Research Desk Line-up: Calavo Growers Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 25, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Calyxt, Inc. (NASDAQ: CLXT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CLXT, following the Company's release of its financial results on September 01, 2017, for the second quarter fiscal 2017 (Q2 FY17) and first half of fiscal 2017 (H1 FY17) to Securities and Exchange Commission (SEC). This was the New Brighton, Minnesota-based Company's first quarterly earnings after its IPO on July 20, 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Farm Products industry. Pro-TD has currently selected Calavo Growers, Inc. (NASDAQ: CVGW) for due-diligence and potential coverage as the Company reported on September 06, 2017, its financial results for Q3 FY17. Register for a free membership today, and be among the early birds that get access to our report on Calavo Growers when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CLXT; also brushing on CVGW. With the links below you can directly download the report of your stock of interest free of charge at:
During Q2 FY17, Calyxt's total revenues increased to $0.22 million from $0.12 million recorded at the end of Q2 FY16. The revenue growth of $0.10 million, or 92.2% y-o-y, is primarily attributable to the recording of revenue related to terminated research and development (R&D) licensing agreement.
The gene-editing technology Company reported net loss of $3.40 million, or $0.17 loss per basic and diluted share in Q2 FY17, compared to net loss of $2.46 million, or $0.13 loss per basic and diluted share, in Q2 FY16.
For H1 FY17, Calyxt total revenues stood at $0.28 million compared to $0.22 million in H1 FY16. The Company's net loss during H1 FY17 was $6.23 million, or $0.32 loss per basic and diluted share, versus net loss of $5.03 million, or $0.26 loss per basic and diluted share, in H1 FY16.
Calyxt's R&D expenses increased to $1.45 million in Q2 FY17 from $1.31 million in Q2 FY16. The Company's selling, general, and administrative expenses also grew $2.01 million during Q2 FY17 from $1.20 million in Q2 FY16. Total expenses for the reported quarter came in at $3.46 million compared to $2.61 million in Q2 FY16. Furthermore, the Company's loss from operations stood at $3.24 million in Q2 FY17 compared to $2.49 million in Q2 FY16.
Cash Matters and Balance Sheet
In the six months ended on June 30, 2017, Calyxt's net cash used in operating activities was $4.06 million compared to net cash used in operating activities of $2.20 million in the prior year's same quarter. The Company's cash and cash equivalents balance stood at $2.52 million as on June 30, 2017, compared to $5.03 million at the close of books on December 31, 2016.
On July 19, 2017, Calyxt announced the pricing of its initial public offering of 7.00 million shares of its common stock at $8.00 per share per share. The number of shares in the offering increased by 939,394 shares from the previously disclosed figures of 6,060,606 shares, while the initial public offering price decreased from the previously disclosed estimated price range of $15.00 to $18.00 per share. The shares started trading on the NASDAQ under the ticker symbol "CLXT" on July 20, 2017.
On Friday, September 22, 2017, the stock closed the trading session at $25.72, declining 3.56% from its previous closing price of $26.67. A total volume of 57.27 thousand shares have exchanged hands. Calyxt's stock price soared 62.99% in the last one month. Furthermore, since the start of the year, shares of the Company have skyrocketed 128.62%. The stock currently has a market cap of $815.84 million.
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SOURCE: Pro-Trader Daily