- Sema4 Holdings Corp (NASDAQ:SMFR) reported Q2 revenues of $36.2 million compared to $47.0 million a year ago.
- Testing volumes on a reported basis were up 63% Y/Y, with 117,838 tests resulting (excluding COVID-19 tests).
- Sema4 reported a Q4 Basic EPS loss of $(0.25). The company held $285 million in cash and equivalents.
- Restructuring: The company is on track to deliver its previously announced cost savings target of approximately $50 million in 2022.
- With additional initiatives underway, the company will be on target to achieve over $150 million in annualized savings and approximately $200 million in cumulative savings by the end of 2023.
- Sema4 eliminated approximately 250 positions, representing approximately 13% of its workforce, and exited the somatic tumor testing business.
- Guidance: Sema4 expects FY22 revenues of $245-$255 million, below the consensus of $305.6 million and previous guidance of $305-$315 million.
- The guidance includes a $24 million reduction in revenue due to the estimated change and a more conservative outlook on volumes and pricing trends within reproductive health product lines.
- The company expects an adjusted gross margin of 4-9%, far below over 20% expected earlier.
- Price Action: SMFR shares traded 28.5% lower at $1.72 on the last check Tuesday.
Hope for Kidney Cancer Patients, Merck’s Keytruda Cuts Risk Of Death By 38% Following Surgery
Results from Merck's Phase 3 KEYNOTE-564 trial. Keytruda, an adjuvant treatment for renal cell carcinoma, shows a 38% improvement in overall survival at 57.2 months.
