Science 37 Continues Path to Sustainable Financial Growth; Reports
The industry-leading Metasite™, Science 37 Holdings, Inc. (Nasdaq: SNCE), has reported its financial results for the quarter ended June 30, 2023. The company’s share price increased by nearly 45% following the news.
David Coman, Chief Executive Officer of Science 37, said, “The actions we have taken over the past nine months are leading to meaningful improvements as evidenced by our sequential quarterly results including growth in gross bookings and gross profit margins along with a reduction in cash burn.”
Highlights
Science 37 is providing updated revenue guidance of approximately $60.0 million versus the previously conveyed range of $55.0 million to $60.0 million for the fiscal year ending December 31, 2023.
Gross bookings were $38.2 million for the quarter ended June 30, 2023, a 33.0% increase compared to $28.7 million for the same period in 2022. Net bookings were $13.6 million for the quarter ended June 30, 2023, compared to $25.4 million for the same period in 2022.
Revenue was $15.4 million for the quarter ended June 30, 2023, a 20% decrease compared to $19.3 million for the same period in 2022, and gross profit was $5.4 million for both quarters ended June 30, 2023 and 2022, an 81.0% increase compared to $3.0 million for the first quarter of 2023.
Cash and cash equivalents as of June 30, 2023 were $65.0 million.
Net loss was approximately $4.7 million for the quarter ended June 30, 2023, compared to a net loss of approximately $4.5 million for the quarter ended June 30, 2022.
About Science 37 Holdings
Science 37 Holdings, Inc.’s (Nasdaq: SNCE) mission is to accelerate clinical research by enabling universal trial access for patients. As a single Metasite™, Science 37 reaches an expanded patient population beyond the traditional site and delivers the recruiting power of up to 20 sites in one with greater patient diversity. Patients gain the flexibility to participate from the comfort of their own home, at their local community provider, or at a traditional site, when needed. The Science 37 Metasite is powered by a proprietary technology platform, in addition to in-house investigators, mobile nurses, and remote coordinators that drive uniform study orchestration, enabling greater compliance and high-quality data. To learn more, visit www.science37.com.
