Friday, August 12, 2022
Baudax Bio (BXRX)
Baudax Bio reports 2Q 2022; Headwinds Persist
Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.
Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Baudax Bio, Inc. reported 2Q 2022 results yesterday. While there was a revenue shortfall ($.3 million vs $.77 million expected), overall operating expenses of $7.8 million were below our estimate of $10.4 million due to lower severance costs primarily accrued in 1Q, and lower COGS and SG&A in 2Q, offset a bit by higher contingent consideration to Alkermes and a slight bump up in R&D from trial initiations. GAAP loss per share in 2Q was $(1.05) vs our expected $(1.27).
Feeling the impact of Covid. Revenues came in light as Covid-related problems, including staffing shortages, continue to restrict usage at hospitals and ASCs, although 2Q hospital usage increased 12% as compared to 1Q 2022 and 2Q revenues increased 49% compared to the year ago period. Vials sold increased 67%. That said, in certain cases, procedure volumes are running as much as 50% below normal periods and are expected to not fully resolve until next year, at the earliest. An expected ramp in ANJESO is expected to be muted well into 2023….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
