>>> Mylan N.V. beats by $0.02, misses on revs; reaffirms FY19 EPS, revs guidance

Mylan N.V. beats by $0.02, misses on revs; reaffirms FY19 EPS, revs guidance (28.26)
  • Reports Q1 (Mar) earnings of $0.82 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.80; revenues fell 7.0% year/year to $2.5 bln vs the $2.7 bln S&P Capital IQ Consensus.
  • "Mylan's first quarter represents a solid start to the year and we remain positioned to reaffirm our guidance for 2019. We continue to manage an increasingly diverse portfolio of products across all three segments of our business, and given the evolution of our commercial and geographic mix see opportunities to enhance our investments for certain areas of our portfolio. In the U.S., where the industry continues to experience volatility, we are leveraging past experience and applying key learnings to our largest launches, like Wixela, even as we advocate for policies that seek to put the patient first. With that said, our top-line results fell within the range of where we thought they would be at $2.5 billion. On the bottom line, we came in ahead of where we expected at $0.82 of adjusted EPS, mainly due to gross margins coming in at the high end of our guidance range while also having some positive offsets from a timing perspective in G&A against our increased sales and marketing spend. We look forward to continue delivering on our mission of access in the remaining quarters of the year and investing in a Mylan that's built to last."
  • Co reaffirms guidance for FY19, sees EPS of $3.80-4.80, excluding non-recurring items, vs. $4.42 S&P Capital IQ Consensus; sees FY19 revs of $11.5-12.5 bln vs. $11.96 bln S&P Capital IQ Consensu

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

  • XENT -19.9% (also announces departure of Lisa Earnhardt as CEO), TXMD -13.2%, HIIQ -11.6%, NLS -11.2%, GSKY -9.4%, ARMK -7.4%, FRAC -6.5%, DNR -6.3%, TACO -6.1%, IAG -5.5%, SYKE -5.4%, RCII -5.3%, PAHC -5%, DF -4.8%, REGN -4.7%, AEIS -4.2%, EMR -3.8%, VCEL -3.8%, KLAC -3.6%, SEAS -3.3%, DFRG -3.3%, MOS -2.6%, BUD -2.6%, IFF -2.3%, GLUU -2%, RP -1.8%, CDEV -1.5%, BHVN -1.5%, INSM -1.5%, BE -1.4%, BHF -1.4%, QGEN -1.4%, GLPI -1.3%, RRTS -1.3%, IVC -1.2%, AMAG -1.2%, OCN -1.2%, RNG -1%

Other news:

  • CPRX -37% (after the FDA approved Jacobus Pharmaceutical's Ruzurgi (amifampridine) tablets for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in patients 6 to less than 17 years of age)
  • TWST -5.5% (announces public offering of 3.0 mln shares of common stock)
  • SGMO -4.9% (ahead of earnings on May 8)
  • PMT -4.9% (prices offering of 8 mln share of common shares for gross proceeds of $169 mln)
  • O -2.4% (prices offering of 11 mln shares of common stock at $69.25 per share)
  • UPLD -1.2% (commences 2.75 mln common stock offering)
  • YETI -1.2% (files for 9.5 mln share common stock offering by selling shareholders)
  • CAT -0.8% (in reaction to comments from USTR Lighthizer confirming that tariffs will rise on Friday)

Analyst comments:

  • FLR -2.3% (downgraded to Neutral from Buy at Goldman)
  • GDI -1.7% (downgraded to Neutral from Buy at UBS)
  • FAST -1.2% (downgraded to Mkt Perform from Outperform at William Blair)
  • BA -1.1% (downgraded to Equal Weight from Overweight at Barclays)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • SEDG +17.7%, AKRX +16.2%, EVER +10.6%, GWPH +8.4%, ICL +7.4%, DCO +7.1%, MNK +6.8%, ADNT +6.8%, COHU +5.1%, AIG +4.8%, GTE +4.4%, AVID +4.3%, RACE +4.3%, NTEC +4%, ENSG +3.8% (also announces home health, hospice, and senior living spin-off), BLD +3.5%, EGOV +3.3%, USFD +3.3%, ITRI +3.1%, CROX +3.1%, KRG +2.8%, PINC +2.8%, TCMD +2.5%, GLMD +2.4%, SERV +2.3%, CDXS +1.8%, INVH +1.6%, EGRX +1.5%, AIZ +1.4%, LCI +1.3%, FMC +1.3%, BKD +1.2%, HTZ +1.2%, ATKR +1.2%, TGE +1.2%, OMI +1.1%, ABEV +1.1%

Other news:

