Acusphere (ACUS) Misses Q1 EPS by 6c; Revises Guidance for Quarterly Cash Utilization
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Acusphere Inc. (Nasdaq: ACUS) reports a Q1 loss of $0.30, 6 cents worse than the analyst estimate of ($0.24). Revenues for the quarter were $667 K, versus the consensus of $590K.
The Company is today revising downward its previous guidance for 2008 quarterly cash utilization to $9-$13 million per quarter with the low end of the range being more reflective of the latter part of the year. Previously, the Company had anticipated quarterly cash expenditures of $11-14 million this year. The submission of the NDA and completion of many of the activities required to support the review of the NDA now warrant the lower guidance. Based upon these projections, and the current cash position, the Company anticipates the need for additional sources of funds to operate beyond the third quarter of 2008.
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