Reports

Home Depot reported a decrease in sales by 2.3% to $36.4 billion for Q1 2024, with comparable sales declining by 2.8%. Net earnings also decreased to $3.6 billion, or $3.63 per diluted share, compared to $3.9 billion, or $3.82 per diluted share, in Q1 2023. The company reaffirmed its fiscal year 2024 guidance.

• Total sales decreased by 2.3% compared to Q1 2023.
• Comparable sales decreased by 2.8%.

Revenue reached $515.7 million in Q1 FY2024, up 26% YoY. Net income was $81.2 million, and adjusted EPS was $0.27. Gross margin improved to 43.4%, boosted by higher overseas contribution and TOP TOY performance.

• Revenue grew 26% YoY to $515.7 million in Q1 FY2024
• Net income was $81.2 million; adjusted net income reached $85.4 million

Nextracker reported strong Q4 and FY24 financial results, achieving record revenue and profits. The company reached a record backlog of over $4 billion and surpassed 100 gigawatts of global shipments since its inception.

• Revenue reached $737 million, up 42% year-over-year.
• GAAP net income was $223 million, with diluted EPS of $1.51.

Rumble Inc. reported a 1% increase in revenue to $17.7 million for Q1 2024 compared to $17.6 million in Q1 2023. The company is focusing on the execution of its four core products and anticipates a sequential increase in revenue in Q2 2024.

• Rumble's portfolio now includes Rumble content video platform, Rumble Advertising Center (RAC), Rumble Studio platform, and Rumble Cloud.
• The company is shifting focus to ARPU as a key metric for monetization progress.

Boot Barn reported a decrease in net sales by 8.7% to $388.5 million and a decrease in same store sales of 5.9%. Net income decreased to $29.4 million, or $0.96 per diluted share, which includes a $2.0 million non-cash charge related to the partial impairment of the Sheplers’ trademark. The company opened 18 new stores, bringing the total store count to 400.

• Net sales decreased by 8.7% to $388.5 million compared to the prior-year period.
• Same store sales decreased by 5.9%, with retail store same store sales decreasing by 5.7% and e-commerce same store sales decreasing by 7.6%.

Intuitive Machines had a strong start to 2024, highlighted by the successful IM-1 mission and a full quarter of OMES III operations. Revenue reached $73.1 million, a 301% increase year-over-year, driven by OMES III and NASA CLPS contracts. The company ended the quarter with a cash balance of $55.2 million after disciplined cash management, with cash used from operations reduced by $12.2 million compared to the prior year.

• Delivered NASA and commercial payloads to the Moon, marking the United States’ first lunar landing in over 50 years.
• Achieved record revenues of $73.1 million, a 301% increase versus prior year.

Arcutis Biotherapeutics, Inc. reported strong first-quarter performance, driven by the successful launch of ZORYVE foam and continued growth of ZORYVE cream. Total revenues reached $49.6 million, including $21.6 million in product revenue and $28.0 million from collaboration agreements. The company's net loss was $35.4 million, and cash reserves remained strong at $404.5 million.

• ZORYVE franchise achieved net product revenues of $21.6 million, with $15 million from ZORYVE cream and $6.5 million from ZORYVE foam.
• Sales growth for ZORYVE franchise increased by 675% compared to Q1 2023 and 59% compared to Q4 2023.

Eos Energy Enterprises reported Q1 2024 revenue of $6.6 million, a decrease of 25% compared to the prior year period. The company's backlog increased by 13% year-over-year to $602.7 million. They reaffirmed their 2024 revenue outlook of $60 million to $90 million and expect positive contribution margin in Q4 2024.

• Revenue totaled $6.6 million, 25% lower than prior year, due to customer revenue recognition timing.
• Cost of Goods Sold totaled $28.2 million, a 5% increase compared to prior year, on 28% higher manufacturing volume.

Smith Douglas Homes Corp. reported a successful first quarter, achieving sales and closings expectations with a revenue increase of 13% to $189.2 million and earnings of $0.33 per diluted share. The company also expanded its footprint by contracting for lots in Central Georgia and Chattanooga, Tennessee.

• Net new orders increased 15% to 765.
• Home closings increased 13% to 566.

Capital Southwest Corporation reported strong fourth-quarter results with a total investment portfolio of $1.5 billion. The company declared total dividends of $0.63 per share for the quarter ending June 30, 2024, and pre-tax net investment income of $0.68 per share for the quarter ended March 31, 2024.

• Total investment portfolio reached $1.5 billion.
• Pre-tax net investment income was $0.68 per share.

