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BioDelivery (BDSI) Up 3.2% Since Last Earnings Report: Can It Continue?

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It has been about a month since the last earnings report for BioDelivery Sciences International (BDSI). Shares have added about 3.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is BioDelivery due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

BioDelivery Q2 Earnings Beat, Revenues Miss

BioDelivery recorded earnings of 9 cents per share in second-quarter 2021, compared with 1 cent per share in the year-ago quarter. The company’s earnings beat the Zacks Consensus Estimate of 5 cents per share.

The reported earnings include share-based compensation and non-cash amortization of intangible assets. Excluding these items, adjusted earnings were 12 cents per share, up 20% year over year.

Revenues totaled $41.4 million, up 13% from the year-ago period. The uptick was mainly driven by higher sales of Belbuca and Symproic. However, the revenues missed the Zacks Consensus Estimate of $42 million.

Quarter in Detail

Belbuca generated revenues of $36.5 million in the quarter, up 13% year over year. Sales of the drug have been witnessing a strong uptrend since 2018.

BioDelivery recorded Belbuca prescriptions of approximately 119,000 in the quarter, representing prescription volume growth of 11% in the quarter.

Symproic sales in the second quarter were $4 million, up 18% year over year. Total Symproic prescriptions during the quarter were up 3% year over year at approximately 18,000.

Product Royalty revenues in the second quarter were $0.9 million compared with $0.1 million in the year-ago period.

Operating expenses were down 8.5% year over year to $25.8 million.

Maintains 2021 Guidance

BioDelivery reiterated its previous guidance for revenues and operating expenses in 2021. The company expects total revenues in 2021 to be in the range of $170 - $180 million.

The company expects Belbuca sales to be between $155 million and $165 million. Operating expense for 2021 is expected to be in the range of $115-$120 million.

The company will provide update about any impact of acquisition of Elyxyb on its guidance at a future date.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 6.62% due to these changes.

VGM Scores

Currently, BioDelivery has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions has been net zero. Notably, BioDelivery has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.


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