PolarityTE (PTE) Tops Q2 EPS by 4c

PolarityTE (NASDAQ: PTE) reported Q2 EPS of ($0.06), $0.04 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $2.5 million versus the consensus estimate of $3.19 million.

Cash used in operations for Q2:21 was $4.1 million, or an average of $1.4 million per month, representing a 38% reduction from Q1:21

David Seaburg, Chief Executive Officer, commented, “We have made great strides to position the Company for the future, most recently with the submission of an IND, and I could not be more impressed by the organization’s commitment to this achievement. We are also incredibly encouraged by the recent outreach and support from physicians and patients after ceasing sales of SkinTE, and we will work expeditiously in the pursuit of a Biologic License Application (BLA).” Mr. Seaburg continued, “The second quarter includes the final two months of SkinTE sales prior to the end of FDA’s enforcement discretion and further solidifies our view that there is sizable market opportunity for SkinTE.”

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

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