Movers and SHAKERS
Baudax Bio (BXRX)
First Quarter 2022 Reported; Slow But Steady Progress
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.1Q 2022 revenues reported. Late Wednesday the 4th, Baudax Bio released their 1Q 2022 results and held a conference call early on the 5th. Revenues of $.422 million, somewhat due to timing differences, missed our estimate of $.577 million. Covid still muted Q1 procedures, but procedure growth showed signs of life late in the quarter.
Company reduced headcount and expenses. In March, the Company implemented a reduction in force (RIF) workplace plan to curtail expenses and reduce need for capital. Intended to reduce operating costs in connection with ANJESO commercialization, the company expects approximately $4.0 million in severance and related costs to be taken by end of 2Q 2022, of which approximately $1.7 million was taken late in Q1. Cash burn will be substantially reduced in 2H 2022 and beyond. The company is evaluating possible partnering options which will further reduce cash needs....
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.