Published on 9 May 2024 on Zacks via Yahoo Finance
Editas (EDIT) Q1 Earnings & Revenues Lag Estimates, Stock Down
Editas Medicine, Inc. EDIT incurred a loss of 76 cents per share in the first quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 63 cents. The company had reported a loss of 71 cents per share in the year-ago quarter.
Collaboration and other research and development (R&D) revenues, which comprise the company’s top line, were $1.1 million in the first quarter, down from $9.8 million reported in the year-ago quarter. The reported figure missed the Zacks Consensus Estimate of $12 million. The year-over-year decline in revenues can be attributed to the one-time sale of EDIT’s wholly-owned oncology assets and related licenses in January 2023.