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Thursday, August 3, 2023

Coherus revenue beats

 – Net revenue rose 81% from prior quarter to $58.7 million 

– CIMERLI® net sales quadrupled to $26.7 million compared to prior quarter 
– UDENYCA® autoinjector launched in late May, and YUSIMRY™ launched in July –
– Planned merger with Surface Oncology expected to significantly advance
next-generation immuno-oncology pipeline –
– Conference call today at 5:00 p.m. Eastern Daylight Time –

Conference Call Information
When: Wednesday, August 2nd, 2023, starting at 5:00 p.m. Eastern Time

To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register.vevent.com/register/BI3fdbdc05783442f89d11db6b94e74a28

Please dial-in 15 minutes early to ensure a timely connection to the call.

Webcast Link: https://edge.media-server.com/mmc/p/irz4npdq

A replay of the webcast will be archived on the “Investors” section of the Coherus website at http://investors.coherus.com.

https://finance.yahoo.com/news/coherus-biosciences-reports-second-quarter-200100938.html

Inari Q2 beat

 Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases, today reported financial results for its second quarter ended June 30, 2023.

Second Quarter Financial and Recent Business Highlights

  • Generated revenue of $119.0 million in Q2 of 2023, up 28.3% over the same quarter last year.

  • Delivered net income of $2.1 million in Q2 of 2023, compared to a $10.2 million net loss in Q2 of 2022.

  • Announced commitment to PEERLESS II, a randomized controlled trial enrolling up to 1,200 patients, comparing mechanical thrombectomy with FlowTriever versus anti-coagulation alone for the treatment of pulmonary embolism.

  • Launched two new products, RevCore and T16 Curve, both purpose-built tools designed to address unmet needs in venous thromboembolism (“VTE”) patients.

“Our strong financial performance in the second quarter reflected consistent execution across all our growth drivers,” said Drew Hykes, CEO of Inari Medical. “We saw meaningful growth contributions from new product launches as well as international geographies, adding confidence to our 2023 outlook. We announced PEERLESS II, our third randomized controlled trial. These pivotal studies will elevate our therapies to the standard of care and reflect our unwavering commitment to VTE patients.”

https://finance.yahoo.com/news/inari-medical-reports-second-quarter-200100089.html

Corcept Beats on Second Quarter Financial Results

  Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrine, oncology, metabolism and neurology disorders by modulating the effects of the hormone cortisol, today reported results for the quarter ended June 30, 2023.

Financial Results

  • Revenue of $117.7 million, a 14 percent increase from second quarter 2022

  • Increase in 2023 revenue guidance to $455 - $470 million, from $435 - $455 million

  • Net income per common share of $0.25 (diluted), compared to $0.24 in second quarter 2022

  • Cash and investments of $363.3 million as of June 30, 2023

  • Purchase of 6.6 million shares of Corcept common stock for $145.4 million

“The strong results of our commercial business in the second quarter reflect the early returns on our substantial investment to help improve the ability of physicians to recognize and treat hypercortisolism. Korlym is an excellent treatment for patients with Cushing’s syndrome and there are many eligible patients who have yet to receive it. We are confident in the growth potential of our Cushing’s syndrome business and are raising our 2023 revenue guidance again, to $455 - $470 million,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer.

Corcept’s second quarter 2023 revenue was $117.7 million, compared to $103.4 million in the second quarter of 2022. Second quarter operating expenses were $88.1 million, compared to $72.0 million in the second quarter of 2022, due to increased spending on our development programs and to support the expansion of our clinical development and commercial teams. Net income was $27.5 million in the second quarter of 2023 compared to $27.4 million in the same period last year.

Cash and investments were $363.3 million at June 30, 2023 compared to $465.1 million at March 31, 2023. In April 2023, Corcept purchased 6.6 million shares of its common stock for $145.4 million.

Community Health Systems reports 6.2% revenue bump but $38M net loss

 Higher volumes and revenues weren’t enough to keep Community Health Systems from a $38 million net loss (-$0.29 per diluted share) for the second quarter, according to financial results for the period ended June 30 released Wednesday after market close.

The for-profit chain increased its net operating revenues by 6.2% year over year to $3.12 billion while same-store admissions and adjusted admissions rose 4.8% and 4.9%, respectively.

These increases alongside higher reimbursement rates, greater acuity and reduced contract labor costs helped the company mitigate—but not eliminate—its net loss compared to the second quarter of 2022’s $326 million shortfall (-$2.52 per diluted share).

In a statement, CEO Tim Hingtgen said CHS “executed key growth and expense management initiatives” during the quarter that improved the company’s performance but promised future strategic investments into its operations would steady the ship in quarters to come.

“We are in the process of redesigning numerous workflows that will further standardize and centralize key business functions across our organization, which we are referring to as Project Empower,” Hingtgen said in the company’s earnings release. “As part of Project Empower, we are nearing the launch of a new Enterprise Resource Planning platform which will enable us to leverage this new way of doing business as we streamline and enhance many business support services.”

CHS’ net loss landed right in line with analysts’ consensus estimates, though it comes on the heels of an unexpectedly rough first quarter in which executives said they were caught off guard by an influx of lower-paying Medicare Advantage patient volumes.

Year to date, CHS has now logged $89 million in net losses (-$0.68 per diluted share) compared to a $327 million loss (-$2.54 per diluted share) during the first half of 2022. Net operating revenues across the two quarters rose 3% year over year to $6.22 billion and same-store admissions and adjusted admissions rose 4.8% and 7.2%.

Of note, the most recent quarter included the divestiture of three hospitals, each in separate deals, as well as word that CHS would be selling another three of its Florida hospitals to Tampa General Hospital for about $290 million.

