Baudax Bio, Inc. (BXRX), a pharmaceutical company, has seen a surge of 24.60% in its share price in aftermarket trading session. As a result of that, BXRX stock is currently trading at $0.78. BXRX stock saw a similar increasing trend on Tuesday’s regular trading session, with the stock surging some 3.23%.
Q2 2021 financial results
On the 5th of August, BXRX stock price decreased 6.91% after the company announced that quarterly results as well as operational highlights for the second quarter of the fiscal year 2021, ended June 30th. According to the details, the company had cash and cash equivalents of $37.6 million on the 30th of June. The net product revenue for the quarter stood at $0.2 million, while during the equivalent period of 2020, the net product revenue stood at $0.3 million. The cost of sales for three month period stood at $0.6 million, as compared to the cost of sales of $0.7 million during the equivalent period of 2020. The research and development expenses stood at $0.9 million, as compared to $1.4 million during the equivalent period of 2020. The selling, general and administrative expenses stood at $10.6 million, as compared to $11.2 million for an equivalent period of 2020. The company bore a net loss of $15.3 million, or $0.21 per diluted share, for the quarter, while during the same period of 2020, the net loss stood at $30..4 million, or $1.72 per diluted share.
Financial results for 1st Half of 2021
Besides announcing quarterly results, the BXRX also reported results for the first six months of the fiscal year 2021. The net product revenue for the period stood at $0.4 million, as compared to $0.3 million for an equivalent period of 2020. The cost of sales for six month period stood at $1.4 million, as compared to $0.7 million for an equivalent period of 2020. The research and development expenses stood at $2 million, as compared to $4.4 million during six month period of 2020. The selling, general and administrative expenses for six month period of 2021 stood at $22.7 million, as compared to $19.3 million for the same period of 2020. The net loss for the first half of fiscal 2021 stood at $32.2 million, as compared to a net loss of $70.7 million for the equivalent period of 2020. Gerri Henwood, President, and CEO of Baudax Bio, said on the occasion that he feels extremely pleased regarding the results, and said that the company hopes to perform more outstandingly in the future as well.
BXRX gaining approvals of physicians
In June, the BXRX announced that the injection, namely ANJESO has achieved approvals at more than 100 formularies across the US. In under one year of commercialization. The company said that it continues to receive positive feedback from different medics. The company also said that based on these performances; it expects to improve its financial performance in near future.
What’s next for BXRX?
The analysts believe that BXRX could post revenue of $11.43 million during the next fiscal year. The company is expected to grow by 37.80% in the next fiscal year, while during the current year, it is expected to grow by a tremendous 81.20%. So, based on these statistics, it could be said that future times are optimistic for BXRX stock, hence, potential investors should keep watching it.