Enliven Therapeutics reported positive proof of concept data from the Phase 1 clinical trial of ELVN-001 in CML, achieving an initial cumulative MMR rate of 44% by 12 weeks in response-evaluable patients. The company's cash, cash equivalents, and marketable securities totaled $320.5 million, which is expected to provide cash runway into late 2026.

• Announced positive proof of concept data from Phase 1 clinical trial of ELVN-001 in CML, achieving a 44% cumulative MMR rate by 12 weeks in response-evaluable patients.
• Advanced trials of ELVN-002, including activating the first site to evaluate ELVN-002 in combination with trastuzumab in patients with HER2+ cancers.

Nuvation Bio reported its Q1 2024 financial results, highlighting the acquisition of AnHeart Therapeutics and the treatment of the first patient in a Phase 1/2 study of NUV-1511. The company's cash, cash equivalents, and marketable securities totaled $597.0 million as of March 31, 2024. The net loss for the quarter was $14.8 million, or $(0.07) per share.

• Completed the acquisition of AnHeart Therapeutics, transforming Nuvation Bio into a late-stage, global oncology company.
• Treated the first patient in a Phase 1/2 study of NUV-1511, the company’s first drug-drug conjugate (DDC).

Jack in the Box Inc. announced financial results for the second quarter ended April 14, 2024. The company reported better-than-expected earnings and margin performance despite macro headwinds and the implementation of California's minimum wage legislation. Top-line performance was impacted by a shift in consumer behavior and a delay in the Smashed Jack launch.

• Jack in the Box same-store sales decreased by 2.5%.
• Del Taco same-store sales decreased by 1.4%.

Luminar's Q1 2024 revenue was $21.0M, a 45% increase year-over-year but a 5% decrease quarter-over-quarter. The company's gross loss improved quarter-over-quarter due to lower launch-related costs. They ended the quarter with $268.3M in cash and liquidity.

• Global SOP with Volvo Cars was achieved, starting with the EX90.
• The Volvo EX90 launch will mark the first time Luminar's multi-billion dollar Order Book will begin to materially convert into revenue.

Delcath Systems reported a significant increase in total revenue for Q1 2024, reaching $3.1 million compared to $0.6 million in the same period last year. The company is focused on expanding the availability of HEPZATO and is committed to reaching 20 treating centers by the end of 2024.

• Recognized over $2.0 million in revenue from HEPZATO KIT sales and $1.1 million in CHEMOSAT sales.
• Updated U.S. center activation guidance to a total of 20 active centers by the end of 2024.

Absci reported a revenue of $0.9 million and a net loss of $22.0 million for the first quarter of 2024. The company continues to advance its internal pipeline programs and expects to sign additional drug creation partnerships. Cash, cash equivalents, and short-term investments totaled $161.5 million as of March 31, 2024.

• Initiated IND-enabling studies for ABS-101 in February 2024.
• Advanced ABS-201 and ABS-301 programs through preclinical studies.

Precigen reported its Q1 2024 financial results, noting a decrease in total revenues and an increase in research and development expenses. The company is preparing for a potential commercial launch of PRGN-2012 in 2025 and is evaluating financing opportunities to strengthen its balance sheet.

• Pivotal Phase 2 study data of PRGN-2012 for recurrent respiratory papillomatosis (RRP) will be presented at the 2024 ASCO Annual Meeting.
• PRGN-2012 rolling BLA submission is anticipated in the second half of 2024, with commercial readiness activities underway for a potential launch in 2025.

MiNK Therapeutics reported a net loss of $3.8 million, or $0.11 per share, for the first quarter of 2024. The company's cash balance at the end of the quarter was $5.8 million and cash used in operations was $2.5 million.

• Made significant strides across iNKT cell programs.
• Focused on generating clinical data from lead program, agenT-797.

Korro Bio reported its Q1 2024 financial results, highlighting a strengthened cash position with a $70.0 million private placement, progress towards regulatory filing for KRRO-110, and the appointment of Dr. Kemi Olugemo as Chief Medical Officer. Cash and cash equivalents were $138.8 million as of March 31, 2024 and the company anticipates a regulatory filing for KRRO-110 in AATD in the second half of 2024.

• On track for regulatory filing for First-in-Human (FIH) study of KRRO-110 in patients with Alpha-1 Antitrypsin Deficiency (AATD) anticipated in the second half of 2024.
• Further strengthened balance sheet with closing of $70.0 million private placement (PIPE) on April 22, 2024, with cash and cash equivalents of approximately $206.0 million at close.

