SGMO - Sangamo Therapeutics GAAP EPS of -$0.66 misses by $0.32 revenue of $6.84M misses by $8.49M

2023-08-08 16:15:54 ET

• Sangamo Therapeutics press release ( NASDAQ: SGMO ): Q2 GAAP EPS of -$0.66 misses by $0.32 .
• Revenue of $6.84M (-76.7% Y/Y) misses by $8.49M .
• The decrease of $22.5 million in revenues was primarily attributed to decreases of $8.5 million, $7.8 million, and $1.8 million of revenues relating to our collaboration agreements with Novartis, Biogen and Sanofi, respectively, due to the termination of these collaboration agreements.

• Updated Financial Guidance for 2023

  • GAAP operating expenses, including impairment of goodwill, indefinite-lived intangible assets, and long-lived assets, and stock-based compensation expense, are now estimated to be in the range of approximately $378 million to $398 million, reflecting the additional non-cash impairment charges. The previous GAAP operating expenses guidance provided on April 26, 2023 was in the range of approximately $315 million to $335 million.
  • We continue to estimate non-GAAP operating expenses to remain unchanged from the last update on April 26, 2023 and to be in the range of approximately $240 million to $260 million. Estimated non-GAAP operating expenses exclude estimated impairment of goodwill of $38.1 million, impairment of indefinite-lived intangible assets of $51.3 million, impairment of long-lived assets of $20.4 million and stock-based compensation expense of $28 million.

For further details see: