STOCKS TELEGRAPH

Author: Mahnoor Shah

  • Assertio Inc. (ASRT) stock surged during after-hours, here’s to know why?

    Assertio Inc. (NASDAQ: (ASRT) stock declined by 2.63% at last close whereas the ASRT stock price gained by 46.85% in the after-hours trading session. Assertio is a renowned commercial pharmaceutical firm that provides patients with unique solutions.

    ASRT stock’ Financial Highlights

    Assertio announced financial results for the third quarter of 2021. Given below are the highlights:

    • The company has generated net product sales of $26.0 million for the third quarter of 2021.
    • The Non-GAAP Adjusted EBTIDA for the third quarter for 2021 was $15.8 million, this is the highest since the fourth quarter of 2019.
    • The company’s Quarterly Net Cash Flows from Operating Activities for the third quarter of 2021 were $4.7 million. This is the second Consecutive Quarter of Positive Cash Flows from Operating Activities and the highest since the fourth quarter of 2019.

    However,

    The Company’s top focus was and continues to be the wellbeing and safety of its employees, their families, and the people it serves following the COVID-19 pandemic in early 2020. The amount to which the COVID-19 pandemic will tend to impact its operations will be determined largely by upcoming projects, particularly new information on the severity of the outbreak that may become available. It will also depend on the government’s attempts to contain or treat the outbreak’s effects, the appearance of new COVID-19 variations and the potential for additional outbreaks, and the distribution, public acceptability, and efficacy of COVID-19 vaccinations, including those for emerging variants.

    Dan Peisert, President and CEO of Assertio stated,

    This quarter marks the completion of many notable accomplishments in Assertio’s transformation, as their restructuring is done and they’ve moved their focus to develop the company. Their findings show that their investments in digital capabilities, as well as the soundness of their business, are gaining traction.

    They’ve raised their full-year net product sales and non-GAAP adjusted EBITDA expectations. They constructed their commercial model and built a lean, efficient organization in a short amount of time. Assertio is well placed for the next phase of expansion through company development due to its execution against their main priorities.

  • Lightspeed Inc. (LSPD) stock declines even after a huge rise in revenue

    Lightspeed Inc. (NASDAQ: LSPD) stock plunged by 28.55% in the current market trading session. Lightspeed’s one-stop commerce platform enables merchants to innovate to simplify, grow, and create amazing customer interactions by powering the companies that are the core of the global economy.

    LSPD stock’ Financial Highlights

    Lightspeed announced financial results for the second quarter fiscal 2022. The highlights are given below:

    • Total revenue increased by 193 percent to $133.2 million.
    • Subscription revenue increased by 132 percent to $59.4 million.
    • Transaction-based revenue increased by 320 percent to $65.0 million.
    • A net loss of $59.1 million was reported, compared to a loss of $19.5 million the previous year.
    • Adjusted Loss was $11.1 million, or $0.08 per share, after adjusting for acquisition-related expenditures and stock-based compensation, a decrease from 10.1 percent to 8.3 percent of revenue.
    • A loss of $8.7 million in adjusted EBITDA, or 6.5 percent of revenue versus 6.2 percent
    • Lightspeed has $1.2 billion in unrestricted cash and cash equivalents as of September 30, 2021.

    Dax Dasilva, Founder and CEO of Lightspeed commented,

    Lightspeed’s robust commerce platform has enabled their clients to not only thrive but grow in the aftermath of the pandemic. Lightspeed will strive to deploy ground-breaking technology with the inclusion of Ecwid and NuORDER, allowing their customers to reach the future with better insight, control, and trust than they have ever had before.

    Chief Financial and Operations Officer Brandon Nussey stated,

    Lightspeed had a fantastic performance this quarter, with excellent GTV growth, a higher Payments Penetration Rate, and increasing product usage. Despite the fact that the rate of the world economy is projected to be uneven, their basic business fundamentals remain solid.

