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Earnings Review and Free Research Report: Applied Genetic Announced Q4 and Full Year FY17 Results

LONDON, UK / ACCESSWIRE / October 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Applied Genetic Technologies Corp. (NASDAQ: AGTC) ("Applied Genetic"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AGTC, following the Company's disclosure of its financial results on September 13, 2017, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and full year 2017 (FY17). The Gainesville, Florida and Cambridge, Massachusetts-based Company reported net income totaling $0.41 million for the year ended June 30, 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:


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Earnings Reviewed

In Q4 FY17, Applied Genetic's total revenue was $8.35 million compared to $12.11 million in Q4 FY16; missing market estimates of $11.92 million. The Company's Collaboration segment's revenue came in at $8.32 million for Q4 FY17 versus $12.04 million in the last year's comparable quarter. Furthermore, Grant and other revenues were $0.22 million in Q4 FY17 compared to $0.79 million in Q4 FY16.

The Company posted net loss of $3.20 million, or $0.18 loss per diluted share, in Q4 FY17, versus net income of $2.73 million, or $0.15 per basic share, in the previous year's corresponding period. Additionally, Wall Street had expected the Company to report net income of $0.06 per diluted share.

The clinical-stage biotechnology Company reported total revenue of $39.47 million in FY17 compared to $47.36 million in FY16. The Company's full year revenues included $5.0 million of milestone revenue associated with achieving an XLRS patient enrollment milestone under the Company's collaboration arrangement with Biogen. Moreover, the Company reported net income of $0.41 million, or $0.02 per basic and diluted share, during FY17 versus net loss of $1.38 million, or $0.08 loss per diluted share, in FY16.

Operating Metrics

During the reported quarter, the Company spent $8.30 million on research and development, up from $6.76 million incurred in Q4 FY16. Meanwhile, the Company's general and administrative expense decreased to $2.85 million during Q4 FY17 from $2.87 million in Q4 FY16. The Company posted loss from operations of $2.80 million in Q4 FY17 compared to income from operations of $2.49 million in Q4 FY16.

Cash Flow and Balance Sheet

During the year ended June 30, 2017, the Company's net cash used in its operating activities was $31.00 million compared to net cash provided by operating activities of $70.99 million in the year-ago same period. The Company's cash balance increased to $30.71 million as on June 30, 2017, from $28.87 million at the close of books on June 30, 2016. Furthermore, the Company had an accumulated deficit of $89.63 million as on June 30, 2017, compared to $90.03 million as on June 30, 2016.

Stock Performance

At the close of trading session on Friday, September 29, 2017, Applied Genetic Technologies' stock price rose 5.33% to end the day at $3.95. A total volume of 264.67 thousand shares were exchanged during the session, which was above the 3-month average volume of 176.09 thousand shares. The Company's shares are trading at a PE ratio of 232.35. At Friday's closing price, the stock's net capitalization stands at $67.78 million.

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SOURCE: Pro-Trader Daily