Cara Therapeutics down on lower-than-expected Q4 sales

Tvardi Therapeutics

07/03/2023 11:35

(Updates)
    ** Cara Therapeutics Inc's  CARA.O  shares slide 31.8% to $6.8 in premarket
trade, becoming the biggest pct loser across U.S. stock exchanges before the
bell
    ** Drugmaker's Q4 revenue was $3.26 mln, missing analysts' estimates of
$16.25 mln - Refinitiv IBES data
    ** Co missed Q4 revenue estimates due to a major step down in shipment of
its lead drug, Korsuva, from 184,000 to 20,800 resulted from significant
stocking at wholesale and clinic level
    ** We expect a more normal uptake curve for Korsuva to emerge mid-2023 -
CARA
    ** Brokerage JP Morgan said despite potential increase in number of vials
shipped to wholesaler, the magnitude of the inventory will require some time for
complete draw down, we expect a modest growth in sales for the first half of the
year  
    ** Q4 net loss was $30.3 mln, or $0.56/share, vs $33.4 mln, or $0.63/share
last year  urn:newsml:reuters.com:*:nGNXb32bB5
    ** Brokerages including Piper Sandler, JP Morgan, Jefferies have cut PT
following results
    ** CARA was down ~12% last year

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))