Precision BioSciences Inc has announced a decrease in losses for the fourth quarter as compared to the previous year, but the company did not meet Wall Street projections.
For this quarter, the firm's net loss was $16.289 million, or $4.06 per share. This shows significant improvement from last year's fourth quarter when the company reported a loss of $28.488 million, or $7.70 per share.
However, the average estimate from analysts, as compiled by Thomson Reuters, predicted the company would only lose $2.05 per share. These typical projections usually disregard any exceptional items.
Financial losses were not restricted to the company’s earnings, as their revenue for the quarter also took a hit, dropping 33.6% to $7.038 million from $10.598 million in the previous year.
Here's a brief recap of Precision BioSciences Inc's GAAP earnings for the fourth quarter:
- Earnings: Loss of $16.289 million, improved from a loss of $28.488 million last year
- EPS: -$4.06, an improvement from -$7.70 last year
- Revenue: $7.038 million, a decrease from $10.598 million last year.