    Future Expectations

    • The expected revenue for the third quarter of 2022 is $140 to $145 million and for the full year of fiscal 2022, it would be around $520 to $535 million.
    • A loss of around $10 to $12 million in adjusted EBITDA, or approximately 8 percent of revenue is expected for the third quarter and for the full year fiscal 2022 a loss of around $40 million to $45 million in adjusted EBITDA, or approximately 8 percent of revenue is anticipated.

  • Here’s to why Evolve Transition Infrastructure Inc. (SNMP) stock hikes during current market?

    Evolve Transition Infrastructure Inc. (NASDAQ: SNMP) stock surged by 2.97% in the current market trading session. Evolve Transition Infrastructure is a publicly-traded limited company that was founded in 2005 with the goal of acquiring, developing, and owning infrastructure that is necessary for the transition of energy supply to lower-carbon sources.

    SNMP stock’ Current Update

    Evolve Transition Infrastructure and HOBO Renewable Diesel, a renewable fuel project developer, struck a deal in which Evolve will fund the building of HOBO’s first project, which is estimated to generate more than 120 million gallons of renewable fuels yearly.

    Key members of the HOBO leadership team will join Evolve’s management team on December 1st, 2021, to assist the Fuels Project and to support Evolve’s energy transaction strategy. Randy Gibbs, co-founder, and CEO of HOBO, will enter Evolve as the new Chief Executive Officer and a part of Evolve’s general partner’s board of directors. Mike Keuss, co-founder and president of HOBO, has been named President and Chief Operating Officer of Evolve’s general partner. Jonathan Hartigan, the Chief Financial Officer of HOBO, will be Evolve’s President and Chief Investment Officer of the general partner.

     Furthermore,

    Messrs. Gibbs, Keuss, and Hartigan have all had extensive and solid careers in both the fossil fuel and renewable energy industries, and they add a wealth of knowledge to Evolve’s management group in project development, engineering, operations, and financing. Gerald Willinger, the current CEO of Evolve’s general partner, intends to step down on December 1st but will help with the onboarding of new management in November to guarantee a seamless transition. The present Chief Financial Officer of Evolve’s general partner, Charles Ward, will remain in his position, as will other current Evolve personnel.

    Evolve will solely pay for the development and building of the Fuels Project and future renewable fuels projects if certain requirements are met, such as HOBO establishing a long-term strategic offtake deal for the Fuels Project. These projects can help accelerate the transition to a low-carbon society by producing renewable diesel and sustainable aviation fuel.

  • iBio Inc. (IBIO) stock strikes high during pre-market, here’s what you should know?

    iBio Inc. (NASDAQ: IBIO) stock surged by 4.79% at last close while the IBIO stock price gains by 14.89% in the pre-market trading session. iBio is a leader in plant-based biologics production and a manufacturer of next-generation biopharmaceuticals. Its FastPharming System combines vertical farming, automated hydroponics, and innovative glycosylation technologies to yield good monoclonal antibodies, antigens, and other proteins in a short amount of time.

    IBIO stock’ Update

    iBio, Inc. stated that it has purchased the manufacturing facility it previously leased from two Eastern Capital Limited affiliates. The Eastern Affiliates’ approximately 30% equity investment in iBio CDMO was also acquired by the Company. As a result, iBio now owns the subsidiary and all of its intellectual property.

    Texas A&M University has a ground lease on the 130,000 square foot Bryan, Texas property. The CDMO will be the ground lease tenant until 2060 if potential extensions are exercised as part of the deal.

    The deal cost $28,750,000 without fees and settlement costs, consisting of $28,000,000 in cash and warrants to purchase 1,000,000 shares of iBio common stock. To cover the last rent payment, iBio issued further warrants to acquire 289,581 shares of common stock. The net warrants to buy 1,289,581 shares of common stock are now exercisable, have an exercise price of $1.33 per share, and will terminate on October 10, 2026.

    Furthermore,

    The purchase was supported with about $6,000,000 in funding from iBio. iBio took out a $22,375,000 Senior Secured Term Loan with Woodforest National Bank to cover the remaining cash portion of the deal. The loan has a 3.25 percent interest rate and a two-year repayment period. It will give iBio the freedom to investigate longer-term financing possibilities for its FastPharming Facility. Taking these prospective financing options into account, as well as the predicted facility carrying cost savings from this transaction, the Company believes that its present cash position is adequate to sustain its activities through the first calendar quarter of 2023.

