Kindred Biosciences (KIN) Reports In-Line Q2 EPS

Kindred Biosciences (NASDAQ: KIN) reported Q2 EPS of ($0.39), in-line with the analyst estimate of ($0.39).

As of June 30, 2018, KindredBio had $109.9 million in cash, cash equivalents and investments, compared with $82.5 million as of December 31, 2017. Net cash used in operating activities for the first six months of 2018 was approximately $19.8 million, offset by a total of $49.2 million of net cash proceeds from an underwritten public offering of its common stock and an At-the-Market equity offering program. The Company also invested approximately $2.4 million in capital expenditures for the build-out of its Elwood, Kansas manufacturing facility.

GUIDANCE:

For the 2018 calendar year, the Company reiterates its previous guidance for operating expenses to be in the range of $44 million to $48 million, excluding the impact of stock-based compensation expense and the impact of acquisitions, if any. The Company is preparing for the commercial launch of Zimeta, scaling up the commercial team, and continuing to focus on the development of its core pipeline candidates and programs. Additionally, KindredBio plans to invest $14.0 to $16.0 million in capital expenditures on the construction and build-out of its Elwood, Kansas facility for its biologics programs. Revenues for Mirataz are expected to have a substantial impact on cash utilization.

For earnings history and earnings-related data on Kindred Biosciences (KIN) click here.

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