Categories Earnings, LATEST, Other Industries

Cesca Therapeutics reports wider net loss for FY18 as sales fall

Cesca Therapeutics (KOOL) Monday reported a wider net loss for fiscal 2018 when revenues of the biotechnology firm declined sharply. The company’s stock dropped during the extended trading session Monday after closing the regular session lower.

Net loss widened sharply to $39.7 million or $2.16 per share last year from $5.5 million or $0.55 per share in 2017.

Net revenues of the Rancho Cordova, California-based company dropped 24% annually to $9.67 million during the year. An increase in the sales of CAR-TXpress was partially offset by lower sales of BioArchive devices and changes in a royalty payment agreement.

An increase in the sales of CAR-TXpress was partially offset by lower sales of BioArchive devices and changes in a royalty payment agreement

Research and development expenses dropped 11% from the prior year to $3 million, mainly due to a decline in personnel costs pursuant to the reorganization carried out last year.

“Our progress during the fourth quarter and early part of 2019 in our device division has been significant and showcases the momentum we have for ThermoGenesis’ mission to advance a full suite of cellular processing solutions that can address a range of clinical biobanking automation needs and the emerging CAR-T immunotherapy market,” said CEO Chris Xu.

Also see: Biogen ends Alzheimer’s Phase 3 trials

During the fourth quarter of 2018, ThermoGenesis, Cesca’s device division, received FDA approval for its proprietary AutoXpress Platform for clinical blood banking. In addition, a device master file was submitted to the FDA for the X-LAB automated cell processing device, which is an important component of the CAR-TXpres platform.

Cesca shares closed Monday’s regular trading lower and lost further during the extended session. The stock has lost about 85% over the past twelve months.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event 

Most Popular

Infographic: How Starbucks (SBUX) performed in Q1 2023

Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections.   Global comparable store sales increased

Earnings: Google parent Alphabet (GOOG, GOOGL) reports lower Q4 profit

Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top