  • Following an increase in revenue, Asensus Surgical Inc. (ASXC) stock soar during after-hours.

    Asensus Surgical Inc. (NASDAQ: ASXC) stock gained by 0.27% at last close while the ASXC stock surged by12.97% in the after-hours trading session. Asensus Surgical, Inc. is digitizing the surgeon-patient interaction to usher in a new paradigm of Performance-Guided Surgery by unlocking clinical technology to allow consistently successful results and a new surgical standard.

    ASXC stock’ Financial Outcomes

    ASXC stock announced its financial results for the third quarter of 2021. Given below are the highlights:

    • The Company recorded revenue of $2.6 million for the third quarter of 2021, relative to $0.8 million for the third quarter of 2020. Senhance system revenue was $1.4 million in the third quarter of 2021, followed by $0.8 million in instruments and accessories and $0.4 million in services.
    • Total operating expenses for the third quarter of 2021 were $16.7 million, opposed to $14.6 million for the three months ended September 30, 2020.
    • The net loss in the third quarter of 2021 was $16.1 million, or $0.07 per common share, relative to $15.1 million, or $0.15 per common share, in the third quarter of 2020.
    • For Q3 2021, adjusted net loss was $14.3 million, or $0.06 per common share, relative to $11.9 million, or $0.12 per common share, for the three months ended September 30, 2020.

    Anthony Fernando, President, and CEO of Asensus Surgical stock commented,

    They are quite pleased with their recent results. They’ve recently seen a surge in new system installations, as well as high system utilization patterns. They believe it reaffirms the market’s strong need for a cutting-edge surgical platform that adds new skills to the operating room. Likewise, surgeons who have chosen Senhance have found its unique mix of surgical intelligence and foundational laparoscopic movements to be both appealing and beneficial for themselves and their patients. They intend to build on this momentum to improve global acceptance and expand Senhance’s capabilities in order to fulfill the promise of Performance-Guided Surgery.

  • Here’s to why TDH Holdings Inc. (PETZ) stock soars during after-hours?

    TDH Holdings Inc. (NASDAQ: PETZ) stock surged by 32.40% at the last close however the PETZ stock price skyrocketed by 195.78% in the after-hours trading session. TDH Holdings, Inc. was founded in April 2002 and is a producer, manufacturer, and distributor of a range of pet food products supplied in China, Asia, and Europe under numerous brands.

    PETZ stock’ Current Update

    TDH Holdings, Inc. reported that it has engaged in a securities purchase contract for a registered direct offering with a number of investors. Prior to subtracting placement agent fees and other basic offering fees, they raised nearly $9.9 million in total proceeds from the sale of 15,000,000 common shares at a price of $0.64 per share and warrants at a price of $0.01 per warrant to purchase an aggregate of 30,000,000 common shares. The warrants have a strike price of $1.47 per share.

    The money raised from this transaction will be used by the company to make strategic partnerships and investments in adjacent businesses. Furthermore, at this time, the Company has no present agreements, understandings, or commitments for any specific material acquisition. In conjunction with the offering, Boustead Securities, LLC served as the sole placement agent.

    The Business’s effective shelf registration statement and base prospectus included therein were used to sell these securities through a prospectus supplement. The Securities and Exchange Commission received a shelf registration document for these securities and ruled it effective. The SEC will receive a prospectus supplement pertaining to the offering.

    Previously,

    TDH Holdings, Inc. confirmed the delay of its Annual General Meeting of Shareholders till Tuesday, December 28, 2021, at 9:00 a.m. Beijing time (Monday, December 27, 2021, at 9:00 p.m. EST), to be hosted at Room 3303, 9 East 3rd Ring Middle Road, Chaoyang District, Beijing, People’s Republic of China. At the AGM, shareholders of record as of the record date, which is September 15, 2021, will be able to vote.

