Seres Therapeutics' Q2 Revenues Top Estimates; Reports Encouraging VOWST Early Commercial Uptake

Seres Therapeutics, Inc. MCRB reported Q2 revenues of $126.47 million, beating the consensus of $125.50 million.

Seres reported a net income of $46.6 million in Q2, compared with a net loss of $(64.7) million for the same period in 2022. The net income surge in the second quarter of 2023 was primarily due to the $125 million milestone received upon FDA approval of VOWST.

EPS of $0.36 missed the analyst consensus of $0.55.

Seres ended the second quarter with $229.5 million in cash and equivalents.

The company plans to announce an additional microbiome therapeutic program in H2 2023.

Q2 Limelight On FDA Nod For VOWST

"Seres achieved a major corporate milestone during the second quarter with the FDA approval of VOWST, the first and only FDA-approved orally administered microbiome therapeutic for the treatment of adult recurrent C. difficile infection patients, including those with first recurrence," said Eric Shaff, President, and Chief Executive Officer.

VOWST became commercially available in the U.S. in early June 2023. The company noted encouraging and broad early demand has been observed across patients and healthcare providers, with 610 completed prescription enrollment forms for VOWST received.

Net sales of VOWST for the second quarter of 2023, the first partial quarter following launch, were $1.6 million.

Price Action: MCRB shares are trading lower by 3.7% to $4.43 on the last check Tuesday.