XXII - 22nd Century misses Q2 top and bottom line estimates; updates FY23 outlook
2023-08-14 06:03:31 ET
- 22nd Century press release ( NASDAQ: XXII ): Q2 GAAP EPS of -$1.40 misses by $0.34 .
- Revenue of $23.43M (+61.8% Y/Y) misses by $0.83M .
- Adjusted EBITDA was a loss of $16.0 million, compared to prior year loss of $7.1 million.
- As of June 30, 2023, the Company had $11.9 million in cash, cash equivalents and restricted cash.
- Updated 2023 Revenue Outlook to a Range of $80 Million to $90 Million vs. consensus of $105.77M to Reflect Revised VLN ® Rollout Timelines and Transitioning GVB Ingredient Volumes Back to Internal Production
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22nd Century misses Q2 top and bottom line estimates; updates FY23 outlook