Investors Update: Aptevo Therapeutics Inc. (NASDAQ: APVO)
Aptevo Therapeutics Inc. (NASDAQ: APVO) witnessed a loss of -2.37% in recent trading period with closing price of $0.63. The company’s last traded volume of 296904 shares vs to an average volume of 434.97K shares. In the trailing 12 months period, return on assets ratio of the Company was -70.90% and return on equity ratio was -149.00% while its return on investment ratio was -104.00%.
Aptevo Therapeutics Inc. (APVO) recently provided a business review and stated its financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Results
Cash Position: Aptevo had cash, cash equivalents, and marketable securities as of September 30, 2019 totaling $25.2M, including $7.5M in restricted cash.
IXINITY Revenue: Product sales of IXINITY increased by $3.2M, or 55%, to $9.0M for the three months ended September 30, 2019, contrast to $5.8M for the same period in 2018. The increase in IXINITY sales in the quarter was primarily related to the continuing expansion of the Hemophilia B patient base and the launch of the 3,000 IU assay size in the second quarter of 2019, which resulted in increased IU’s sold during the period, and price increases in 2019.
Cost of Product Sales: Cost of product sales for the three months ended September 30, 2019 increased by $1.5M, or 62% to $4.0M contrast to $2.4M for the three months ended September 30, 2018, primarily driven by increased IU’s sold during the three months ended September 30, 2019 contrast to 2018. This increase was offset by credits received from Aptevo’s bulk drug supplier of $0.2M for materials before purchased.
Research and Development Expenses: Research and development expenses increased by $0.6M, to $9.1M for the three months ended September 30, 2019, contrast to $8.6M for the corresponding period in 2018. This was Because of increased spending for Aptevo’s IXINITY pediatric clinical program as well as its preclinical, general research and discovery programs, offset by lower spending on other clinical programs, including APVO210, which was discontinued in October 2019.
Selling, General and Administrative Expenses: Selling, general and administrative expenses reduced by $0.5M, or about 7%, to $6.5M for the three months ended September 30, 2019, contrast to $6.9M for the same period in 2018. The decrease in these expenses in the third quarter of 2019 was primarily Because of reduced personnel and professional services costs.
Net Loss: Aptevo’s net loss for the three months ended September 30, 2019 was ($6.9)M or ($0.16) per share, contrast to ($12.6)M or ($0.55) per share for the three months ended September 30, 2018.
EPS growth for this year is -56.10% and EPS growth for next year is expected to reach at 33.00%. EPS growth in past five years was 2.00% while sales growth past 5 years was measured at 167.00%. The short ratio in the company’s stock is documented at 2.74 and the short float is around of 3.13%. The average true range of the stock is observed at 0.05 and the relative strength index of the stock is recorded at 54.81.