8:37AM Senomyx misses by $0.04, misses on revs; guides FY13 EPS below consensus, revs below consensus (SNMX) 4.00 : Reports Q3 (Sep) loss of $0.09 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 15.2% year/year to $6.7 mln vs the $8.28 mln consensus.
Co issues downside guidance for FY13, sees EPS of (0.29)-(0.27) vs. ($0.24) Capital IQ Consensus Estimate; sees FY13 revs of $29-30 mln vs. $32.14 mln Capital IQ Consensus Estimate.
"Senomyx anticipates that our two new sources of revenue, namely commercialization of S617 and the direct sales initiative, coupled with continuing commercialization of current products by our existing collaborators, will allow the Co to achieve profitability in 2015," said Poyhonen. "In addition, we anticipate that these three types of commercial sales will generate ~$10 mln in commercial revenues in 2014 and we are currently forecasting that commercial revenues will grow to ~$25 mln in 2015." Expenditures for 2013 are tracking favorably toward the low end of our guidance range. Commercial revenues were lower than anticipated in Q3, primarily due to the fact that collaborator sales of certain flavor products did not achieve our collaborators' forecasts, combined with a reduction of minimum annual royalty payments associated with the reacquisition of rights for S807. Looking forward, we believe our collaborators should be able to provide more accurate estimates as sales patterns are established and there are more repeat orders following product introductions. Regarding 2013 development revenues, certain milestone revenues previously anticipated in Q4 are now expected in Q1 of 2014. Based on these factors, we are modifying our revenue, expense and loss guidance for 2013. However, importantly, we are maintaining our cash balance guidance as we continue to expect Senomyx will end the year with more than $30 mln in cash."