As of Aug. 2, CHS now spans 77 owned or leased affiliate hospitals and more than 1,000 sites of care. The organization reported $12.2 billion in net operating revenues and $46 million in net income attributable to stockholders across all of 2022.

Executives will discuss the quarter’s performance in greater detail during a Thursday morning investor call.

https://www.fiercehealthcare.com/providers/community-health-systems-reports-62-revenue-bump-38m-net-loss

Biden Admin Ordered Facebook To Change Algos To Suppress Conservatives

  by Eric Lundrum via American Greatness,

In new memos recently released by Facebook, the social media giant was pressured by the Biden White House into altering its algorithms so that mainstream news sources would be elevated over conservative sites.

As Just The News reports, the documents over to the House Judiciary Committee following a subpoena detail a series of meetings between Facebook executives and White House Digital Director Rob Flaherty in the spring of 2021. The demands from the White House focused on posts related to the Chinese coronavirus and the efficiency of the COVID vaccines.

In one meeting on April 14th, 2021, Flaherty asked Facebook if it was possible to artificially promote outlets such as the New York Times and the Washington Post, instead the Daily Wire and Fox News, particularly commentator Tomi Lahren.

“If you were to change the algorithm so that people were more likely to see NYT, WSJ, any authoritative news source over Daily Wire, Tomi Lahren, polarizing people,” Flaherty asked.

“You wouldn’t have a mechanism to check the material impact?”

“We have to explain to President, Ron [Klain], people, why there is misinfo on the internet, bigger problem than FB,” said Flaherty, according to the typed notes from Facebook executives.

“Where issues are, what interventions are, how well they are working, for products, want to engage in things that you know to be effective. I don’t even care about specific methodology, you have better, richer data than we’ll ever have.”

Tomi Lahren, who boasted a large following on Facebook, had recently announced that she would refuse to get the COVID vaccine. Meanwhile, Daily Wire had filed a lawsuit against the Biden Administration’s mandate for private workplaces to force its employees to take the vaccine. The Supreme Court eventually struck down Biden’s workplace mandate, while upholding his vaccine mandate for facilities that are funded by Medicare and Medicaid.

“What are the things driving hesitancy on your platform? What is it? How big is the problem? When you are intervening, how are you measuring success?” Flaherty repeatedly grilled the Facebook executives in one meeting.

“Never-before-released internal documents subpoenaed by the Judiciary Committee PROVE that Facebook and Instagram censored posts and changed their content moderation policies because of unconstitutional pressure from the Biden White House,” said Congressman Jim Jordan (R-Ohio), Chairman of the Judiciary Committee, on Twitter.

Constitutional scholars have also raised the alarm over the revelations, with George Washington University law professor Jonathan Turley saying that he has “asked Congress to pass a law barring federal employees from engaging in censorship and targeting of citizens.”

“Agencies have a right to speak in their own voices,” Turley added.

“Instead, the Biden Administration sought to engage in what I have called ‘censorship through surrogate.’ This is part of that pattern.”

Turley's take is reiterated by University of Tennessee law professor Glenn Reynolds told Just the News on Wednesday that the First Amendment issue is when the “government is asking people to censor speech, their action is attributable to the government, so both they and the government can be sued.”x

“By working with the government, Facebook exposed themselves to liability,” Reynolds said, noting that they do not “share sovereign immunity” with the government and will “probably very much regret it.”

https://www.zerohedge.com/political/biden-admin-ordered-facebook-change-algos-suppress-conservatives

American Well cut to Equal Weight from Overweight by Morgan Stanley

 Target to $2.50 from $5

https://finviz.com/quote.ashx?t=AMWL&p=d

Compute Health Closes Allurion Deal

 Allurion Technologies announced the completion of its business combination with Compute Health Acquisition.

Allurion stock and warrants began trading today on the New York Stock Exchange under the new ticker symbols ALUR and ALUR WS. The business combination was approved by Compute Health’s stockholders on July 28.

Net proceeds totaled approximately $100 million, easily surpassing the $70 million minimum cash closing condition. Proceeds included a PIPE led by RTW Investments, equity investments from Medtronic and Former Medtronic CEO and Chairman Omar Ishrak, a non-dilutive, synthetic royalty financing from certain entities that have engaged RTW Investments as investment manager, and a senior secured term loan from an affiliate of Fortress Investment Group.

Allurion also has access to a $100 million equity facility with Chardan Capital Markets.

Allurion developed a gastric balloon that patients swallow to manage and treat obesity without surgery.

Jefferies acted as exclusive financial advisor and exclusive capital markets advisor to Allurion and Goodwin Procter was legal advisor to Allurion. Kirkland & Ellis acted as legal advisor to Jefferies. Credit Suisse Securities (USA) was exclusive financial advisor, exclusive capital markets advisor and exclusive placement agent to Compute Health. Skadden, Arps, Slate, Meagher & Flom were legal advisor to Compute Health. Davis Polk & Wardwell acted as legal advisor to Credit Suisse. 

Allurion is dedicated to ending obesity. The Allurion Program is a weight loss platform that combines the Allurion Gastric Balloon, the world’s first and only swallowable, procedure-less gastric balloon for weight loss, the Allurion Virtual Care Suite including the Allurion Mobile App for consumers, Allurion Insights for health care providers featuring the Iris AI Platform, and the Allurion Connected Scale and Health Tracker devices. The Allurion Virtual Care Suite is also available to providers separately from the Allurion Program to help customize, monitor and manage weight loss therapy for patients regardless of their treatment plan: gastric balloon, surgical, medical or nutritional.

https://news.spacconference.com/2023/08/02/compute-health-closes-allurion-deal/