Why Paratek Pharmaceuticals (PRTK) Stock Is Plunging Today - Paratek Pharmaceuticals (NASDAQ:PRTK)

  • Paratek Pharmaceuticals Inc’s PRTK Q4 total revenue o reached $75.6 million compared to $31.8 million a year, beating the consensus of $63.45 million.
  • Nuzyra net U.S. sales of $66.4 million, a 221% Y/Y increase, including $28.3 million net sales from the core commercial business, a 37% increase, and $38.1 million in revenue from the second procurement of Nuzyra under the BARDA contract.
  • Nuzyra (omadacycline), the company’s lead product, is a once-daily oral and intravenous antibiotic for community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections.
  • The company reported an EPS loss of $(0.13), better than $(0.66) a year ago.
  • SG&A expenses increased to $53.8 million in Q4 FY22 from $44 million, primarily due to costs incurred in connection with the Nuzyra community expansion and travel costs due to the easing of COVID-19 restrictions.  
  • R&D expenses were $14.3 million compared to $10.4 million a year ago due to costs for activities reimbursed under the BARDA contract and costs incurred for the Phase 2b Nontuberculous Mycobacteria study.
  • Guidance: Paratek expects FY23 revenue of $143-$158 million, far below the consensus of $232.02 million.
  • Nuzyra net U.S. sales are expected to be approximately $125.0 to $135.0 million, below the $136.8 million recorded in 2022.
  • Paratek had cash and cash equivalents of $34.2 million, combined with $36.1 million in cash received from BARDA for the second procurement of NUZYRA, yielded a pro forma cash and cash equivalents balance of $70.3 million sufficient to provide a cash runway into Q1 2024.
  • Price Action: PRTK shares are down 30.6% at $1.33 on the last check Thursday.

Image and article originally from www.benzinga.com. Read the original article here.