AquAdvantage® Salmon – descended from wild salmon stocks that once inhabited the tributaries of Canada’s famed Bay of Fundy
AquaBounty Technologies posts USD 2.76 million loss for Q1 2019
Wednesday, May 08, 2019, 19:00 (GMT + 9)
MAYNARD, Mass. (GLOBE NEWSWIRE) (NASDAQ: AQB)-AquaBounty Technologies Inc, (“AquaBounty” or the “Company”), a biotechnology company focused on enhancing productivity in the aquaculture market and a subsidiary of Intrexon Corporation (NASDAQ: XON), announces the Company’s financial results for the quarter ended March 31, 2019, and a general update.
Sylvia Wulf, Chief Executive Officer of AquaBounty, stated: “We ended the first quarter on a very positive note with the FDA’s lifting of the Import Alert on AquAdvantage Salmon and the successful completion of an equity fundraise. The action by the FDA will allow us to stock our Indiana facility with our fast-growing salmon eggs, while the new funding provides us with the needed resources to improve our balance sheet and grow out our fish at both our Indiana and Rollo Bay farms.”
With the recent action by the FDA to lift the Import Alert on AquAdvantage Salmon, the Company can now stock and grow the fish at its Indiana farm site. Consequently, AquaBounty has determined that it is no longer necessary for the Company to operate a farm in Panama. The site was originally set up in 2008 as a demonstration grow-out location for AquAdvantage Salmon in conjunction with the Company’s New Animal Drug Application with the FDA.
Analysts forecast that AquaBounty Technologies (NYSE:AQB) will report USD 250,000.00 in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for AquaBounty Technologies’ earnings, with estimates ranging from USD 10,000.00 to USD 490,000.00. AquaBounty Technologies reported sales of USD 50,000.00 in the same quarter last year, which indicates a positive year-over-year growth rate of 400%. The company is scheduled to announce its next earnings report on Tuesday, May 14th.
On average, analysts expect that AquaBounty Technologies will report full year sales of USD 830,000.00 for the current fiscal year, with estimates ranging from USD 40,000.00 to USD 1.62 million.
AquaBounty Technologies (NYSE:AQB) last announced its earnings results on Thursday, May 2nd. The company reported (USD 0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of (USD 0.19) by USD 0.01. The company had revenue of USD 0.10 million for the quarter, compared to the consensus estimate of USD 0.21 million.
Separately, National Securities lowered their target price on AquaBounty Technologies from USD 6.50 to USD 5.50 and set a “buy” rating for the company in a research report on Wednesday, March 20th.
Shares of NYSE:AQB opened at USD 2.31 today. AquaBounty Technologies has a 12-month low of USD 1.51 and a 12-month high of USD 5.45.