Friday’s Top Gainers; Veru, Inotiv, Expensify
Veru reports revenue of $13.03 million
Veru Inc. (NASDAQ: VERU) was up 43.96% after the company announced its Q2 results. The company had revenue of $13.03 million, missing estimates by 14.18%. A year ago, the company had a revenue of $13.34 million. The quarterly loss per share was $0.18 compared to estimates of $0.16. In the last quarter, the company produces an earnings surprise of 27.27%, with a loss of $0.08 per share.
The company’s last reported balance sheet had liabilities of $13.9 million due in 12 months, with another $10.2 million due beyond two months. Cash of $116.1 million and receivables of $10.6 million due in 12 months offset the obligations, and as a result, the company boasts $102.5 million in liquid assets than liabilities.
Inotiv reports 643% YoY revenue growth in Q2 2022
Inotiv Inc. (NASDAQ: NOTV) soared 38.38% after the research contract organization specializing in analytical and nonclinical drug development, and discovery services announced its financial results for Q2 2022. The six months ended on March 31, 2022. Revenue was up 643.3% YoY to around $140.3 million, driven by accretive sales of $30.6 million from internal growth activities and incremental revenue of $90.9 million from the purchases of Bolder BioPATH, HistoTox Labs Inc., Plato BioPharma Inc., Gateway Pharmacology Laboratories LLC, Envigo RMS Holding Corp, Bioreliance Corporation, Robinson Services Inc., Orient BioResources Center, and Integrated Laboratory Systems Holdings Inc.
Gross profit was up 609.5% YoY to $44.7 million, reflecting the gross profit from the acquisitions. The company reported a net loss attributable to shareholders of $6.1 million or 4.3% of total sales and $0.24 per diluted and basic share. A year-ago net loss was $0.7 million or $0.06 per diluted and basic share. For the first half of FY2022, the company saw 513.4% YoY revenue growth to $224.5 million.
Expensify grew Free Plan for SMBs users by 183%
Expensify Inc. (NASDAQ: EXFY) jumped 34% after the payments super app helping businesses and individuals globally to manage money expenses, bills, and corporate cards announced its Q1 2022 financial results. CEO and founder of Expensify David Barrett said that the most significant development in the first quarter was the expansion of the Free Plan for SMBs. The plan now has over 9,000 users, up 183 % from the previous quarter. Expensify Card, next-day reimbursements, expense management, bill pay, travel booking, and invoicing are all included in the package, which members can use for free throughout their enterprises.
The company had revenue of $40.4 million during the quarter, increasing 36% from a year ago. Expensify had positive operating cash flow, and net loss was $7.4 million relative to $8 million a year ago. This loss was mainly attributed to a $14.7 million stock-based compensation. The company reaffirmed its guidance in line with the Q4 2021 results of 25-35% revenue growth.