- Membership Collective Group Inc (NYSE:MCG) reported second-quarter FY22 sales growth of 96.5% year-on-year to $243.77 million, beating the consensus of $240.77 million.
- The total members grew 51.3% Y/Y to 193,370. Membership revenue increased 46.9% to $65.9 million, constituting 27% of total revenues.
- The operating loss for the quarter widened to $(65.5) million.
- The company held $266 million in cash and equivalents.
- Adjusted EBITDA for the quarter was $15.4 million with an adjusted EBITDA margin of 6%.
- EPS of $(0.41) missed the analyst consensus of $(0.16).
- Outlook: Membership Collective lowered FY22 sales guidance to $910 million – $985 million from $950 million – $1.025 billion, versus the consensus of $995.01 million.
- It expects FY22 adjusted EBITDA of $70 million – $80 million (previously $80 million – $90 million).
- Price Action: MCG shares are trading lower by 15.30% at $6.92 on the last check Wednesday.
Travere Therapeutics Announces Licensing Agreement With Renalys Pharma To Develop And Commercialize Sparsentan In Japan, South Korea, Taiwan, And Southeast Asian Nations
Travere Therapeutics, Inc., (NASDAQ:TVTX) announced that it has entered into an exclusive licensing agreement with Renalys Pharma, Inc., to bring sparsentan, a dual endothelin angiotensin receptor antagonist for the
