Overview of Market Performance
Amarin Corp PLC (AMRN) has seen a staggering 28% surge in its shares trading following the announcement of its preliminary Q4 FY23 results.
Financial Performance
The company anticipates Q4 revenue of $72 million-$74 million, surpassing the consensus of $62.03 million. For FY23, it expects revenue to range between $304 million and $306 million, compared to the projected $294.16 million.
Amarin concluded 2023 with a cash balance of approximately $321 million and investments, demonstrating a positive cash flow of about $10 million.
The company is on track to achieve $40 million in annual savings through the reduction in force announced in July 2023.
Additionally, Amarin has entered into a conditional share repurchase agreement with Cantor Fitzgerald & Co. to buy up to $50 million of its ordinary shares in American depository shares (ADSs).
The share repurchase initiative is expected to be completed by the end of Q2 2024, with repurchases starting shortly after.
Insights and Future Outlook
Patrick Holt, President & CEO of Amarin expressed optimism about the company’s position, citing a solid cash position, no debt, and positive developments in its European and U.S. businesses.
Stock Performance
Following this significant update, AMRN shares are up by 28% at $1.24 as of the latest check on Wednesday.