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Tag: Progenity Inc.

  • Fiscal & Q4 2021 Results: Progenity Inc. (PROG) stock Plummets After Hours

    Fiscal & Q4 2021 Results: Progenity Inc. (PROG) stock Plummets After Hours

    On March 28, Progenity Inc. (PROG) declared its financial results for Q4 and fiscal 2021 after the market close. Consequently, the not-so-god results caused the stock to take a harsh hit in the after-hours as it tumbled further down.

    Source: Emerging Europe

    It seems investors were already unsure and fearful of what the earnings might hold, as the stock remained in the red during the regular session. After fluctuating between a low of $1.53 and a high of $1.75, PROG closed the session with a loss of 4.73%. At the close of the session, the stock had a value of $1.61 per share while 15.97 million shares were exchanged during the session. Following the earnings release, the stock plunged down to $1.19 per share in the after hours. Thus, PROG declined by a huge 26.09% at an after-hours volume of 5.19 million shares.

    The clinical molecular and specialized diagnostic tests provider, Progenity Inc. was founded in 2010. Currently, the company has a market capitalization of $276.74 million with its 163.75 million outstanding shares.

    PROG’s Latest Financial Results

    Q4 2021

    For Q4 2021, the company reported operating expenses of $20.6 million against $28.5 million for the year-ago quarter.

    Moreover, the company incurred a net loss of $92.9 million in the quarter against $75.5 million in the prior-year period. Hence, the net loss per share was $0.56 and $1.53 in Q4 fiscal 2021 and 2020 respectively.

    Additionally, the net loss from discontinued operations was $10.1 million or $0.06 per share in the quarter.

    Fiscal 2021

    For fiscal 2021, the company reported $60.6 million in revenues with $59.4 million from discontinued operations. This compares to $74.3 million with $74.2 million from discontinued operations in 2020.

    Furthermore, PROG had a net loss of $247.4 million or $2.57 per share in 2021, against $192.5 million or $7.00 per share in 2020.

    In addition, the net loss from discontinued operations was $68.9 million or $0.72 per share.

    PROG Company News

    On March 10, the company shared the progress of its Drug Delivery System (DDS) capsule performance study plan.

    In the first clinical device performance study of the DDS capsule, the company studied the safety, tolerability, and validation of its localization and delivery function. Following the ingestion of the capsule, the capsule localized and released saline solution with radioisotopes. The study demonstrated positive results in healthy volunteers. Therefore, PROG is now enrolling patients in the follow-on study in patients with active ulcerative colitis.

  • Progenity Inc. (PROG) stock Continues its Bullish Momentum Premarket on Patent Addition

    Progenity Inc. (PROG) is a molecular and specialized diagnostic tests provider, based in San Diego, CA. On January 25, the company announced the addition of another patent to its Single-Molecule Detection technology intellectual property. Following the announcement, the stock has been adding good value to its share price.

    In the previous trading session, PROG stock added a good 20.31% at its closing price of $1.54. At the last check, in the premarket on Wednesday, the stock had further increased by 9.74% at $1.69.

    Currently, the company has a market capitalization of $209.6 million with its 163.75 million shares outstanding. Furthermore, PROG stock stands at a year-to-date loss of 26.82%, while it lost 78.82% last year.

    PROG’s New Patent

    Progenity has further reinforced its patent portfolio with the addition of U.S. Patent No. 11,230,731 issued by USPTO. The patent titled, “Methods, Systems, and Compositions for Counting Nucleic Acid Molecules” has been added to PROG’s single-molecule detection technology IP.

    The single-molecule detection platform warrants target analytes’ sequence-free counting. Therefore, the company believes it to have a potential impact on noninvasive prenatal testing and liquid biopsy. Additionally, this platform also warrants potentially cost-effective genomic tests with fewer turnaround times.

    According to the company’s General Manager of Diagnostics, Matthew Cooper, the company is evaluating its alternatives for accelerating its path to market.

    Upcoming Presentation

    On January 11, the company reported the acceptance of its oral presentation for the upcoming Belgian Week of Gastroenterology. The company will be presenting patient data on indicators of efficacy in gastrointestinal disorders treatment. Moreover, the 34th edition of the Belgian Week of Gastroenterology will take place from February 9 to 11, 2022.

    PROG’s Financial Analysis

    On November 10, the company declared its third-quarter financial results for 2021, which ended on September 30.

    In the third quarter of 2021, the company had revenues of $9.6 million, with $9.4 million resulting from discontinued operations.

    Further, PROG incurred a net loss of $43.7 million in Q3 of 2020, against $78.5 million in the previous quarter. Resultantly, the net loss per basic and diluted share was $0.46 and $1.23 in Q3 and Q2 of 2021, respectively.

    In addition, the company had a net loss of $6.9 from discontinued operations in Q3 of 2021, against $37.1 million in Q2 of 2021. Therefore, in 2021 the net loss from discontinued operations was $0.07/share and $0.58/share in Q3 and Q2, respectively.