Cempra (CEMP) Tops Q2 EPS by 16c; Updates Outlook

Cempra (NASDAQ: CEMP) reported Q2 EPS of ($0.51), $0.16 better than the analyst estimate of ($0.67). Revenue for the quarter came in at $3.42 million versus the consensus estimate of $3.89 million.

As of June 30, 2016, Cempra had cash and equivalents of $250.7 million and 50.7 million shares outstanding. During the second quarter Cempra implemented an at the market (ATM) financing program through which it sold 2.5 million shares resulting in net proceeds of $45.8 million which is included in cash and cash equivalents at the end of the second quarter. So far in the third quarter, the company has continued to utilize its ATM facility with the sale of approximately 1.6 million shares resulting in proceeds of approximately $29.2 million. In total, the company’s utilization of its ATM has resulted in the sale of approximately 4.1 million shares and net proceeds of approximately $75.0 million.

Updated Financial Guidance

The company's current cash and equivalents, including the proceeds of the sale of common stock through the company’s ATM through the end of July, are expected to be sufficient to fund ongoing operations through 2017, assuming continued timely receipts under the BARDA contract and receipt of expected milestone payments from Toyama. This projection does not include any funds from additional financings or partnerships.

For earnings history and earnings-related data on Cempra (CEMP) click here.

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