Caladrius Biosciences Reports Worse Than Estimate Q4 Earnings Results

Caladrius Biosciences (CLBS) declared worse than consensus estimate Q4 earnings results on Tuesday. The company reported EPS of ($0.59), which is $0.31 lower than the analyst estimate of ($0.28). The company reported revenue of $7.6 million versus the consensus estimate of $7.67 million. Total revenues for the Q4 of 2015 increased 43% to $7.6 million compared with $5.3 million in the Q4 of 2014, led by growth in Clinical Services revenue at PCT, the Company’s cell therapy development and manufacturing subsidiary.

Full Year Financial Highlights

  • Total revenues for 2015 of $22.5 million represented an increase of 25% compared with $17.9 million for 2014. R&D expenses in 2015 were $23.9 million compared with $29.2 million in 2014. SG&A expenses for 2015 were $30.0 million compared with $30.8 million for 2014.
  • The net loss attributable to Caladrius common stockholders for 2015 was $80.9 million or $1.67 per share based on 48.5 million shares outstanding, compared to $54.9 million or $1.68 per share based on 32.8 million shares outstanding for 2014.
  • Net loss for 2015 included the impairments of IPR&D associated with our CLBS20 and CLBS10 clinical programs, valued at $43.7 million. These impairments were partially offset by the reversals of related deferred tax liabilities of $17.7 million, and the reversals of related contingent considerations obligations of $19.5 million. As previously mentioned, goodwill was also impaired by $18.2 million based on these changes.  The net impact for these changes was a $24.7 million increase in 2015 net loss, which was a non-cash charge.

 

David J. Mazzo, PhD, Chief Executive Officer of Caladrius Biosciences commented “We are delighted by the stellar performance at PCT as evidenced by significant revenue increases during the quarter and over the year as a whole. We look forward to continued growth in 2016 and beyond as we capitalize on PCT’s leadership position in cell therapy contract development and manufacturing in concert with our new global partner, Hitachi Chemical. Additionally, we have divested and monetized non-core assets and have focused our clinical activities on CLBS03, our T regulatory cell therapy program targeting treatment of recent onset type 1 diabetes. ” He also added “2016 is off to a strong start and we are excited about the opportunities ahead for Caladrius as we grow our PCT business and advance the Phase 2 clinical study of CLBS03 in type 1 diabetes.  We look forward to achieving a number of important, value-creating milestones throughout the year.”

For 2016 guidance, Caladrius certain expectations for total revenues to exceed $30 million, representing an increase of greater than 30% compared with 2015.

About

Dan Walker, CFA (from Harvard University, Massachusetts), is Editor & Chief Research Analyst and reports Services, Financial & REIT and Energy & Utilities sectors. Prior joining Market Cash Cow, Dan Walker worked with Wells Fargo. If you have a great story idea for Dan Walker, you can write at [dan.walker@marketcashcow.com ].

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