Cancer drug developer Y-mAbs Therapeutics (YMAB) didn't exactly kick off the stock trading week on a high note. The company's shares closed the day nearly 13% lower in price, following the release of its latest set of quarterly results. That contrasted unfavorably with the performance of the bellwether S&P 500 index, which flat-lined that session.
A double miss for the second quarter
Y-mAbs is a commercial-stage biotech, and its one commercialized product, Danyelza, brought in $22.8 million for the second quarter and was responsible for all the company's net revenue. Those sales were 10% higher on a year-over-year basis. Y-mAbs said that much of this was due to higher international sales of the drug; it cited Western Europe and recent commercial launches in Brazil and Mexico as three relatively high-growth markets.
On the bottom line, Y-mAbs booked a net loss of $9.2 million, or $0.21 per share. This was deeper than its $6.3 million deficit of second quarter 2023.
Analysts tracking the biotech were expecting a notably better performance. On average, they were modeling slightly over $23 million on the top line, and only $0.12 per share for net loss.
2024 revenue guidance falls just short
Another negative was Y-mAbs's guidance, which also didn't meet prognosticator expectations. The company is forecasting it will earn net revenue of $87 million to $95 million for the entirety of this year; however, the average analyst estimate is slightly above the top end of that range at almost $95.2 million. Meanwhile, the company anticipates that its operating expenses will be $115 million to $120 million. It did not provide a range for net loss.
