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DGX Boosts FY22 Outlook, NURO On Watch, PSTV To Present ReSPECT-GBM Data In Sep.

pharma sept27 22jul22 lt

The following are some of the companies that reported second-quarter financial results and provided a pipeline update on Thursday.

1. Quest Diagnostics Boosts FY22 Outlook

Quest Diagnostics Inc. (DGX), which reported a decline in second-quarter earnings and revenue, has raised its outlook for the full year.

Net income attributable to the company plunged to $234 million or $1.96 per share in the second quarter of 2022 from $631 million or $4.96 per share in the year-ago quarter. On an adjusted basis net income for the second quarter of 2022 was $281 million or $2.36 per share compared to $405 million or $3.18 per share in the year-ago period.

Net revenue for Q2, 2022 declined to $2.45 billion, and this includes base business revenue of $2.09 billion and COVID-19 testing revenue of $355 million. Net revenue was $2.55 billion in Q2, 2021 and this includes base business revenue of $2.04 billion and COVID-19 testing revenue of $511 million.

Looking ahead to full year 2022, the company has raised its earnings and revenue outlook.

Earnings per share for the year are now expected to be in a range of $8.24 to $8.64, up from its prior outlook range of $7.88 to $8.38. Adjusted EPS is now anticipated to range between $9.55 and $9.95, up from its previous forecast range of $9.00 to $9.50.
EPS was $15.55 and adjusted EPS was $14.24 in full-year 2021.

Net revenue forecast for the year has been boosted to a range of $9.50 billion to $9.75 billion from the previous range of $9.2 billion to $9.5 billion. Net revenue was $10.79 billion in 2021.

The consensus estimate of analysts polled by Thomson Reuters for full-year 2022 is $9.33 per share for earnings and $9.42 billion for revenue.

DGX closed Thursday's trading at $134.63, down 0.16%.

2. Danaher's Q2 Revenue Up 7.5%

Danaher Corp. (DHR) has reported a 12% increase in its adjusted EPS and 7.5% growth in revenue for the second quarter ended July 1, 2022.

Net earnings from continuing operations for the second quarter of 2022 declined to $1.68 billion or $2.25 per share from $1.69 billion or $2.28 per share in the year-ago period. On an adjusted basis, non GAAP earnings per share from continuing operations increased to $2.76 in Q2, 2022 from $2.46 in Q2, 2021.

Revenues increased 7.5% to $7.8 billion in the second quarter of 2022 from $7.2 billion in the second quarter of 2021. On a non GAAP basis, excluding the impact of COVID-19 related testing, the company's base business core sales growth was 8% for the second quarter of 2022.

For the third quarter 2022, the company anticipates that non-GAAP base business core revenue growth will be in the high-single digit percent range. The non-GAAP base business core revenue growth was 10% in the third quarter of 2021.

Looking ahead to full year 2022, non-GAAP base business core revenue growth is expected to be in the high-single digit percent range. The non-GAAP base business core revenue growth was 11.5% in full year 2021.

DHR closed Thursday's trading at $279.23, up 9.07%.

3. IQVIA Expects 4% to 5% Revenue Growth In Q3

IQVIA Holdings Inc. (IQV) has delivered another quarter of strong operational and financial performance, beatings analysts' estimates.

For the second quarter ended June 30, 2022, GAAP net income climbed to $256 million or $1.34 per share from $175 million or $0.90 per share in the year-ago period.

On an adjusted basis, net income was $466 million or $2.44 per share in the second quarter of 2022 compared to $416 million or $2.13 per share in the year-ago quarter. Analysts polled by Thomson Reuters were expecting earnings of $2.38 per share for Q2, 2022.

The company's revenue for Q2, 2022 improved to $3.54 billion from $3.44 billion in Q2, 2021, well above the analysts' consensus estimate of $3.48 billion.

For the third quarter of 2022, the company expects adjusted EPS to be between $2.34 and $2.42, and revenue to be between $3.52 billion and $3.57 billion. The consensus analysts' estimate is $2.48 for earnings and $3.61 billion for revenue for Q3, 2022.
The adjusted EPS was $2.17 and revenue was $3.39 billion in the third quarter of 2021.

IQV closed Thursday's trading at $225.63, up 2.28%.

4. Intuitive Surgical's Q2 EPS, Revenue Miss Estimates

Intuitive Surgical Inc. (ISRG), the maker of the da Vinci surgical and Ion endoluminal systems, has reported a lower-than-expected earnings and revenue for the second quarter ended June 30, 2022.

On a GAAP basis, net income attributable to the company was $308 million or $0.85 per share in the second quarter of 2022 compared with $517 million or $1.42 per share in the second quarter of 2021.

On a non-GAAP basis, the net income attributable to Intuitive was $415 million or $1.14 per share in the second quarter of 2022 compared with $475 million or $1.30 per share in the year-ago quarter.

Revenue for the second quarter of 2022 increased to $1.52 billion from $1.46 billion in the second quarter of 2021. The company attributed the 4% increase in revenue to growth in da Vinci procedure volume, partially offset by a decline in system placements.

Analysts polled by Thomson Reuters were expecting the company to earn $1.19 per share on revenue of $1.56 billion for Q2, 2022.

ISRG closed Thursday's trading at $224.75, up 2.52%.

5. NeuroMetrix' Quell To Transition to New Prescription Fibromyalgia Indication In Q4

NeuroMetrix Inc. (NURO), which received FDA de novo authorization for its Quell neuromodulation device as an aid for reducing the symptoms of fibromyalgia in adults with high pain sensitivity in May of this year, is planning to initiate the Quell Fibromyalgia commercial program with a limited launch planned for next quarter.

The company has two more commercial products - DPNCheck, a diagnostic device that provides rapid, point-of-care detection of peripheral neuropathies, and ADVANCE, a diagnostic device that provides automated, in-office nerve conduction studies for the evaluation of focal neuropathies.

For the second quarter ended June 30, 2022, DPNCheck domestic sales were the largest component of revenue, registering 20.3% growth over the year-ago quarter. The Quell over-the-counter business declined by 50% in Q2, 2022 due to a planned decrease in promotion spending in anticipation of transitioning to the new prescription fibromyalgia indication next quarter.

The total revenue for the second quarter of 2022 declined to $2.1 million from $2.2 million in the prior year comparable quarter.

NURO closed Thursday's trading at $3.67, down 4.92%.

6. Plus Therapeutics To Present Full Data Update on ReSPECT-GBM Study In Sep.

Plus Therapeutics Inc. (PSTV), a clinical-stage pharmaceutical company developing targeted radiotherapeutics for rare and difficult-to-treat cancers, has a couple of events to watch in the coming months.

The lead drug candidate is 186RNL, under a phase I/IIa dose escalation clinical trial in patients with recurrent glioblastoma, dubbed ReSPECT-GBM. A full data update on the ReSPECT-GBM clinical trial is scheduled to be presented at the European Society of Medical Oncology Meeting in Paris France, September 9-13, 2022.

186RNL is also being studied in a phase I/IIa dose escalation trial in patients with leptomeningeal metastases, dubbed ReSPECT-LM. Enrollment of Cohort 1 of the trial has been completed and the company is planning to move ahead with Cohort 2.

Next in the pipeline is 188 RNL-BAM, a novel radiotherapy in development for solid organ cancers. The company is on track to complete IND enabling preclinical studies for this compound next quarter.

The company ended June 30, 2022 with cash of $18.1 million.

PSTV closed Thursday's trading at $0.51, up 3.41%.

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