OvaScience (OVAS) Posts Smaller-than-Expected Q2 Loss

OvaScience (NASDAQ: OVAS) reported Q2 EPS of ($0.62), $0.16 better than the analyst estimate of ($0.78). Revenue for the quarter came in at $189 thousand versus the consensus estimate of $190 thousand.

"Following our equity offering in June, which raised net proceeds of approximately $53.9 million, we are in a strong financial position to further expand access to the AUGMENT treatment and to advance the development of OvaPrime and OvaTure," said Harald Stock, Ph.D., President and Chief Executive Officer of OvaScience. "We have made important progress toward the corporate goals we outlined earlier this year and continue to build the commercial infrastructure and patient-centric business model to further expand access to AUGMENT in Canada and prepare for commercialization in Japan. We look forward to complementing these efforts with data from ongoing clinical studies, which will further support the real world value and benefit of our treatments."

As of June 30, 2016, OvaScience had cash, cash equivalents, and short-term investments of $147.7 million, compared to $126.7 million on December 31, 2015. The increase reflects the net proceeds of $53.9 million received from the completion of OvaScience’s follow-on offering in the second quarter of 2016.

For earnings history and earnings-related data on OvaScience (OVAS) click here.

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