Benzinga | Aug 11, 2021 09:04AM EDT

Evogene Reports $135.000 In Q2 2021 Revenue, Misses Estimates, EPS Beat Projections By $0.02

Biotechnology company Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN) posted its financial results Wednesday for the first half and second quarter of 2021 along with a proclamation from the company's president and CEO Ofer Haviv in which he said that this fiscal year is "turning out to be a key strategic year for unlocking value at Evogene and its subsidiaries."

During the three months ended June 30, the company generated roughly $135 000 in revenue, down by 51.7% year-over-year and missing estimates by $0.08 million. GAAP earnings per share were negative at $0.15, beating projections by $0.02.

In its earnings report, the Rehovot, Israel-based company, revealed having $65.4 million in consolidated cash, cash-related accounts, bank deposits and marketable securities, as of June 30, including $10.6 million, which is appropriated to its subsidiary, Lavie Bio.

In the first six months of 2021, the consolidated net cash usage totaled roughly $11.3 million, or $8.9 million, excluding the Lavie Bio subsidiary.

The consolidated cash usage amounted to $5.7 million for the second quarter, or $4.5 million, excluding the Lavie Bio subsidiary.

According to the company's management, cash usage for the full year of 2021 will be within the projected range of $20-$22 million.

Other Q2 2021 Financial Highlights

* Research and development expenses were $5 million versus $3.9 million in the corresponding quarter of 2020.

* Business development increased year-over-year to $0.7 million from $0.5 million in the same period of last year.

* General and administrative expenses amounted to $1.8 million compared to $1.1 million in the corresponding quarter of last year.

* Operating loss was $7.4 million, up from $5.2 million in the prior-year period.

* Net loss totaled $6.9 million, which compares to a $4.8 million loss in the second quarter of 2020.

Price Action

Evogene's shares were trading 1.02% higher at $2.98 per share at market close Tuesday.

Photo: Courtesy of M. B. M. on Unsplash