Axsome Therapeutics (AXSM 2.07%) investors seem to be a hardy bunch, as they didn't let a mixed quarter dissuade them from trading up the company's stock. On a day when the S&P 500 index dipped a bit, Axsome's share price enjoyed a healthy rise of over 3% thanks to that quarter's results.
In what was clearly a glass-half-full situation for those investors, Axsome delivered a convincing earnings beat in its second-quarter results, but recorded a bottom-line miss.
Thanks to its recently acquired Sunosi, net product sales for the formerly pre-revenue Axsome tallied over $8.8 million for the quarter, up from nothing in the same frame one year ago. Expenses related to product sales, a non-existent line item for the company at this time last year, were nearly $1 million. This contributed to a deepened net loss of over $41 million ($1.06 per share), against Q2 2021's $32 million-plus shortfall.
On average, analysts tracking Axsome stock were modeling a notably lower revenue figure of barely over $6.9 million. On the flip side, they expected a narrower net loss of $1.01 per share.
Sunosi is a recent addition to the company's portfolio. It acquired the drug, which improves wakefulness in patients suffering from excessive daytime sleepiness (EDS) deriving from narcolepsy or obstructive sleep apnea, from peer Jazz Pharmaceuticals (JAZZ -0.38%) in early May.
Axsome did not proffer any revenue or profitability guidance. Rather, the biotech issued a fairly general forecast for its cash position, writing that this is "sufficient to fund anticipated operations into 2024, based on the current operating plan."