  • OSMT +23.2% (announces 'positive' topline results of its second Phase III efficacy and safety clinical trialof RVL and long-term Phase III safety study for the treatment of ptosis)
  • COOP +3% (ticking higher after CFO disclosed the purchase of ~110K shares worth nearly $1 mln)
  • MDWD +3% (enters into exclusive license agreement with Vericel (VCEL) for commercial rights to NexoBrid)
  • PINC +2.8% (announces exit from specialty pharmacy business; to sell certain assets for $22.5 mln; gives adj. EBITDA guidance)
  • FNKO +2% (following exec appearance on MadMoney)
  • EGRX +1.5% (announces positive results on study evaluating of neuroprotective effects of RYANODEX secondary to nerve agent exposure)

Analyst comments:

  • CHRS +3.5% (initiated with a Buy at H.C. Wainwright)
  • DLTH +2.3% (upgraded to Outperform from Neutral at Robert W. Baird)
  • VSLR +1.9% (upgraded to Buy from Neutral at Citigroup)
  • SBGI +1.7% (upgraded to Outperform from In-line at Evercore ISI)
  • PLNT +0.9% (upgraded to Outperform from Neutral at Macquarie)

>>>Celgene announces post-hoc analysis of data from Phase 3 RADIANCE Part B tria

Celgene announces post-hoc analysis of data from Phase 3 RADIANCE Part B trial showing oral ozanimod reducing brain volume loss across age subgroups (96.47)
  • Results of a post-hoc analysis of data from the Phase 3 RADIANCE Part B trial showed that ozanimod reduced cortical grey matter volume loss versus first-line treatment, Avonex (interferon beta-1a), in adults with relapsing multiple sclerosis (RMS) across all age groups, including patients ages 18 to 25. The analysis will be presented at the 2019 American Academy of Neurology Annual Meeting.
  • In this post-hoc analysis of 874 patients, treatment effect on serial brain volume, including thalamic volume and cortical grey matter, was evaluated by patient age (18 to 25, n=146; 26 to 34, n=265; 35 and older, n=463) at baseline, 12 months, and 24 months.
  • Patients in the 18 to 25 age group tended to have greater brain volume at baseline but more active disease as measured by gadolinium-enhancing MRI lesions. There was also a trend for this age group to experience greater whole brain volume loss at both 12 and 24 months compared with the older groups.
  • Patients across all age groups treated with ozanimod lost less cortical grey matter volume than did those treated with interferon beta-1a over 24 months.
  • The most common adverse reactions that were higher with ozanimod than with interferon beta-1a were upper respiratory tract infections, urinary tract infections, increases of alanine aminotransferase, and increases of gamma-glutamyl transferase

>>> Lumentum beats by $0.06, beats on revs; guides Q4 EPS mostly above, revs b

Lumentum beats by $0.06, beats on revs; guides Q4 EPS mostly above, revs below consensus (61.39)
  • Reports Q3 (Mar) earnings of $0.91 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.85; revenues rose 44.8% year/year to $433 mln vs the $428.33 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q4, sees EPS of $0.85-1.00, excluding non-recurring items, vs. $0.88 S&P Capital IQ Consensus; sees Q4 revs of $405-425 mln vs. $428.99 mln S&P Capital IQ Consensus. During the fiscal third quarter and in the fiscal fourth quarter to date, Lumentum executed a series of strategic actions related to a shift in its datacom strategy to focus on photonic chip sales. These strategic actions include completing the divestiture of certain datacom product lines to Cambridge Industries Group (CIG) on April 18, 2019. A result of these strategic actions is lower on-going revenue from its datacom product lines.
  • "The third quarter continued a theme that started more than a year ago for our ROADM and fiber laser product lines. For the fifth quarter in a row, we achieved double digit sequential, quarterly revenue growth and new record revenues for these product lines driven by strong customer demand for our new and differentiated products," said Alan Lowe, President and CEO. "The third quarter was the first full quarter since completion of the acquisition of Oclaro. We made solid progress on integrating the companies and attaining synergies, including the divestiture and planned exit of certain datacom product lines. This continued progress results in our fourth quarter projected operating margins being sequentially higher on lower revenues after the divestiture and positions us well for achieving our long-term strategic goals.

>>> Intrepid Potash beats by $0.01, beats on revs (3.59) Reports Q1 (Mar) ear

Intrepid Potash beats by $0.01, beats on revs (3.59)
* Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ
* Consensus of $0.04; revenues rose 0.5% year/year to $57.6 mln vs the $53.9 mln two analyst estimate.
"We are seeing solid potash and Trio sales as the spring agricultural season wraps up, and we expect to deliver a strong second quarter with a significant increase in cash flow from operations as compared to the first quarter

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • OSMT +41.2%, SEDG +18.6%, MNK +12%, EVER +10.6%, AVID +8.6%, GWPH +8.3%, DCO +7.1%, AIG +6.4%, ICL +6.1%, RACE +5.5%, LCI +4.1%, ENSG +3.8%, COHU +3.7%, EGOV +3.3%, FNKO +3%, COOP +3%, PINC +2.8%, KRG +2.8%, TCMD +2.5%, FMC +2.4%, FBM +2.2%, BYND +2%, DNR +1.9%, CDXS +1.8%, INVH +1.6%, ARMK +1.6%, AIZ +1.4%, HTZ +1.3%, ATKR +1.2%