Taysha Gene Therapies reported a net loss of $24.1 million, or $0.10 per share, for the first quarter ended March 31, 2024. As of March 31, 2024, Taysha had $124.0 million in cash and cash equivalents, which is expected to support planned operating expenses and capital requirements into 2026. The company is advancing its TSHA-102 program in clinical evaluation for Rett syndrome and received RMAT designation for TSHA-102 from the FDA.

• Completed dosing in cohort one of REVEAL Phase 1/2 adolescent and adult trial, with longer-term data supporting the safety profile and durable response of TSHA-102.
• Enrolled first patient in cohort two of REVEAL Phase 1/2 adolescent and adult trial with dosing scheduled for Q2 2024.

Kopin Corporation reported a decrease in total revenues for Q1 2024, primarily due to a decline in funded research and development revenues, while defense product revenues increased. The company faced a significant net loss due to a legal judgment.

• Total revenues decreased by 7% year-over-year to $10.0 million.
• Defense product revenues increased by 28% year-over-year.

Ispire Technology Inc. reported a 24% increase in revenue to $30.0 million for the fiscal third quarter ended March 31, 2024, driven by a 57% increase in North American cannabis vaping hardware sales. Gross profit increased by 35% to $6.1 million. However, the company reported a net loss of $5.9 million, or $0.11 per share, compared to a net loss of $2.3 million, or $0.05 per share, for the third quarter of fiscal 2023.

• Revenue increased by 24% year-over-year to $30.0 million.
• Gross profit increased by 35% year-over-year to $6.1 million.

Atea Pharmaceuticals reported its financial results for Q1 2024, highlighting the completion of enrollment in the Phase 3 SUNRISE-3 trial for COVID-19 treatment and advancements in the Phase 2 HCV study. The company's cash, cash equivalents, and marketable securities totaled $541.5 million.

• Completed enrollment in the global Phase 3 SUNRISE-3 trial for COVID-19 treatment ahead of schedule, with results expected in the second half of 2024.
• Advanced enrollment in the global Phase 2 study evaluating the combination of bemnifosbuvir and ruzasvir in treatment-naïve, HCV-infected patients.

Ocugen reported a net loss of $11.924 million, or $0.05 per share, for the first quarter of 2024. The company's cash and cash equivalents totaled $26.4 million as of March 31, 2024. Ocugen is advancing its gene therapy programs, with OCU400 progressing to Phase 3 clinical trials.

• OCU400 Phase 3 clinical trial is in progress.
• OCU400 is on track to meet 2026 Biologics License Application (BLA) and Market Authorization Application (MAA) approval targets.

SoundThinking, Inc. reported a strong first quarter with a 23% increase in revenue to $25.4 million and a 32% increase in gross profit. The company reaffirmed its full-year 2024 revenue guidance and Adjusted EBITDA margin guidance.

• Revenues increased 23% to $25.4 million compared to the same quarter of 2023.
• Gross profit increased 32% to $14.9 million, representing 59% of revenues.

scPharmaceuticals generated $6.1 million in net FUROSCIX revenue for Q1 2024, despite an estimated 10% impact from the Change Healthcare cyberattack. The company ended the quarter with $58.4 million in cash and cash equivalents.

• Generated net FUROSCIX revenue of $6.1 million, despite an estimated 10% negative impact to doses filled during the first quarter resulting from the Change Healthcare cyberattack as well as seasonality resulting from patient copays resetting.
• Total FUROSCIX doses written were 17,376, up 28% sequentially as compared to 13,542 in the fourth quarter of 2023.

Origin Materials reported a revenue increase driven by its supply chain activation program and joint development agreements, alongside significant progress in commercializing its PET caps and closures business. The company reaffirmed its 2024 revenue and net cash burn guidance, highlighting a pathway to profitability led by the caps and closures sector.

• Revenue increased to $6.8 million, driven by supply chain activation and joint development agreements.
• Accelerated procurement of multiple additional high-throughput caps and closures production lines.

GCT Semiconductor Holding, Inc. reported a slight increase in revenue and improved gross margin for Q1 2024. The company's income from operations was positive due to successful contract negotiations and a one-time gain. They are progressing with 5G chipset development and anticipate broad sampling in Q4 2024.

• Revenues increased slightly year-over-year due to higher margin platform sales.
• Gross margin improved due to the increase in higher margin platform sales.

OptimizeRx reported Q1 2024 revenue of $19.7 million, a 51% increase year-over-year. Gross profit increased by 64% to $12.2 million, with a gross margin of 62%. The company won 9 DAAP deals during the quarter and reiterated its full-year 2024 revenue guidance of at least $100 million and Adjusted EBITDA of at least $11 million.

• Q1 revenue reached $19.7 million, a 51% increase year-over-year.
• Gross profit increased by 64% year-over-year to $12.2 million, with a gross margin of 62%.

