Progenity, Inc. (PROG), saw a downtrend of 9.94% aftermarket, going down to $3.17 against $3.52 (+3.23%) at its previous close on November 10. PROG announced its third-quarter 2021 financial results after its earnings call on November 10 at 4:30 pm Eastern Time. Soon after the Q3 earnings were disclosed the stock became bearish.
Progenity, Inc. (PROG) is an innovative biotechnology company working on gastrointestinal health and oral bio therapeutics through a multi-omnics approach.
PROG: Q3’s Performance
As per the Q3 financial results, PROG generated a revenue of $9.6 million with $9.4 million being generated as a result of discontinued operations, leaving the Q3 revenue from continued operations at $0.2 million (approx.) for the quarter in question. The Q3 revenue missed the consensus estimate by 98.3%.
The financial results for the quarter ended September 30, 2021, placed the net loss per share at $0.46 against the consensus estimate of $0.47 net loss per share. The net loss per share was $1.01 for the same quarter in 2020. The total net loss stood at $43.7 million for the quarter ended September 2021, as compared to a total net loss of $47.1 million for the same quarter in 2020.
Progenity’s Timeline
Progenity’s initial public offering (IPO) took place on June 22, 2020. At a price of $15 per share, Progenity sold 6.6 million shares (approx.) at the IPO.
Since its IPO, Progenity, Inc. (PROG) has been on a bearish path, for the most part, going down to $5 near the end of last year. PROG continued the general downtrend to fall as low as $1 in September 2021.
While a comeback was expected as the stock saw another small uptrend on November 10 during the market, but the Q3 financial results did not impress the investors, hence putting the stock back on a bearish path after hours.
The Future
Progenity, Inc. (PROG) is primarily an orally administered bio therapeutics company, diagnosing and treating gastrointestinal track issues. Most of the currently available diagnostics for GI track issues so far are invasive, giving Progenity a good edge for its possible better alternatives.
As far as the market is concerned, there is huge potential for Progenity to grow given the market gap and unmet needs. The global biological market value exceeds $250 billion, while 1.8 million inflammatory bowel disease (IBD) patients are present in the U.S alone. Addressing IBD is one of Progenity’s main targets.
