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.
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
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.
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.