PROG - Progenity slips after drop in 4Q topline and earnings miss

Progenity (NASDAQ:PROG) has lost ~16% in the pre-market Tuesday after the molecular test maker reported lower than expected earnings with a decline in revenue for 4Q 2021. Revenue for the quarter dropped to $7.7M, indicating a ~21% YoY decline from the third quarter when the company’s revenue more than tripled from the prior-year period. Discontinued operations generated $7.2M of the topline in 4Q. Meanwhile, the net loss climbed ~23% YoY to $92.9M even as operating expenses contracted ~28% YoY to $20.6M. Revenue for the full year stood at $60.6M with a ~18% YoY drop from the previous year. Net loss for 2021 increased ~29% YoY to $92.9M as operating expenses rose ~11% YoY to $119.1M. Meanwhile, the cash and equivalents reached to $88.4M at the year-end marking a ~4% YoY decline. “Progenity is making great strides in its transformation into a biotherapeutics company,” Chief Executive Adi Mohanty said, adding that the process would

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Progenity slips after drop in 4Q topline, and earnings miss