Corcept Therapeutics (CORT) Tops Q3 EPS by 4c, Revenues Miss; Narrows FY20 Revenue Guidance Below Consensus

Corcept Therapeutics (NASDAQ: CORT) reported Q3 EPS of $0.24, $0.04 better than the analyst estimate of $0.20. Revenue for the quarter came in at $86.33 million versus the consensus estimate of $90.87 million.

Financial Highlights

• Revenue of $86.3 million, a 6 percent increase from third quarter 2019
• GAAP diluted net income of $0.17 per share, compared to $0.22 per share in third quarter 2019
• Non-GAAP diluted net income of $0.24 per share, compared to $0.31 per share in third quarter 2019
• Cash and investments of $444.2 million, compared to $409.6 million at June 30, 2020
• Announcement of $200 million stock repurchase program
• 2020 revenue guidance narrowed to $355 – 365 million

“While pandemic-related public health restrictions and related changes in physician and patient practices dampened our third quarter commercial results,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer, “we have built a remarkably stable and profitable business. After Covid-19 is brought under control, we expect our growth to resume.

“Meanwhile, the breadth of our clinical development program continues to increase. We are now evaluating our proprietary, selective cortisol modulators in patients with Cushing’s syndrome, four different types of solid tumors, antipsychotic-induced weight gain (APIWG) and – starting this month – nonalcoholic steatohepatitis (NASH). The pandemic’s effect on these trials has varied,” added Dr. Belanoff. “Studies of illnesses which are acutely life-threatening, including advanced ovarian and pancreatic cancer have recruited briskly. Studies of illnesses that are not perceived as immediately dire – such as antipsychotic-induced weight gain – have lagged.”

GUIDANCE:

Corcept Therapeutics sees FY2020 revenue of $355-365 million, versus the consensus of $366.22 million.

For earnings history and earnings-related data on Corcept Therapeutics (CORT) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Sinda raises $331M in IPO, reports Q2 net loss of $16.6M
• Star Equity Holdings (STRR) Misses Q2 EPS by 8c