  • Dogness (International) Corp. (DOGZ) stock rose during after-hours. Here’s the latest update

    Dogness (International) Corp. (NASDAQ: DOGZ) stock declined by 1.88% at the last close whereas the DOGZ stock price surged by 19.90% in the after-hours trading session. Dogness (International) Corporation was created in 2003 on the conviction that dogs and cats are valuable and very well-loved members of the family. Dogness’ technology enhances pet lifestyles and strengthens relations between pets and pet caretakers via smart products, hygiene items, health and wellness goods, and leash products.

    DOGZ stock’ Financial Highlights

    Dogness Inc. has reported its financial outcomes for the fiscal year 2021. Given below is the summary:

    • The company has reported its revenue for the full year 2021 as $24.3 million, which is a rise of 26.9% YoY.
    • The sale of Intelligent Pet products has surged by 81.4% year-over-year.
    • Gross Margin Increases 282.8% YoY to $9.1 Million, with 33.1 percent Gross Margin vs. 9.0 percent a year before.
    • From a loss of $10.3 million a year ago, comprehensive income has risen to $6.2 million.
    • From a loss of $0.33 per basic and diluted share a year ago, EPS has climbed to $0.05 per basic and diluted share.

    Silong Chen, Chairman, and CEO of Dogness stated,

    They are pleased with their sustained solid growth, but they know it might have been even better if the continuing global logistics problem had not hampered their progress. They simply can’t receive enough things in time to sell them. Despite this, they were able to maintain excellent growth in the fiscal year 2021, with a 26.9% rise in revenue over the fiscal year 2020. They’re especially happier with the increase in gross margin and profitability. Their revenue quality has gotten better as well, with sales volume for their intelligent pet products increasing by over 163 percent in the fiscal year 2021 relative to the fiscal year 2020.

    They have carefully redirected their resources to create and drive the sales of higher-margin intelligent pet items within their integrated Smart Pet Ecosystem, which comprises revolutionary App-controlled pet feeders, pet water fountains, and smart pet toys.

  • Here’s to why Petros Pharmaceuticals Inc. (PTPI) stock plunge during after-hours?

    Petros Pharmaceuticals Inc. (NASDAQ: (PTPI) stock gained by 64.57% at the last close whereas the PTPI stock price fell by 15.63% in the after-hours trading session. Petros Pharmaceuticals is dedicated to establishing a world-class specialized men’s health firm by discovering, producing, acquiring, and commercializing novel therapies for men’s health challenges.

    PTPI stock’ Update

    As a result of an exclusive digital health marketing deal with Hims & Hers Health, Petros Pharmaceuticals reports a 476 percent increase in STENDRA tablet sales year over year. It’s a multi-specialty telehealth system that aims to provide consumers with modern, individualized health and wellness experiences. The firms also announced that more STENDRA dosages will be available through the Hims & Hers platform, extending the cooperation even further.

    STENDRA is now available through the Hims platform in 50mg, 100mg, and 200mg pills, which are all authorized by FDA.  Customers who want to buy a prescription from Hims & Hers must first undergo a virtual assessment with a licensed healthcare professional on the platform to see if the procedure is medically necessary.

    Only about a quarter of the approximately 30 million men in the United States with erectile dysfunction have undergone oral erectile dysfunction therapy, according to estimates.

    Fady Boctor, Petros Pharmaceuticals’ President and Chief Commercial Officer commented that,

    Their continuous partnership with Hims helps to promote an industry-leading telehealth platform that enables people to enquire about and treat erectile dysfunction in a confidential and comfortable manner. They’re thrilled to broaden their relationship with Hims and improve access to STENDRA through this crucial channel, which has seen considerable year-over-year growth in STENDRA tablet sales.

    Dr. Patrick Carroll, Chief Medical Officer at Hims & Hers stated that,

    Offering STENDRA to their clients has aided in the strengthening of their platform and has also helped them in achieving their aim of offering more access to tailored care. They are overjoyed to be able to assist and help so many men who suffer from erectile dysfunction. They’re excited to grow their partnership with Petros by offering more dosage options at accessible costs through their platform, allowing even more people to benefit from high-quality, individualized care.

