Intrexon (XON) Reports Prelim. Q2 EPS Miss by 26c, Prelim. Q2 Revenues Miss; Delays 10-Q Filing Related to Certain Aspects of ASC 606

Intrexon (NYSE: XON) reported Q2 EPS of ($0.51), $0.26 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $45.3 million versus the consensus estimate of $51.7 million.

Select Preliminary Unaudited Second Quarter 2018 Financial Results:

• Revenues will be approximately $45.3 million;
• Net loss attributable to Intrexon will be approximately $65.4 million (including noncash charges of $43.9 million); and
• Earnings per share will be a loss of approximately $0.51 per basic share.

"The businesses of intrexon continue to advance, leaving their roots as historic achievements of numerous world first instances in the field of engineered biology to become strong economic engines that should produce revenues and profits for years to come," commented Randal J. Kirk, Chairman and Chief Executive Officer of Intrexon. "From the creation of the world's first organisms that turn the cheapest source of carbon into valuable petrochemicals, fuels and lubricants, we are moving forward to capture the economic and social advantages of our achievements. From our demonstration of multigeneic and controllable gene and cell systems we are advancing into the clinic with therapies against many of the most important unmet health needs. From the development of the first engineered fish, insects, fruits and pigs, we are moving forward adroitly to see each of these become real businesses that contribute significant value to the world."

Mr. Kirk concluded, "I feel that we are on the cusp of showing with business what we have long demonstrated in the science and technology of engineered biology and believe that our shareholders will be pleased by the result."

The Company is not announcing final financial results for the quarter ended June 30, 2018 and is delaying the filing of its quarterly report on Form 10-Q. The delay in filing the second quarter report is related to the Company's application of certain aspects of ASC 606 in the Company's first quarter Form 10-Q. The Company will be filing an amended Form 10-Q for the first quarter of 2018. The Company expects to file the second quarter report and amended first quarter report within the next few days.

For earnings history and earnings-related data on Intrexon (XON) click here.

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