: Certara stock drops after biotech software company misses profit target


Certara Inc. CERT, -2.56% stock was down 14.6% in premarket trades on Thursday after the biotech software company missed Wall Street’s adjusted earnings and revenue targets and said its 2023 profit would fall short of analyst forecasts. The company’s second-quarter adjusted profit of 12 cents a share missed the FactSet consensus estimate of 13 cents a share, while its revenue of $90.5 million fell short of the analyst target of $92.2 million. The Princeton, N.J. company said it faced lower growth than expected in its services business “due to cautious spending among smaller biotech customers, as well as a slow recovery in our regulatory business.” Looking ahead, Certara expects adjusted 2023 profit of 44 cents to 48 cents a share, below the analyst estimate of 50 cents a share.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: China’s Country Garden misses interest payments, bonds fall, raising fresh fears for property sector
Next articleJohnson & Johnson spinoff Kenvue to join S&P 500 index


Please enter your comment!
Please enter your name here