Acumen Pharmaceuticals reported a net loss of $14.9 million for the first quarter of 2024. As of March 31, 2024, cash, cash equivalents and marketable securities totaled $296.6 million, which is expected to support current clinical and operational activities into the first half of 2027.

• Announced initiation of ALTITUDE-AD, a Phase 2 study to investigate sabirnetug (ACU193) for the treatment of early Alzheimer’s disease, in May 2024.
• Initiation of a Phase 1 study to support a subcutaneous dosing option of sabirnetug expected in mid-2024.

Tenaya Therapeutics reported a net loss of $32.2 million for the first quarter of 2024. The company's cash, cash equivalents, and investments totaled $122.2 million, expected to fund operations into the second half of 2025. Clinical trials for TN-201 and TN-401 are ongoing, with initial data from the MyPEAK-1 trial expected in the second half of 2024.

• Enrollment continues in the MyPEAK-1 Phase 1b clinical trial of TN-201, with initial data expected in the second half of 2024.
• Clinical sites activated for the RIDGE-1 Phase 1b clinical trial of TN-401, with patient dosing planned for the second half of 2024.

Reviva Pharmaceuticals reported a net loss of $7.4 million, or $0.25 per share, for the first quarter ended March 31, 2024. The company's cash totaled $12.0 million as of March 31, 2024. They gained alignment with the FDA on brilaroxazine clinical trials for NDA submission in schizophrenia and expect to initiate the RECOVER-2 trial in Q2 2024.

• Gained alignment with the U.S. Food and Drug Administration (FDA) on brilaroxazine clinical trials for New Drug Application (NDA) submission in schizophrenia.
• The registrational RECOVER-2 trial is expected to initiate in Q2 2024, with topline data expected in Q3 2025.

ESSA Pharma reported its financial results for the second quarter of fiscal year 2024, highlighting progress in masofaniten combination studies and ongoing clinical development programs. The company's cash runway is expected to fund operations beyond 2025.

• Masofaniten plus enzalutamide continues to be well tolerated with deep and durable reductions in PSA in Phase 1 dose escalation.
• 81% of patients achieved PSA90, 69% of patients achieved PSA90 in less than 90 days, and 63% of patients achieved PSA <0.2ng/mL.

Adicet Bio reported a net loss of $28.0 million for the first quarter of 2024, with cash and cash equivalents totaling $247.6 million as of March 31, 2024. The company is on track to initiate a Phase 1 clinical trial evaluating ADI-001 in lupus nephritis in 2Q 2024 and presented preclinical data on ADI-270 at the ASGCT Annual Meeting.

• On track to initiate Phase 1 clinical trial evaluating ADI-001 in lupus nephritis in 2Q 2024.
• Presented promising preclinical data on ADI-270 at the ASGCT Annual Meeting; on track to file investigational new drug (IND) in renal cell carcinoma in 2Q 2024.

InspireMD reported a 22.0% increase in revenue to $1.51 million for Q1 2024, driven by growth in existing markets. The company sold over 2,500 stents during the quarter, marking a total of over 50,000 stents sold to date. The company is focused on advancing the C-GUARDIANS PMA clinical trial and anticipates potential FDA approval in the first half of 2025.

• Total revenue increased by 22.0% to $1.51 million compared to Q1 2023.
• Over 2,500 stents were sold during the quarter, up 25.6% year-over-year.

Rockwell Medical reported record net sales of $22.7 million for Q1 2024, a 15% increase year-over-year. Gross profit also reached a record $3.1 million, up 18% from the same period last year. The company has raised its full-year 2024 guidance for net sales, gross profit, and adjusted EBITDA.

• Net sales increased by 15% year-over-year, reaching $22.7 million.
• Gross profit increased by 18% year-over-year, reaching $3.1 million.

Mural Oncology reported a net loss of $30.9 million for the first quarter of 2024. The company's clinical trials for nemvaleukin alfa remain on track, with data readouts expected in the first half of 2025. Mural Oncology's cash, cash equivalents, and marketable securities were $231.7 million as of March 31, 2024, which is expected to fund operations into the fourth quarter of 2025.

• Late-stage clinical trials for nemvaleukin alfa remain on track, with data readouts expected in the first half of 2025.
• A new, less frequent IV dose of nemvaleukin is being evaluated with preliminary data readouts anticipated in 2025.

The Oncology Institute (TOI) reported a 24.2% increase in consolidated revenue, reaching $95 million for Q1 2024. The company signed seven new capitation and value-based contracts across three states. Despite revenue growth, gross profit decreased by 15.1% year-over-year to $12 million. Net loss improved to $19.9 million compared to $30.0 million in the prior year quarter. The company reaffirms its full year 2024 guidance.

