Israeli biotech firm Evogene's Q3 revenue misses estimates due to reduced seed sales
Israeli biotech firm Evogene's Q3 revenue missed estimates due to reduced seed sales from Casterra. Despite this, operating expenses decreased significantly due to a strategic transition and cost-reduction plan, leading to improved net income from discontinued operations after asset sales. The company plans to maintain reduced expenses and generate future revenue through Casterra initiatives. The only analyst rating is "buy," with a 12-month price target of $2.50, 53.2% above the current price.
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Overview
- Evogene Q3 revenue missed analyst expectations, reflecting lower seed sales from Casterra
- Company’s operating expenses decreased significantly due to strategic transition and cost-reduction plan
- Net income for Q3 improved due to income from discontinued operations after asset sales
Outlook
- Evogene expects to maintain reduced expense levels going forward
- Evogene aims to generate future revenue through Casterra initiatives
Result Drivers
- COST REDUCTION - Evogene’s strategic transition and cost-reduction plan led to a significant decrease in operating expenses
- ASSET SALES - Income from discontinued operations improved due to the sale of Lavie Bio’s assets and MicroBoost AI for Ag
- REVENUE DECLINE - Lower seed sales from Casterra contributed to decreased revenue
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 Miss $312,000 $575,000
Revenue (2
Analysts
)
Q3 Gross $155,000
Profit
Q3 -$2.72
Operatin mln
g Income
Q3 -$2.73
Pretax mln
Profit
Analyst Coverage
- The one available analyst rating on the shares is “buy”
- The average consensus recommendation for the biotechnology & medical research peer group is “buy”
- Wall Street’s median 12-month price target for Evogene Ltd is $2.50, about 53.2% above its November 19 closing price of $1.17
Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
