Friday, February 13, 2015 10:33:28 AM
10:31 AM EST, 02/13/2015 (MT Newswires) -- Shares of Cytokinetics Inc.(CYTK) soared Friday morning after the biopharmaceutical firm reported late Thursday better-than-expected Q4 earnings and guided full-year 2014 revenues in line to above consensus forecasts compiled by Capital IQ.
Q4 net income rose to $8.4 million, or $0.23 per share, from $6.5 million, or $0.21 per share, in the prior-year period, topping the average analyst estimate for a loss of $0.17 a share.
Revenue fell to $21.8 million from $24.3 million, which may not be comparable to the consensus of $10.8 million.
For FY15, CYTK expects cash revenue of between $40 to $43 million, mostly above expectations of $40 million. The guidance includes $30 million in revenue which will be deferred and recognized over a two-year period ending in 2016 on a GAAP-basis. The guidance excludes a $15 million milestone payment earned in 2014 from Astellas and an estimated $3.6 million in non-cash related operating expenses primarily related to stock compensation expense.
CYTK was up 19% at $7.73 in recent morning trade, still moving below the midpoint of the 52-week range of $3.05 to $13.26.
Price: 7.73, Change: +1.24, Percent Change: +19.10
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