Gapping down:

  • XENT -16.9%, HIIQ -11.6%, NLS -11.2%, TXMD -8.6%, FRAC -6.5%, TACO -6.1%, AEIS -5.8%, TWST -5.5%, SYKE -5.4%, RCII -5.3%, PMT -5%, PAHC -5%, SGMO -4.9%, IAG -4.8%, IFF -4.5%, GLPI -4.4%, MOS -2.6%, O -2.2%, KLAC -2.1%, RP -1.8%, QGEN -1.6%, CDEV -1.5%, BE -1.4%, BHF -1.4%, IVC -1.2%, GLUU -1.1%, UPLD -1%, YETI -0.9%

>>> Energizer misses by $0.04, misses on revs; guides FY19 EPS below consensus,

Energizer misses by $0.04, misses on revs; guides FY19 EPS below consensus, revs above consensus; guides FY20 EPS in-line, revs in-line (47.50)
  • Reports Q2 (Mar) earnings of $0.20 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.24; revenues rose 48.6% year/year to $556.4 mln vs the $565.61 mln S&P Capital IQ Consensus.
    • Gross margin decreased to 34.9% from 45.0% one yr ago.
  • Co issues mixed guidance for FY19, sees EPS of $2.90 to $3.00 vs. $3.02 S&P Capital IQ Consensus; sees FY19 revs of $2.52 bln to $2.57 bln vs. $2.51 bln S&P Capital IQ Consensus.
    • Gross margin expected between 41.7% and 42.3%
  • Co issues in-line guidance for FY20, sees EPS of $3.25 to $3.45 vs. $3.45 S&P Capital IQ Consensus; sees FY20 revs of $2.79 bln to $2.85 bln vs. $2.8 bln S&P Capital IQ Consensus.
    • Gross margin expected between 42% and 43%

>>> US Foods beats by $0.01, beats on revs; reaffirms FY19 EPS guidance (36.79)

US Foods beats by $0.01, beats on revs; reaffirms FY19 EPS guidance (36.79)
  • Reports Q1 (Mar) earnings of $0.37 per share, $0.01 better than the S&P Capital IQ Consensus of $0.36; revenues rose 3.6% year/year to $6.03 bln vs the $5.96 bln S&P Capital IQ Consensus.
  • Total case volume increased 1.4% from the prior year while independent restaurant case volume increased 5.5%, all on an organic basis.
  • Adjusted Gross profit was $1.05 bln, a 3.9% increase from the prior year, driven by margin expansion initiatives and an increase in case volume. Adjusted Gross profit as a percentage of Net sales was 17.4%.
  • Co reaffirms guidance for FY19, sees EPS of $2.15-$2.25 vs. $2.18 S&P Capital IQ Consensus.

>>> Dean Foods misses by $0.14, misses on revs (1.68) Reports Q1 (Mar) loss o

Dean Foods misses by $0.14, misses on revs (1.68)
  • Reports Q1 (Mar) loss of $0.41 per share, excluding non-recurring items, $0.14 worse than the S&P Capital IQ Consensus of ($0.27); revenues fell 9.3% year/year to $1.8 bln vs the $1.9 bln S&P Capital IQ Consensus.
  • "The first quarter was a productive period setting the stage for the sequential improvement in our performance that we expect to achieve throughout 2019. Adjusted operating loss is on-track with our internal full year plan and marked an improvement from the fourth quarter of 2018 but was significantly down compared with the year-ago period. Our results improved in each month of the first quarter and we are encouraged by the underlying trends that we are seeing in operations. While we continue to overlap certain customer volume that exited our system last year, we believe we have passed the inflection point as the transformative actions implemented over the past 12 months through our enterprise-wide cost productivity plan are taking hold."
  • "We have the right plan that we are actively executing, which will improve our financial results. This plan will continue to drive and guide our actions throughout 2019 and beyond. We have made significant progress integrating our operating model, right-sizing our cost structure and introducing innovative new products. As a result of these actions, we expect to deliver positive free cash flow for full year 2019. Importantly, we are turning the corner and expect to generate positive quarterly free cash flow for the second quarter. While our results demonstrate that our efforts are beginning to achieve the desired results, there is still much more work to do. The refinancing of our revolving credit facilities in the first quarter provides us with the resources necessary to drive our commercial initiatives and continue to execute our enterprise-wide cost productivity plan. As previously announced, we are also exploring potential strategic alternatives to accelerate our business transformation and enhance value for our shareholders, our company and all other stakeholders