Carna Biosciences, Inc., January-September (Third Quarter Cumulative) Net Income Loss Widens, July-September Net Income Loss Widens

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Fri Nov 8, 2024 4:00 pm JST Earnings

4572 Carna Biosciences, Inc. 【J-GAAP】

Earnings Report

Carna Biosciences, Inc. <4572> [TSE-G] announced its financial results after the market closed on November 8th (16:00). The consolidated net loss for the cumulative third quarter of the fiscal year ending December 2024 (January to September) expanded to a loss of 1.58 billion yen (compared to a loss of 1.23 billion yen in the same period last year).

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income/loss for the October to December period (4Q) is expected to turn into a loss of 637 million yen (compared to a profit of 78 million yen in the same period last year).

In the most recent three-month period, from July to September (3Q), the consolidated net loss expanded to a loss of 494 million yen (compared to a loss of 345 million yen in the same period last year). The operating profit/loss margin drastically worsened from -160.2% in the same period last year to -280.8%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	1,095	-753	-735	-795	-58.6	ー	Nov 7, 2022	J-GAAP
Jan - Sep, 2023	711	-1,201	-1,203	-1,230	-73.7	ー	Nov 7, 2023	J-GAAP
Jan - Sep, 2024	487	-1,578	-1,579	-1,588	-90.5	ー	Nov 8, 2024	J-GAAP
YoY	-31.5%	-31.4%	-31.3%	-29.1%	-22.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	1,125	-253	-258	-267	-15.9	0	Feb 9, 2024	J-GAAP
Jul - Dec, 2024 Guidance	610	-1,106	-1,121	-1,131	-59.2	0	Aug 7, 2024	J-GAAP
YoY	-45.8%	-337.2%	-334.5%	-323.6%	-272.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	1,386	-1,269	-1,278	-1,349	-99.1	0	Feb 10, 2023	J-GAAP
Dec, 2023	1,625	-1,116	-1,126	-1,152	-68.6	0	Feb 9, 2024	J-GAAP
Dec, 2024 Guidance	925	-2,201	-2,208	-2,225	-116.5	0	Feb 9, 2024	J-GAAP
YoY	-43.1%	-97.2%	-96.1%	-93.1%	-69.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	211	-338	-335	-345	-20.7	-160.2	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	914	85	77	78	4.7	9.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	180	-416	-394	-398	-23.3	-231.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	135	-679	-693	-696	-40.2	-503.0	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	172	-483	-492	-494	-28.2	-280.8	Nov 8, 2024	J-GAAP
YoY	-18.5%	-42.9%	-46.9%	-43.2%	-36.2%