ITCI - Intra-Cellular Therapies beats top and bottom line estimates gives FY guidance

2023-08-03 07:35:52 ET

Intra-Cellular Therapies press release ( NASDAQ: ITCI ): Q2 Non-GAAP EPS of -$0.45 beats by $0.14 .

Revenue of $110.8M (+99.3% Y/Y) beats by $3.99M .

Net loss for the second quarter of 2023 was $42.8 million compared to a net loss of $86.6 million for the same period in 2022.

Cost of product sales was $7.2 million in the second quarter of 2023 compared to $4.7 million for the same period in 2022.

Selling, general and administrative (SG&A) expenses were $101.0 million for the second quarter of 2023, compared to $100.3 million for the same period in 2022.

Research and development (R&D) expenses were $49.8 million for the second quarter of 2023, compared to $38.5 million for the same period in 2022. This increase is primarily due to higher lumateperone project costs.

Cash, cash equivalents, restricted cash and investment securities totaled $514.6 million at June 30, 2023.

FY Guidance: Full year 2023 CAPLYTA net product sales guidance increased to $445 to $465 million from the previous range of $430 to $455 million; Full year 2023 SG&A expense guidance of $420 to $450 million and R&D expense guidance of $195 to $220 million reiterated.

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