Eton Pharmaceuticals (NASDAQ:ETON) stock is soaring following the release of its earnings report for the second quarter of 2023!
The big new exciting investors in ETON stock is its earnings per share of 18 cents. That’s well above the -9 cents per share that Wall Street was expecting for the quarter. It’s also an improvement year-over-year from 6 cents per share.
Adding to that is strong revenue of $12 million for Q2 2023. Yet again, that comes in well above the $6.51 million in revenue that analysts were expecting. It also represents a 63% increase compared to the $7.36 million reported in the same period of the year prior.
Sean Brynjelsen, CEO of Eton Pharmaceuticals, said the following in the earnings report:
“With record product sales, the launch of Betaine Anhydrous, and positive cash flow and earnings, Eton’s second quarter was exceptional. It was the company’s tenth straight quarter of sequential product revenue growth, driven by robust demand and record results for ALKINDI SPRINKLE® and Carglumic Acid.”
ETON Stock Outlook
Eton Pharmaceuticals also updated its outlook for 2023 following its strong performance in the first half of the year. This has it expecting revenue to come in around $30 million for the year. Wall Street’s current estimate is for revenue of $30.51 million in 2023.
Heavy trading of ETON stock follows the positive Q2 earnings report. That has more than 3.8 million shares changing hands as of this writing. For the record, its daily average trading volume is only about 55,000 shares.
ETON stock is up 29.6% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
