After the storm and the tech meltdown, along with increasing number of COVID-19 infections, this was a quiet week with a few nice surprises. The stars were Adobe Inc (NASDAQ: ADBE) and FedEx (NYSE: FDX).
Analysts were beyond impressed when FedEx again managed to crush expectations as the shipping giant is getting ready for a holiday ‘shipathon’ that is just around the corner. FedEx delivered very strong results during the quarter that ended on August 31 with revenue increasing from $17 billion in the same quarter last year to $19.3 billion. The increased demand found its way to the bottom line with net income rising 60% as it amounted to $1.28 billion.
Adobe continued its winning streak by setting new revenue records. It delivered the best fiscal third-quarter results in the company’s history, exceeded expectations and maintained its five-year streak of year-over-year quarterly increases in revenue. Its creative portfolio of offering is set to thrive beyond this unprecedented year.
The US real estate company Lennar Corp. (NYSE: LEN) topped analyst estimates both for revenue and earnings. It attributed higher demand to record-low mortgage rates as it sold 13,842 houses in its latest quarter. The market has recovered since the US government eased COVID-restrictions as U.S. homebuilding posted a record growth since 2016 in July.
Francesca’s Holding Corporation
Meanwhile, Francesca’s Holdings Corp.’s (NASDAQ: FRAN) had a rough day when it posted its fiscal second-quarter results. Stock plunged 8.75% on September 16th, reducing its market cap to $10.92 million as the pandemic has been rough on retail boutiques the group operates, focusing on the fashion apparel, jewellery and accessories for women.
Apogee Enterprises (NASDAQ:APOG), a leading provider of architectural glass, framing systems, and installation services, has been disrupted by the pandemic but it’s slowly rebounding. Its stock fell 0.4% in pre-market trading after the company reported Q2 results but earnings and revenue did manage to beat estimates. However, due to not knowing how severe nor how long will the downturn be, the company did not provide any outlook.
Meanwhile, Cantel Medical (NYSE:CMD) also topped forecasts. The Little Falls, N.J.-based infection prevention products and services company posted losses of $2.3 million from reported revenue of $233.4 million with a 2.5% year over year drop. The decline in organic revenue was greatly offset by the impact of acquisitions. Although medical revenue decreased 25%, dental revenue increased 59%. The company expects a full recovery, although the timing also remains uncertain.
Auris Medical Holding
Auris Medical Holding (NASDAQ:EARS) reminded us that there is more to the world than just battling COVID as this clinical-stage company is dedicated to developing therapeutics that address important unmet medical needs in neurology and central nervous system disorders. The company reached major milestones in its two clinical trials. But, it is also developing a drug-free nasal spray for protection against airborne pathogens and allergens that can be of great use against the world’s current #1 enemy.
Acutus Medical (NASDAQ:AFIB) reported revenue of $1.1 million in the second quarter of 2020 that ended on June 30th. This figure marks a 54% increase compared to the same quarter last year. Back in August, the arrhythmia management company completed an initial public offering and gained $163.3 million in net proceeds. Despite headwinds brought on by the pandemic, the company managed to execute its commercial launch. Although gross margin was negative at 135%, it greatly improved from last year’s quarter when it stood at 232%. Therefore, economies of scale and greater efficiency in labor was achieved.
IsoRay, Inc. (AMEX:ISR) is another innovative medical technology company that announced its revenues for the fourth quarter rose 18% to $2.28 million. The company’s improved results confirm the company’s strong positioning in the prostate brachytherapy market. Its future efforts will aim to expand the therapeutic benefits of Cesium-131 as a treatment option for cancers throughout the body.
Provided that the second lockdown can be avoided, it is possible that the worst is behind us. However, no one can tell with certainty as we are still not near to winning the battle against COVID-19. This week’s results do show signs of an economic rebound but we are not out of the woods yet.
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