Foundation Medicine, Inc. (FMI) Expected to Announce Quarterly Sales of $38.57 Million
Wall Street brokerages expect Foundation Medicine, Inc. (NASDAQ:FMI) to report sales of $38.57 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Foundation Medicine’s earnings, with the lowest sales estimate coming in at $36.60 million and the highest estimate coming in at $41.00 million. Foundation Medicine posted sales of $28.82 million during the same quarter last year, which would indicate a positive year over year growth rate of 33.8%. The company is scheduled to announce its next quarterly earnings results on Wednesday, February 28th.
On average, analysts expect that Foundation Medicine will report full-year sales of $38.57 million for the current fiscal year, with estimates ranging from $140.60 million to $145.00 million. For the next financial year, analysts anticipate that the firm will report sales of $183.62 million per share, with estimates ranging from $171.00 million to $201.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Foundation Medicine.
Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.06) by $0.16. Foundation Medicine had a negative return on equity of 143.18% and a negative net margin of 119.69%. The firm had revenue of $42.66 million during the quarter, compared to the consensus estimate of $37.99 million. During the same period in the prior year, the firm earned ($0.90) EPS. The firm’s quarterly revenue was up 45.0% compared to the same quarter last year.
FMI has been the topic of several research analyst reports. BidaskClub raised shares of Foundation Medicine from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. Zacks Investment Research cut shares of Foundation Medicine from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $43.00.
Shares of Foundation Medicine (NASDAQ FMI) traded up $0.20 during trading on Wednesday, hitting $48.25. The stock had a trading volume of 32,772 shares, compared to its average volume of 222,211. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.24 and a quick ratio of 2.03. Foundation Medicine has a 12 month low of $17.10 and a 12 month high of $55.95.
In related news, CFO Jason Ryan sold 9,731 shares of Foundation Medicine stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $50.00, for a total value of $486,550.00. Following the transaction, the chief financial officer now owns 52,601 shares in the company, valued at approximately $2,630,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Robert W. Hesslein sold 2,165 shares of Foundation Medicine stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $38.80, for a total transaction of $84,002.00. The disclosure for this sale can be found here. Insiders sold a total of 30,057 shares of company stock valued at $1,301,960 in the last ninety days. Company insiders own 2.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in FMI. Fiduciary Trust Co. acquired a new stake in shares of Foundation Medicine during the 2nd quarter valued at about $119,000. Legal & General Group Plc boosted its position in Foundation Medicine by 8.6% in the second quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock valued at $138,000 after buying an additional 274 shares in the last quarter. Creative Planning lifted its position in shares of Foundation Medicine by 15.3% during the second quarter. Creative Planning now owns 5,075 shares of the company’s stock worth $202,000 after purchasing an additional 675 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Foundation Medicine by 65.8% during the first quarter. Bank of America Corp DE now owns 6,180 shares of the company’s stock worth $200,000 after purchasing an additional 2,452 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Foundation Medicine by 36.6% during the third quarter. SG Americas Securities LLC now owns 6,481 shares of the company’s stock worth $261,000 after purchasing an additional 1,736 shares in the last quarter. Hedge funds and other institutional investors own 32.29% of the company’s stock.
About Foundation Medicine
Foundation Medicine, Inc is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. It is engaged in the business of delivering molecular information about cancer to its customers. Its platform includes various methods and algorithms for analyzing specimens across various types of cancer.
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