Evogene Ltd (EVGN)

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Evogene shares rise on Q1 topline beat, cash update

May 26, 2021 9:57 AM ETEvogene Ltd. (EVGN)

By: Aakash Babu, SA News Editor
Evogene shares rise (EVGN +4.2%) after the company posted first-quarter revenue that beat Wall Street estimates, and provided a cash position update.
The total revenue during the quarter increased more than 300% to $0.33M, beating analysts' average estimate by $0.03M.
Evogene had about $70.1M in consolidated cash, cash related accounts, bank deposits and marketable securities as of March 31, 2021.
The loss for the first quarter of 2021 was $7.1M, or $0.17 per share, compared to a loss of $7.2M, or $0.24 per share, for the first quarter of 2020.
The slight decrease in the quarterly loss is due to the reduction in operating loss, partially offset by an increase in financing expenses mainly owing to exchange rate differences and revaluation of pre-funded warrants, the company said.
R&D expenses were about $4.3M in the quarter versus $4.6M in the prior-year period.