Teligent, Inc. (TLGT) stock plummeted 1.90% in the pre-market trading session at the price of $0.31 despite no fundamental reason. The last reported news was its financial results for the second quarter of 2021. TLGT is a leading pharmaceutical company in the specialty generic drug market.
TLGT Second Quarter 2021 Earnings Report
On 16th August 2021, TLGT published its financial results for the second quarter ended 30th June 2021 and provided a corporate update.
Management Comments
Teligent’s President & Chief Executive Officer, Tim Sawyer, remarked that the product demand in the topical segments of their business had been badly affected during the quarter. The remediation-related activities, the continued impacts of the COVID-19, and cheap generic pricing erosion were those few factors that impacted their core business. However, they are now assessing various new opportunities within the injectables section of their end markets. It will help them improve the long-term growth prospects of their business. They look ahead to publishing further details on their assessment in the earnings call. They will keep updating their investors on these initiatives during the second half of 2021, he added.
Second Quarter 2021 Financial Highlights
For the three months ended 30th June 2021, TLGT reported total revenues of $10.4 million. The reported revenues were $13.6 million in the quarter ended 30th June 2020. The drop resulted from failed contract volume due to remediation-related projects, COVID-19 pandemic, and modest product price erosion. Net loss attributable to common stockholders was $12.9 million for the second quarter of 2021. It represents a drop of $1.5 million or 10% from $14.3 million for the second quarter of 2020. The loss resulted from a decrease in interest and other expenses of $4.5 million.
TLGT reported general and administrative expenses of $5.7 million for the second quarter of 2021. It represents an improvement from $5.0 million during the second quarter of 2020. The increase resulted from higher professional fees, balanced by lower personnel-related costs. Operating loss has grown by $6.3 million from period to period to $10.7 million in the second quarter ended 30th June 2021. It is driven by lower net product revenues and higher overall expenses of the company. The cost of revenue grew from $2.1 million to $13.1 million for the second quarter ended 30th June 2021. The cost of revenue was $11.1 million for the same quarter of the previous year.
