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UPDATE: JPMorgan Double Downgrades Minerva (UTRS) to Underweight

August 10, 2022 3:29 AM EDT
Get Alerts UTRS Hot Sheet
Price: $0.87 +8.75%

Rating Summary:
    3 Buy, 0 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 11
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(Updated - August 10, 2022 5:22 AM EDT)

JPMorgan analyst Robbie Marcus downgraded Minerva (NASDAQ: UTRS) from Overweight to Underweight.

The analyst comments "Minerva reported relatively in-line 2Q results though meaningfully lowered its full-year 2022 guidance after the close on Tuesday. Despite sequential growth across all three product lines, sales of $13.0M (-8%) came in below consensus by $0.5M, with endometrial ablation procedures still challenged from staffing and COVID dynamics. The company also lowered full-year guidance to $50-53M (-4% to 2%) vs. $60-63M (+15-21%) prior, which assumes ongoing COVID impacts to ablation procedures. While results weren't too far off our expectations heading into the call, we are disappointed to see guidance move meaningfully lower, which we view as indicative of a more structural slowdown in the endometrial ablation market. Given these dynamics, seasonal slowness in 3Q and a dwindling cash balance, we are adjusting our rating to Underweight and no price target as we want to see better execution and some y/y growth hopefully in 2H22, but definitely in 2023 to feel confident in the business."

For an analyst ratings summary and ratings history on Minerva click here. For more ratings news on Minerva click here.

Shares of Minerva closed at $2.69 yesterday.


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