$21.8M Revenue For NASDAQ-Listed Psychedelics Ancillary Company Societal CDMO's Q2 2023
Portfolio Pulse from Lara Goldstein
Societal CDMO Inc. (NASDAQ:SCTL) reported Q2 2023 revenues of $21.8 million, down from $23.2 million in the same period of 2022. The company also reported a net loss of $3.2 million for the quarter. CEO David Enloe stated that despite challenges, the company continues to win new business and expand existing programs. However, due to an unfavorable financing environment, the company's EBITDA guidance for 2023 has been revised down from $15-18 million to $12-15 million.
August 16, 2023 | 7:00 pm
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Societal CDMO reported lower revenues and a net loss for Q2 2023. The company also revised its EBITDA guidance for 2023 downwards, indicating potential financial challenges.
The reported lower revenues and net loss, along with the downward revision of EBITDA guidance, indicate potential financial challenges for Societal CDMO. This could negatively impact the company's stock price in the short term.
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