Calyxt (CLXT) Misses Q1 EPS by 2c

Calyxt (NASDAQ: CLXT) reported Q1 EPS of ($0.34), $0.02 worse than the analyst estimate of ($0.32). Revenue for the quarter came in at $2.38 million versus the consensus estimate of $4.06 million.

2020 Financial Guidance Revisions

On March 5, 2020, Calyxt issued 2020 financial guidance for revenue, adjusted gross margin, and cash usage, which did not take into account the impacts of the COVID-19 pandemic. Due to the high degree of uncertainty created by the COVID-19 pandemic and the challenges of accurately predicting the specific extent or duration of the impact of COVID-19 on operations and financial results, Calyxt is withdrawing guidance for 2020 revenue and 2020 adjusted gross margin. In addition, taking into account anticipated reductions in cash expenditures, timing of grain purchases in the fourth quarter, and the proceeds from the Payroll Protection Program loan, Calyxt now expects cash usage in 2020 to be in the range of $30 million to $34 million, a reduction from previous 2020 cash usage guidance of $34 million to $38 million.

For earnings history and earnings-related data on Calyxt (CLXT) click here.

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