Q2 2024 Earnings Summary
Reported on Feb 18, 2025 (After Market Close)
Pre-Earnings Price$52.11Last close (Jul 30, 2024)
Post-Earnings Price$44.48Open (Jul 31, 2024)
Price Change
$-7.63(-14.64%)
- The company reported 21% growth in its VTE (Venous Thromboembolism) segment, demonstrating strong performance and market leadership. Executives expressed confidence in sustaining this growth due to a large, underpenetrated market estimated at $6 billion with only 7% penetration, and a 4:1 lead in PE (Pulmonary Embolism) treatments compared to competitors.
- Upcoming catalysts in Q4 are expected to drive stronger growth, including the release of the PEERLESS study data, anticipated product launches like VenaCore and reentry into the acute limb ischemia market with Artix, and expansion into international markets such as China and Japan. These developments are anticipated to have a significant impact on revenue growth in Q4 and beyond.
- The Emerging Therapies segment experienced significant growth, with revenue up 66% year-over-year, driven by strong adoption of VenaCore, which moved to full market release in Q2. This segment has multiple catalysts that could contribute to sustained growth and bolster the company's position in new patient populations.
- The U.S. VTE sales growth slowed to approximately 17% year-over-year in Q2 2024, which is below the global VTE growth rate of 21% and potentially below the underlying market growth of 20%, indicating possible loss of market share in the U.S.
- Sequential revenue growth from Q2 to Q3 2024 is expected to be lower compared to the prior year due to fewer catalysts in the third quarter, suggesting potential slowdown in momentum.
- The ongoing DOJ inquiry remains unresolved and may continue for quarters or years, creating overhang and uncertainty for the company.
Research analysts covering NARI.