2023-03-15 13:13:49 ET
- Luna Innovations ( NASDAQ: LUNA ) shares fell 32% on Wednesday after the fiber optics company reported fourth quarter results that fell short of estimates.
- The firm generated adjusted earnings of $0.08 per share on revenue of $31.7M that grew 30.9% Y/Y. Gross margin improved from 58% in the year-ago period to 61%, driven primarily by product mix.
- Operating income rose from $1M in the year-ago period to $1.5M. However, net income took a hit and was down from $1.6M to $0.9M.
- "2022 was a transformational year for Luna representing the culmination of execution on the five-year strategic plan we outlined in 2017, thereby creating a pure-play fiber optics company," CEO Scott Graeff said in the earnings release.
- For full year 2023, the company expects revenue in the range of $125M-$130M (vs $128.38M consensus ) and adjusted EBITDA of $14M-$18M.
For further details see:
Luna Innovations stock drops on Q4 earnings miss