Applied Genetic reports Q1 EPS 63c, may not compare to consensus (58c)
Reports Q1 revenue $21.3M, may not compare to consensus $2.65M. The increase of $22.5 million for the nine-month period was primarily due to recognizing revenue of $20.4 million as a result of the termination of the Collaboration Agreement with Biogen, and recognizing revenue of $8.3 million associated with the receipt of a $10.0 million milestone payment from Biogen during the first quarter of fiscal year 2019, partially offset by decreased license and related service revenue due to the Company's revised pattern of revenue recognition under ASC 606, Revenue from Contracts with Customers. As of March 31, 2019, the Company's cash, cash equivalents, and investments amounted to $89.2 million. The Company believes these funds will be sufficient to allow AGTC to generate data from its ongoing clinical programs, to move the pre-clinical optogenetic program in collaboration with Bionic Sight into the clinic and fund the currently planned research and discovery programs for approximately two years. The Company expects total cash, cash equivalents and investments as of June 30, 2019 to be between $75 and $80 million.