Cardinal Ups FY24 Non-GAAP EPS Guidance; Sees Pharma Revenue Growth Of 10%-12%

 Cardinal Health (CAH) has raised its fiscal 2024 guidance range for non-GAAP earnings per share to $6.75 to $7.00, from prior guidance range of $6.50 to $6.75. The guidance includes an update to the Pharmaceutical segment profit outlook to 7% to 9% growth, from prior guidance range of 4% to 6% growth. Pharmaceutical segment revenue growth is projected in a range of 10% to 12%.

For the fiscal 2024-26 period, Cardinal Health targets non-GAAP EPS growth of 12% to 14%, CAGR.

First quarter earnings totaled $5 million, or $0.02 per share compared with $110 million, or $0.40 per share, a year ago. GAAP operating loss was $14 million due to a non-cash, pre-tax goodwill impairment of $581 million related to the Medical segment, due to an increase in the discount rate. Non-GAAP operating earnings increased 35% to $571 million, driven by significant increases in both Pharmaceutical segment profit and Medical segment profit. Non-GAAP EPS increased 44% to $1.73. Analysts on average had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.4% to $54.76 billion from $49.60 billion last year. Analysts on average had estimated $54.76 billion in revenue. Revenue for the Pharmaceutical segment increased 11% to $51.0 billion.

https://www.rttnews.com/3402617/cardinal-health-raises-fy24-non-gaap-eps-guidance-sees-pharmaceutical-revenue-growth-of-10-12.aspx

Iradimed revenue, income jump, guidance upped

 

• Reports record revenue of $16.5 million for the third quarter of 2023.
  
  
• GAAP diluted EPS of $0.40 and non-GAAP diluted EPS of $0.43.
  
  
• Third quarter operating income of $5.9 million, an increase of 43% compared to the same period in 2022.

 IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD) announced today its financial results for the three and nine months ended September 30, 2023. The Company is a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices and the only known provider of a non-magnetic intravenous (“IV”) infusion pump system, and non-magnetic patient vital signs monitoring systems that are designed for use during MRI procedures.

"I am pleased to announce that in the third quarter of 2023, we not only achieved record revenue of $16.5 million but also demonstrated our continued commitment to profitability with a noteworthy 43% increase in operating income. This ninth consecutive quarter of record revenues was again led by our monitoring business, which grew by 40% over the second quarter of 2023. I am immensely proud of our team’s dedicated efforts in delivering these outstanding results,” said Roger Susi, President and Chief Executive Officer of the Company. “As for our guidance for the remainder of the year, we expect to report revenue of $16.9 million to $17.4 million for the fourth quarter, GAAP diluted earnings per share of $0.35 to $0.38 and non-GAAP diluted earnings per share of $0.38 to $0.41. For the full-year 2023 financial guidance, we expect revenue of $65.0 million to $65.5 million and raise our guidance for GAAP diluted earnings per share to $1.34 to $1.37 and non-GAAP diluted earnings per share to $1.48 to $1.51,” added Mr. Susi.

Iradimed has scheduled a conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time today, November 3, 2023. Individuals interested in listening to the conference call may do so by registering here, https://register.vevent.com/register/BI128479408327463f9d559a793be4df6a. Once registered a dial-in number, a unique PIN, and instructions will be provided to participants.

The conference call will also be available in real-time via the Internet at http://www.iradimed.com/en-us/investors/events/. A recording of the call will be available on the Company’s website following the call's completion.

https://www.globenewswire.com/news-release/2023/11/03/2773139/32443/en/IRADIMED-CORPORATION-Announces-Third-Quarter-2023-Financial-Results.html

Regeneron upped to Outperform from Market Perform by Raymond James

 Target $950

https://finviz.com/quote.ashx?t=REGN&ty=c&ta=1&p=d

Stryker Stock Dives As Weight-Loss Drugs Continue To Haunt Its Beat And Raise

 Stryker (SYK) stock tumbled Friday after third-quarter sales of its hip and knee replacements came up short, stoking renewed worries weight-loss drugs are pressuring medtech companies.

Stryker sells hip and knee replacements — a common need for people with osteoarthritis. Arthritis can be related to being overweight or having obesity. Investors worry a new class of drugs, called GLP-1 agonists, could reduce obesity rates and thus cut down on the need for hip and knee replacements.

But this is an overly simplistic view, Evercore ISI analyst Vijay Kumar said in a report.

"Management does not see risks from GLP-1 as arthritis is a complex disease (makes sense, all chronic disease by definition have multifactorial risk factors)," he said. "The Street seems to be oversimplifying total addressable market shrinkage to one risk factor (obesity)."

https://www.investors.com/news/technology/stryker-stock-stryker-earnings-q3-2023/

Moderna upped to Hold from Reduce by HSBC

 Target to $69 from $89

https://finviz.com/quote.ashx?t=MRNA&ty=c&ta=1&p=d

Editas: Positive results, update

 Company to provide a clinical update on the EDIT-301 RUBY trial for SCD and EdiTHAL trial for TDT in December at the American Society of Hematology (ASH) Annual Meeting and in a Company-sponsored webinar

Granted Vor Bio a non-exclusive license for Cas9 patents for ex vivo HSC therapies for the treatment and prevention of hematological malignancies

Conference Call
The Editas Medicine management team will host a conference call and webcast today at 8:00 a.m. ET to provide and discuss a corporate update and financial results for the third quarter of 2023. To access the call, please dial 1-877-407-0989 (domestic) or 1-201-389-0921 (international) and ask for the Editas Medicine earnings call. A live webcast of the call will also be available on the Investors section of the Editas Medicine website at www.editasmedicine.com, and a replay will be available approximately two hours after its completion.

https://www.globenewswire.com/news-release/2023/11/03/2773078/0/en/Editas-Medicine-Announces-Third-Quarter-2023-Results-and-Business-Updates.html

Organon cuts outlook

 

• Third quarter 2023 revenue of $1,519 million
• Third quarter 2023 diluted earnings per share of $0.23 and non-GAAP Adjusted diluted earnings per share of $0.87
• Adjusted EBITDA of $447 million
• Board of Directors declares quarterly dividend of $0.28 per share
• Full year 2023 financial guidance ranges updated:
• Revenue range narrowed and lowered to $6.15 billion to $6.25 billion
• Adjusted EBITDA margin range narrowed and lowered to 30.5% to 31.5%

https://www.businesswire.com/news/home/20231102429565/en/