On 26 August 2019 Shares of Insmed Incorporated’s (NASDAQ:INSM) stock showed the surged by 1.56% during the normal trading session on Thursday and reaching a 52-week high of -50.74% during the day while it closed the day at 16.32. The stock last traded volume of 1.4 million shares was up it’s an average volume of 1.2 million shares.
Insmed Incorporated (INSM) recently stated financial results for the 2nd quarter ended June 30, 2k19 and provided a business update.
2nd quarter 2k19 Financial Results
- Total revenue for the 2nd quarter ended June 30, 2k19 was $30.0M, comprising U.S. net sales of $29.0M and ex-U.S. net sales of $1.0M. The ex-U.S. net product sales include $0.9Mfrom the Temporary Authorization for Use (Autorisation Temporaire d’Utilisation or ATU) program in France and $0.1M from the named patient program in Germany, both compassionate use programs.
- Cost of product revenues (not including amortization of intangible assets) was $4.9Mfor the 2nd quarter of 2k19.
- Research and development expenses were $33.5M for the 2nd quarter of 2k19, contrast with $35.7M for the 2nd quarter of 2k18.
- Selling, general and administrative expenses for the 2nd quarter of 2k19 were $52.4M, contrast with $37.2M for the 2nd quarter of 2k18. The increase was primarily Because of higher expenses related to commercial activities for ARIKAYCE, including disease awareness, patient support activities, and field operations and, to a lesser extent, a raise in headcount, including non-cash stock-based compensation.
- For the 2nd quarter of 2k19, Insmed stated a GAAP net loss of $66.5M, or $0.81 per share, contrast with a GAAP net loss of $76.4M, or $1.00 per share, for the 2nd quarter of 2k18.
- During the 2nd quarter of 2k19, Insmed completed a public offering of 10.7M new shares of ordinary stock that resulted in net cash proceeds of $261.2M, after deducting underwriting discounts and commissions and other offering-related expenses.
Financial Guidance and Balance Sheet
As of June 30, 2k19, Insmed had cash and cash equivalents of $601.3M. The Company’s total costs and expenses for the 2nd quarter of 2k19 were $92.1M, contrast with total costs and expenses for the 2nd quarter of 2k18 of $72.9M. Cash-based operating expenses for the 2nd quarter of 2k19 were $77.4M, contrast with cash-based operating expenses for the 2nd quarter of 2k18 of $65.3M.
The Company now expects full-year 2k19 revenues for ARIKAYCE to be in the range of $110M to $120M.
Insmed expects cash-based operating expenses to be in the range of $140M to $155M for the second half of 2k19. In addition, the Company expects capital expenditures, including those related to the buildout of a new corporate headquarters facility as well as payments classified within other assets for the future right-of-use asset related to the buildout of an additional third-party manufacturing facility, to be in the range of $20Mto $30M for the second half of 2k19.
The Corporation has price to book ratio of 3.74 and price to cash ratio of 2.46. Gross profit margin was measured as 81.40%. Beta factor, which measures the riskiness of the security, was registered at 2.99.