PTE - PolarityTE stock falls 13% on Q1 profit miss

PolarityTE (NASDAQ:PTE -15.2%) stock fell after the company posted Q1 profit that missed estimates as research and development costs increased during the quarter. The company reported quarterly Non-GAAP EPS of -$0.10, which missed estimates by $0.02. Net revenues declined 84.3% Y/Y to $0.74M, but beat estimates by $0.01M. The decline was due to the termination of SkinTE commercial efforts and COVID-19 testing in 2021 and a decrease in IBEX services net revenues Research and development costs rose 18% Y/Y to $2.86M. The company had $18.7M in cash, as of March 31.

For further details see:

PolarityTE stock falls 13% on Q1 profit miss