  • RR Donnelley Inc. (RRD) stock surged during pre-market. Here’s to know why?

    RR Donnelley Inc. (NASDAQ: RRD) stock plunged by 0.15%  at last close whereas the RRD stock price gains by 37.88% in the pre-market trading session. RRD is a prominent developer of multichannel business communications and marketing solutions around the world.

    RRD stock’ Financial Highlights

    RR Donnelley announced its financial results for the third quarter of 2021.

    • In the third quarter of 2021, net sales were $1.27 billion, an increase from $76.5 million or 6.4 percent in the same period the previous year.
    • Net sales from organic sources climbed by 5.5 percent. Compared to the third quarter of 2020, the Business Services segment was has increased by 7.1 percent GAAP and 5.9 percent non-GAAP organically, while the Marketing Solutions segment was up 3.8 percent both GAAP and non-GAAP organically.
    • In the third quarter of 2021, operating income totaled $73.1 million, relative to $15.9 million in the third quarter of 2020.
    • The non-GAAP adjusted income from operations of $81.5 million was up $7.6 million from the same quarter the previous year. Higher net sales and continuous cost-cutting initiatives accounted for the majority of the rise.
    • In the third quarter of 2021, earnings per share from continuing operations attributable to common stockholders were $0.38, relative to a loss per share of $0.13 in the same quarter the previous year.

    Dan Knotts, RRD President, and Chief Executive Officer commented,

    Through the ongoing implementation of their well-defined key strategies, RRD had a very solid quarter. They experienced an organic sales increase for the second quarter in a row, owing to stronger client demand and larger volumes in all strategic product categories. For the second quarter in a row, the adjusted income from operations exceeded their pre-pandemic earnings. Considering supply chain issues and inflation, they were still able to improve operating margins through a combination of organic sales growth and continuous efficient cost management.

    Moreover,

    As an outcome of the pending transaction, the Company is revoking its previous financial outlook for 2021 and has halted all further updates.

  • Big 5 Sporting Good Ltd. (BGFV) stock plunged during pre-market, here’s the update

    Big 5 Sporting Good Ltd. (NASDAQ: (BGFV) stock gained by 8.21% at the last close whereas the BGFV stock price plunge by 3.50% in the pre-market trading session. Big 5 Sporting Goods is a large sporting goods store in the western United States, with 429 locations as of the fiscal quarter ended October 3, 2021.

    BGFV stock’ Financial Update

    Big 5 Sporting Goods Corporation released its financial results for the third quarter of the fiscal year 2021. The summary is given below:

    • Net sales during the third quarter of fiscal 2021 were $289.6 million, relative to $305.0 million in the third quarter of fiscal 2020.
    • The company has calculated its gross profit for the third quarter of fiscal 2021 as $108.0 million, compared to $110.0 million the previous year. In the third quarter of fiscal 2021, the Company’s gross profit margin was 37.3 percent, compared to 36.1 percent the previous year.
    • In the fiscal 2021 third quarter, selling and administrative expense as a percentage of net sales was 25.9%, compared to 23.4 percent in the fiscal 2020 third quarter.
    • The company earned $24.1 million in the third quarter of fiscal 2021, or $1.07 per diluted share.
    • Net sales were $888.5 million in the 39 weeks ending October 3, 2021, compared to $750.6 million in the first 39 weeks of the previous year.
    • For Q3 of fiscal 2021, adjusted EBITDA was $37.3 million, and for the 39-week period ending October 3, 2021, it was $120.5 million. Non-GAAP financial measures include EBITDA and Adjusted EBITDA.

    Steven G. Miller, the Company’s Chairman, President, and CEO commented,

    They’re thrilled to report yet another outstanding quarter in both sales and profits. Considering the impact of the California wildfires, same-store sales basically held pace with last year’s high pandemic-related sales spike, while comping very favorably against 2019. Although earnings were down somewhat year over year owing to fiscal calendar shifts, sales were up across the board, especially when compared to pre-pandemic levels. They were especially pleased to witness a revival in their team sports industry, as leagues and schools across the markets resumed normal operations.