PolarityTE (PTE) Tops Q2 EPS by 5c, Revenues Beat

PolarityTE (NASDAQ: PTE) reported Q2 EPS of ($0.33), $0.05 better than the analyst estimate of ($0.38). Revenue for the quarter came in at $2.27 million versus the consensus estimate of $830 thousand.

Highlights

• Total revenues were $2.27 million in Q2:20 compared to $1.33 million in Q2:19
• SkinTE revenues were $0.94 million in Q2:20 compared to $0.50 million in Q2:19
• Paid Cases were 88 in Q2:20 compared to 46 in Q2:19

Financial Results for the Three Months Ended June 30, 2020

• Total revenue for the three months ended June 30, 2020 was $2.27 million, of which $0.94 million was from sales of SkinTE and $1.32 million from PolarityTE’s contract service operations, which includes $0.71 million from COVID-19 testing services that the Company started providing at the end of May 2020.
• Research and development expenses for the three months ended June 30, 2020 were approximately $3.16 million versus $4.76 million for the three months ended June 30, 2019. Research and development expenses for the three months ended June 30, 2020 included an expense of $0.40 million from stock-based compensation which is a non-cash charge, versus $1.48 million for the three months ended June 30, 2019.
• General and administrative expenses for the three months ended June 30, 2020 were $5.21 million versus $15.06 million for the three months ended June 30, 2019. General and administrative expenses for the three months ended June 30, 2020 included $0.14 million of stock-based compensation which is a non-cash charge, versus $6.89 million for the three months ended June 30, 2019.
• Sales and marketing expenses for the three months ended June 30, 2020 were $2.02 million versus $3.98 million for the three months ended June 30, 2019.
• Net loss for the three months ended June 30, 2020 was $12.68 million compared with a net loss of $22.79 million for the three months ended June 30, 2019.

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

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