Sight Sciences Issues Q3 View, Cuts FY23 Revenue Outlook Below Market; Stock Down In Premarket
Sight Sciences, Inc. (SGHT), an eyecare technology company, on Tuesday issued a third-quarter revenue guidance, and trimmed its revenue outlook for fiscal 2023, below market estimates.
In pre-market activity, shares of Sight Sciences are trading at $4.46, down 31.49% on Nasdaq.
For the third quarter, the company expects revenue to be in the range of $19.0 million to $20.0 million.
On average, five analysts polled by Thomson Reuters expect the company to report revenues of $26.26 million for the third quarter. Analysts’ estimates typically exclude one-time items.
“We typically see a strong second quarter followed by a slower start to the third quarter given traditional seasonality patterns. While we had a strong second quarter prior to the LCD proposals, we have faced a lower cadence of new account additions and relatively flat utilization and we have not experienced the expected increase in commercial activity thus far in August and early September,” said Paul Badawi, Chief Executive Officer.
The company plans to discuss its third quarter results in early November.
Looking forward to the full year, the company now expects revenue to be in the range of $80.0 million to $82.0 million, compared to previous range of $89.0 million to $94.0 million. The revised outlook reflects a growth of around 12 percent to 15 percent compared to 2022.
The Street estimate for revenue is $92.12 million.
Cognyte Q2 Loss Narrows, Updates FY24 Outlook; Stock Up In Pre Market
Cognyte Software Ltd. (CGNT) on Tuesday reported narrower loss for its second quarter, amid weak revenues. The company also updated its outlook for fiscal 2024.
In pre-market activity, shares of Cognyte are trading at $5.19, up 12.54% on Nasdaq.
The company reported a loss of $9.426 million or $0.13 per share, narrower than a loss of $28.874 million or $0.43 per share last year.
Revenues decreased to $77.053 million from $81.105 million of the previous year.
Looking forward to fiscal 2024, Cognyte now expects a loss of $0.33 per share at the midpoint of the revenue outlook. Previously, it expected a loss of $0.53 per share at the midpoint of the revenue outlook.
The company now expects revenue of $307 million at the midpoint with a range of +/- 2 percent, which is around 8.5 percent higher than the prior year’s SIS adjusted non-GAAP revenue. Previously, it expected revenue of $303 million at the midpoint with a range of +/- 2 percent, around 7 percent growth from previous year SIS Adjusted non-GAAP revenue.
Looking beyond fiscal 2024, Cognyte projects continued growth.
Optical Cable Corp. Reports Profit In Q3; Net Sales Down 2.5%
Optical Cable Corp. (OCC) reported third quarter net income of $101 thousand or $0.01 per share, compared to a net loss of $372 thousand, or $0.05 per share, prior year. Gross profit increased 6.4% to $5.1 million.
The company noted that, in addition to improved sales and gross profit, the results reflect the gain on additional insurance proceeds received during the third quarter of fiscal 2023 for damage to property and equipment totaling $256 thousand.
Third quarter consolidated net sales decreased 2.5% to $16.9 million, compared to net sales of $17.4 million, last year, with decreased net sales in the enterprise market partially offset by increased net sales in its specialty markets.
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Meghan Markle prepares to reunite with Prince Harry as she arrives in Dusseldorf
Meghan Markle has been snapped arriving at Dusseldorf airport as she prepares to reunite with her husband Prince Harry, who flew to Germany for the start of the Invictus Games on Saturday.
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WestRock Up 4% On Merger With Smurfit Kappa
Shares of WestRock Company (WRK) are up 4% on Tuesday after the company and Smurfit Kappa agreed to merge to create Smurfit WestRock, a global sustainable packaging company with scale, quality, product, and geographic diversity.
WRK is trading on the New York Stock Exchange at $35.61, up 4.55% or $1.55 per share. It has traded between $26.84 and $40.65 in the past 52-week period.
According to the Agreement, shareholders of WestRock will receive one new Smurfit WestRock share and $5.00 in cash for each share of common stock they hold.
The Transaction involves establishing a new holding company for the combined Smurfit WestRock, which will be incorporated and headquartered in Dublin, Ireland.
Pending approval from shareholders, regulators, and other customary closing conditions, the Combination is expected to be finalized in Q2 of 2024.
Following the completion of the Combination, Smurfit Kappa shareholders and WestRock stockholders will own approximately 50.4% and 49.6% of Smurfit WestRock, respectively. Smurfit WestRock’s ordinary shares will subsequently be listed on the New York Stock Exchange.
Lyra Therapeutics Stock Jumps 7% On Positive Trial Result Of Chronic Rhinosinusitis Treatment
Shares of Lyra Therapeutics, Inc. (LYRA) jumped over 7% on Tuesday morning after the biotechnology company announced positive results from phase 2 study of its LYR-220 drug candidate in the inflammatory sinus disease chronic rhinosinusitis.
LYRA is currently trading at $4.6500, up $0.3700 or 8.6449%, on the Nasdaq. The stock opened its trading at $5.0400 after closing Monday’s trading at $4.2800. The stock has traded between $1.8600 and $6.4800 in the past 52-week period.
The study met its primary safety endpoint, with no serious adverse events observed. Most commonly reported adverse events included sinusitis, nasopharyngitis, bronchitis, and COVID-19.
LYR-220 is a bioresorbable nasal matrix designed to deliver six months of continuous anti-inflammatory medication to the sinonasal passages for the treatment of chronic rhinosinusitis.