OvaScience (OVAS) Tops Q1 EPS by 1c, Miss on Revenues

OvaScience (NASDAQ: OVAS) reported Q1 EPS of ($0.42), $0.01 better than the analyst estimate of ($0.43). Revenue for the quarter came in at $63 thousand versus the consensus estimate of $180 thousand.

First Quarter 2017 Financial Results

• Revenue for the quarter ended March 31, 2017 was $63,000, compared to $146,000 in the same period of 2016.
• Research and development expense for the quarter ended March 31, 2017, excluding restructuring charges, was $5.8 million, compared to $6.0 million for the same period in 2016. This decrease was driven primarily by a $0.8 million decrease in stock-based compensation expense and a $0.4 million decrease in costs associated with certain ongoing research agreements, partially offset by a $1.0 million increase in costs related to the refocus from commercial expansion to research and development.
• Selling, general and administrative expense for the quarter ended March 31, 2017, excluding restructuring charges, was $7.1 million, compared to $14.5 million for the same period in 2016. This year-over-year decrease of $7.3 million, or 51%, was driven by a $4.2 million decrease in employee-related costs due to reduced headcount, a $1.8 million decrease in marketing-related costs, and a $1.3 million decrease in legal, accounting, tax and other related expenses associated with international expansion.
• Net loss for the quarter ended March 31, 2017 was $14.9 million, or ($0.42) per share, compared to net loss of $21.8 million, or ($0.80) per share, for the same period in 2016. The net loss for the quarter ended March 31, 2017 includes restructuring charges of $1.5 million.

For earnings history and earnings-related data on OvaScience (OVAS) click here.

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