RESEARCH TRIANGLE PARK – Earnings season continues with more North Carolina companies reporting quarterly financials. Here are the latest:
- Avya
DURHAM – Avaya Holdings Corp. (NYSE: AVYA) on Thursday said it delivered a “record” quarter although it reported a net loss.
“We drove record growth for Avaya OneCloud ARR with a $130 million quarter over quarter increase and an over $400 million year over year increase, to $750 million. The path to hit the $1 billion ARR mark by the end of calendar year 2022 is well paved,” said Jim Chirico, President and CEO of Avaya. “We are successfully repositioning the company from our historic one-time revenue model to a recurring one, in fact 75% of our new bookings were Avaya OneCloud. Our strategy is clearly taking hold faster than we anticipated leading to a significant and fundamental shift in our business.”
Highlights according to Avaya:
- Revenues of $716 million, down 2% year over year in constant currency
- OneCloud ARR (Annualized Recurring Revenue) was $750 million, up 21% sequentially and 118% from a year ago
- CAPS (Cloud, Alliance Partner and Subscription) was 54% of revenue, up from 40% a year ago
- Software and Services were 89% of revenue; Software was 67% of revenue
- Recurring revenue was 69% of revenue, up from 66% a year ago
- GAAP Operating income was $23 million and Non-GAAP Operating income was $115 million
- GAAP Net loss was $1 million and Non-GAAP Net income was $51 million
- Adjusted EBITDA was $145 million, 20% of revenue, down 370 basis points year over year
- GAAP Diluted Loss Per Share of $0.02 and Non-GAAP Diluted Earnings Per Share of $0.53
- Ending cash and cash equivalents were $324 million
Read the full report here:
- Duke Energy
CHARLOTTE – Duke Energy Corp. (DUK) on Monday reported first-quarter net income of $857 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $1.08. Earnings, adjusted for non-recurring costs, were $1.30 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The electric utility posted revenue of $7.13 billion in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $6.41 billion.
Duke Energy expects full-year earnings in the range of $5.30 to $5.60 per share.
Read the full earnings report here:
https://desitecoreprod-cd.azureedge.net/_/media/pdfs/our-company/investors/news-and-events/2022/1qresults/1q22-earnings-release.pdf?la=en&rev=6584921a750e49c69b13f5dd03e887ce
- Precision BioSciences
DURHAM – Precision BioSciences Inc. (DTIL) on Monday reported a loss of $28.2 million in its first quarter.
The Durham, North Carolina-based company said it had a loss of 46 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 58 cents per share.
The genome editing company posted revenue of $3.3 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5 million.
Read the full earnings report here:
- Bioventus
DURHAM – Life science firm Bioventus (BVS) on Tuesday reported a 43% jump in revenues but a loss of $14.8 million.
Highlights:
- Net Sales of $117.3 million, up $35.5 million, or 43.4%, year over year as reported and 8.6% organically*
- Net Loss of ($14.8) million, compared to Net Income of $24.5 million in prior-year period
- Adjusted EBITDA* of $7.1 million, compared to $11.1 million in prior-year period
“We are pleased with our strong start to the year as we continue to build our market penetration and drive growth despite a challenging macro environment. Our commercial organization executed well, and we saw progress with our integration plans,” commented Ken Reali, Bioventus’ chief executive officer. “As we celebrate the 10-year anniversary of Bioventus, we are encouraged by the momentum we’re seeing across our key short- and mid-term growth drivers, which position us for sustained double-digit growth and margin expansion.”
Read the full earnings report here:
