the peak of the pandemic.
Moderna expects $6 billion to $8 billion in sales from its COVID shots this year, up from its previous forecast of $5 billion, driven by potential U.S. demand for 50 to 100 million doses in the fall season.
The company sees between $2 billion and $4 billion in the vaccine sales from commercial contracts in the United States and other places. However, it said $1 billion of a total $5 billion in sales from signed government contracts would be deferred to next year.
Pfizer on Tuesday warned that sales of COVID vaccines were uncertain, adding that the COVID vaccination rates this fall should be a good predictor for annual rates. Sales of Pfizer's COVID-19 vaccine fell 83% in the second quarter.
For Moderna, second-quarter COVID vaccine sales slumped 94% to $293 million, which was still higher than analysts' average estimate of $233.6 million, according to Refinitiv data.
It reported a net loss of $3.62 per share, narrower than analysts' average estimate of a $4.04 loss.
Moderna's quarterly financials were hurt by inventory writedowns and other charges worth $674 million, driven by a shift in product demand to the updated COVID shot as well as a decline in customer demand.
https://finance.yahoo.com/news/1-moderna-sees-8-bln-104348156.html