CNC Ups EPS Outlook Again, NXGN Trims Guidance, BJDX On Watch, ISEE To Report GA Trial Data In Sep.

The following are some of the healthcare companies that reported their quarterly financial results on Tuesday.

1. Bluejay To Seek Approval of Symphony IL-6 Test For Sepsis In Q4

Bluejay Diagnostics Inc. (BJDX) is planning to file a marketing application with the FDA for the use of its lead product candidate, Symphony IL-6 Test, for sepsis triage/monitoring, in the fourth quarter of this year.

The IL-6 Test for sepsis triage is designed to provide accurate, reliable results in roughly 20 minutes from ‘sample-to-result’ to help medical professionals make earlier and better triage/treatment decisions.

The company ended June 30, 2022 with cash and cash equivalents of $15.3 million.

BJDX closed Tuesday’s trading at $1.41, up 13.25%.

2. Centene Q2 Results Crush Estimates, Boosts EPS Outlook Again

Centene Corp. (CNC), which reported better-than-expected second quarter results, has raised its full-year adjusted EPS guidance again.

On a GAAP basis, the net loss attributable to Centene narrowed to $172 million or $0.29 per share for the second quarter of 2022 from $535 million or $0.92 per share in the year-ago period.

On an adjusted basis, the company reported earnings of $1.04 billion or $1.77 per share in Q2, 2022, up from $737 million or $1.25 per share in Q2, 2021, and well above the analysts’ consensus estimate of $1.59 per share.

For the second quarter of 2022, total revenues increased to $35.9 billion from $31.0 billion in the comparable period of 2021. Wall Street analysts were expecting revenue of $35.55 billion.

The company attributes the 16% revenue growth to the organic Medicaid growth, 25% membership growth in the Medicare business, the recent acquisitions of Magellan Health Inc. and Circle Health, and the commencement of its contracts in North Carolina.

Looking ahead to full-year 2022, the company now anticipates adjusted EPS in the range of $5.60 to $5.75, up from its earlier revised forecast of $5.55 to $5.70. Total revenue for the year is expected to be in the range of $141.6 billion to $143.6 billion.

Analysts polled by Thomson Reuters expect the company to earn $5.59 per share on revenue of $142.59 billion this year.

CNC closed Tuesday’s trading at $93.15, up 1.33%.

3. IVERIC To Report geographic atrophy Trial Data In September

IVERIC bio Inc. (ISEE) has a couple of clinical trial events to watch in the coming months.

The company’s lead product candidate is Zimura, a novel complement C5 inhibitor, for the treatment of geographic atrophy.

A second phase III trial of Zimura in geographic atrophy secondary to age-related macular degeneration, dubbed GATHER2, is underway, with topline data expected to be available in September.

The post hoc analysis results of the first phase III trial of Zimura in geographic atrophy secondary to age-related macular degeneration, dubbed GATHER1, were presented at the American Society of Retina Specialists Annual Meeting earlier this month.

According to the post hoc analysis, Zimura showed a reduction of geographic atrophy lesion growth, compared to sham, across all distances from the foveal center point.

A clinical trial of Zimura in patients with intermediate age-related macular degeneration (AMD) is planned for initiation in the fourth quarter of 2022, following planned interactions with the FDA and other regulatory authorities.

ISEE closed Tuesday’s trading at $11.04, up 2.51%.

4. Neogen’s Quarterly Results Trump Estimates

Neogen Corp. (NEOG) has reported better-than-expected results for its fourth quarter, which ended May 31, 2022.

The company operates in two segments – Food Safety segment and Animal Safety segment.

The Food Safety segment markets dehydrated culture media and diagnostic test kits to detect food borne bacteria, natural toxins, food allergens, drug residues, plant diseases, and sanitation concerns.

The Animal Safety segment focuses on the development of genomic solutions along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care, and disinfectants, as well as rodent and insect control solutions.

Net income for the fourth quarter of fiscal 2022 declined to $14.96 million or $0.14 per share from $15.76 million or $0.15 per share in the year-ago quarter. Excluding certain costs, the income for the fourth quarter of fiscal 2022 would have been $19.13 million or $0.18 per share.

Wall Street analysts were expecting earnings of $0.11 per share for the quarter.

Total revenue for the fourth quarter of fiscal 2022 climbed to $140.1 million from $127 million in the comparable quarter last year, and beat analysts’ consensus estimate of $138.37 million.

The Food Safety segment accounted for revenue of $67.4 million while the Animal Safety segment contributed $72.7 million to the total revenue.

NEOG closed Tuesday’s trading at $22.48, up 4.46%.

5. NextGen Trims EPS, Revenue Outlook For Fiscal 2023

NextGen Healthcare Inc. (NXGN), a provider of innovative, cloud-based healthcare technology solutions, which reported lower earnings for the fiscal first quarter, has trimmed its forecast for fiscal year 2023.

For the fiscal first quarter ended June 30, 2022, net income declined to $1.15 million or $0.02 per share from $2.85 million or $0.04 per share in the year-ago quarter. On a non GAAP basis earnings for the quarter ended June 30, 2022 were $10.7 million or $0.16 per share compared to $17.2 million or $0.25 per share in the year-earlier quarter.

The total revenue for fiscal 2023 first quarter rose to $153.3 million from $146 million in the comparable year-ago period.

In a bid to discipline its portfolio management process, the company recently sold certain, non-strategic, dental-related assets.

Accordingly, the company now expects fiscal 2023 non-GAAP earnings per share to be between $0.92 and $0.98, down from its prior outlook of between $0.95 and $1.01. Non-GAAP EPS for fiscal year 2022 was $0.98.

Revenue for fiscal 2023 is expected to be between $621 million and $633 million, down from the prior outlook range of $628 million and $640 million. Revenue for the fiscal year was $596.4 million.

NXGN closed Tuesday’s trading at $18.60, up 1.81%.

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