• Consolidated revenue increased by 24.2% to $95 million compared to the prior year quarter.
• Gross profit decreased by 15.1% to $12 million compared to the prior year quarter.

Ovid Therapeutics reported a revenue of $148,000 and a net loss of $11.7 million for the first quarter ended March 31, 2024. The company's cash, cash equivalents, and marketable securities totaled $90.3 million as of March 31, 2024, which is expected to support operations into H1 2026. Takeda has completed two Phase 3 trials studying soticlestat.

• Takeda completed two Phase 3 trials for soticlestat, with topline data expected in Takeda's H1 2024 fiscal year.
• Phase 1 trial for OV888 (GV101) is complete, with topline safety data expected in H1 2024.

Kala Bio reported a net loss of $11.8 million for the first quarter of 2024, with cash and cash equivalents totaling $48.5 million as of March 31, 2024. The company is focused on advancing its clinical program for KPI-012 in PCED and exploring its platform technology for other corneal and retinal diseases.

• Patient enrollment is ongoing in the Phase 2b CHASE trial of KPI-012 for PCED, with topline data expected by year-end 2024.
• Kala Bio is evaluating opportunities to expand KPI-012 development into other corneal diseases, including LSCD, and to explore KPI-014 in rare inherited retinal diseases.

GEN Restaurant Group reported a 16% increase in total revenue to $50.8 million compared to the first quarter of 2023. Net income was $3.7 million, and adjusted EBITDA was $6.4 million. The company opened two new locations during the quarter and launched a new Premium Menu.

• Total revenue increased by 16% to $50.8 million compared to the first quarter of 2023.
• Net Income was $3.7 million and 7.3% of revenue.

Hydrofarm Holdings Group reported a decrease in net sales to $54.2 million compared to $62.2 million in the prior year period. However, the company saw improvements in gross profit margin, net loss, and adjusted EBITDA. The company is reiterating its 2024 guidance of positive Adjusted EBITDA and positive Free Cash Flow.

• Net sales decreased to $54.2 million compared to $62.2 million.
• Gross Profit Margin increased to 20.2% compared to 18.3%.

BioAtla reported a net loss of $23.2 million for the first quarter ended March 31, 2024, compared to a net loss of $27.5 million for the same quarter in 2023. The company's cash and cash equivalents were $80.6 million as of March 31, 2024, expected to fund operations into the second half of 2025.

• Ozuriftamab vedotin Phase 2 data in SCCHN showed multiple confirmed responses and a manageable safety profile; anticipate FDA meeting for potential registrational trial in 2H 2024.
• Evalstotug Phase 1 study progressing well with initial Phase 2 monotherapy data readout on track for 2Q 2024; anticipate FDA meeting for first-line melanoma potential registrational trial in 2H 2024.

Allurion Technologies, Inc. reported first quarter 2024 revenue of $9.4 million, a 14% increase from the fourth quarter of 2023. The company's cash burn was reduced to $8.4 million, and procedural volume increased by 12% year-over-year. They also launched the Virtual Care Suite (VCS) digital platform in the United States and closed a $48 million convertible senior secured note financing.

• First quarter revenue reached $9.4 million, a 14% increase from the fourth quarter of 2023.
• Procedural volume increased 12% year-over-year from the first quarter of 2023.

Energous Corporation reported first quarter 2024 financial results, highlighting efforts to streamline business operations, reduce costs, and transition proofs of concept to deployment phase, while also establishing new relationships with key technology partners for IoT deployments.

• Continuing to deliver on plan to streamline business operations and reduce costs.
• Focusing on transitioning several key proofs of concept to a deployment phase.

Talphera reported a net loss from continuing operations of $4.0 million for the first quarter of 2024, compared to net income of $0.1 million for the same period in 2023. As of March 31, 2024, the company's cash and cash equivalents balance was $18.6 million.

• First patients at multiple sites are expected to be enrolled in the NEPHRO CRRT registrational study in Q2 2024.
• Dr. Shakil Aslam, an expert in renal diseases, including acute kidney injury, joined Talphera as Chief Development Officer.

Canoo announced its Q1 2024 financial results, featuring deliveries of LDV190 vehicles to the USPS and expansion into the Saudi Arabia market. The company reported a GAAP net loss of $(110.7) million, but also highlighted an improvement in adjusted EBITDA to $(48.3) million compared to Q1 2023.

• Delivered LDV190 vehicles to the USPS.
• Entered the $30 billion TAM Saudi Arabia market with commercial vehicle sales.