PolarityTE (PTE) Tops Q2 EPS by 13c, Revenues Miss

PolarityTE (NASDAQ: PTE) reported Q2 EPS of ($0.92), $0.13 better than the analyst estimate of ($1.05). Revenue for the quarter came in at $1.33 million versus the consensus estimate of $9.98 million.

Highlights

• Total Q2:19 Revenue of $1.326 million
• SkinTE Q2:19 Revenue of $504 thousand vs $297 thousand in Q1:19 (70% increase quarter over quarter)
• Cash burn from operations in Q2:19 decreased 26% from Q1:19; a result of new management\'s focus on fiscal discipline
• 46 total paid cases in Q2:19 vs. 41 paid cases in Q1:19
• 14 SkinTE abstracts presented in Q2 2019 (9 posters and 5 podium presentations)

Clinical Updates

There are currently five ongoing or completed clinical trials or pilot evaluation trials for SkinTE:

• Diabetic Foot Ulcer Multi-Center Randomized Clinical Trial: Currently enrolling and expect to hit interim enrollment of 50 patients by the end of the year or Q1 of 2020, with results expected in the spring conference cycle.
• Venous Leg Ulcer Multi-Center Randomized Clinical Trial: Currently enrolling and expect to reach interim enrollment of 50 patients in 2020 with expected results later in 2020.
• Head-to-Head Trial Evaluating SkinTE for the Treatment of Burns: No observed adverse reactions to date. We plan to conclude this trial and present interim results at a regional conference later this year. We are working with our burn investigators to commence a prospective burn trial focused on evaluating the treatment of large burn wounds with SkinTE.
• Venous Leg Ulcer Pilot Evaluation Trial: Completed enrollment. Final data expected to be presented later this year at a medical conference.
• Diabetic Foot Ulcer Pilot Evaluation Trial: 10 of the 11 patients achieved complete closure within 12 weeks with a single application of SkinTE, and one patient was excluded due to an unrelated infection of previously-placed foot hardware.

Financial Results for the Three and Six Months Ended June 30, 2019

For earnings history and earnings-related data on PolarityTE (PTE) click here.

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