IGM Biosciences, Inc. (IGMS) Reports Q2 Loss, Lags Revenue Estimates

Earnings Performance - IGM Biosciences reported a quarterly loss of $0.79 per share, significantly missing the Zacks Consensus Estimate of a $0.03 loss, representing an earnings surprise of -2,733.33% [1] - The company's loss per share improved from $1.43 a year ago [1] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Revenue Performance - IGM Biosciences posted revenues of $1.25 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 97.58% [2] - This compares to year-ago revenues of $0.45 million [2] - The company has not been able to beat consensus revenue estimates over the last four quarters [2] Stock Performance - IGM Biosciences shares have added about 6.9% since the beginning of the year, underperforming the S&P 500's gain of 13.9% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Earnings Outlook - The current consensus EPS estimate is -$0.84 on $0.5 million in revenues for the coming quarter [7] - For the current fiscal year, the consensus EPS estimate is -$2.31 on $53.23 million in revenues [7] - The estimate revisions trend for IGM Biosciences is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Context - IGM Biosciences belongs to the Zacks Medical - Biomedical and Genetics industry, which is currently in the top 29% of the 250 plus Zacks industries [8] - The top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - Oculis Holding AG (OCS), another company in the same industry, is expected to post a quarterly loss of $0.41 per share, representing a year-over-year change of +2.4% [9] - Oculis Holding AG's revenues are expected to be $0.28 million, unchanged compared to the year-ago quarter [10]