AbCellera Biologics Inc. (ABCL) Reports Q1 Loss, Misses Revenue Estimates

Company Performance - AbCellera Biologics Inc. reported a quarterly loss of $0.14 per share, which was better than the Zacks Consensus Estimate of a loss of $0.16, and the same as the loss reported a year ago [1] - The company achieved an earnings surprise of 12.50% and has surpassed consensus EPS estimates three times over the last four quarters [1] - Revenues for the quarter ended March 2024 were $9.95 million, missing the Zacks Consensus Estimate by 11.64%, and down from $12.19 million a year ago [1] Stock Performance - AbCellera Biologics shares have declined approximately 28% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.17 on revenues of $12.25 million, and for the current fiscal year, it is -$0.66 on revenues of $49.39 million [4] - The estimate revisions trend for AbCellera Biologics is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] Industry Context - The Medical - Biomedical and Genetics industry, to which AbCellera belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a favorable industry outlook [5] - Avidity Biosciences, another company in the same industry, is expected to report a quarterly loss of $0.81 per share, with revenues projected to be $7.09 million, reflecting a year-over-year increase of 217.9% [5]