Brokerages Expect Foundation Medicine Inc (FMI) Will Post Quarterly Sales of $44.96 Million

Brokerages forecast that Foundation Medicine Inc (NASDAQ:FMI) will report sales of $44.96 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Foundation Medicine’s earnings. The lowest sales estimate is $44.00 million and the highest is $46.70 million. Foundation Medicine reported sales of $26.33 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 70.8%. The firm is expected to issue its next quarterly earnings results on Tuesday, May 8th.

According to Zacks, analysts expect that Foundation Medicine will report full year sales of $44.96 million for the current year, with estimates ranging from $207.00 million to $219.00 million. For the next financial year, analysts expect that the business will report sales of $284.55 million per share, with estimates ranging from $270.50 million to $317.33 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Foundation Medicine.

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Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings data on Wednesday, March 7th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.97) by ($0.08). The company had revenue of $48.90 million during the quarter, compared to analyst estimates of $48.69 million. Foundation Medicine had a negative net margin of 105.60% and a negative return on equity of 207.73%. The firm’s revenue was up 69.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.02) earnings per share.

Several analysts have recently issued reports on the company. Wells Fargo reiterated a “market perform” rating and issued a $80.00 price objective (up from $67.00) on shares of Foundation Medicine in a research note on Thursday, March 8th. BidaskClub upgraded Foundation Medicine from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. Goldman Sachs assumed coverage on Foundation Medicine in a research note on Monday, January 29th. They issued a “neutral” rating and a $73.00 price objective on the stock. Zacks Investment Research cut Foundation Medicine from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, Cowen assumed coverage on Foundation Medicine in a research note on Thursday, February 15th. They issued an “outperform” rating and a $90.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Foundation Medicine currently has an average rating of “Hold” and an average target price of $69.60.

In other Foundation Medicine news, insider Vincent A. Miller sold 2,349 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $64.00, for a total value of $150,336.00. Following the sale, the insider now directly owns 99,484 shares in the company, valued at $6,366,976. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Robert W. Hesslein sold 1,864 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $64.00, for a total value of $119,296.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 294,952 shares of company stock worth $20,147,318. 2.70% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in shares of Foundation Medicine by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 11,747 shares of the company’s stock worth $467,000 after purchasing an additional 341 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Foundation Medicine by 6.5% during the third quarter. Bank of New York Mellon Corp now owns 65,577 shares of the company’s stock worth $2,636,000 after purchasing an additional 3,980 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Foundation Medicine by 215.7% during the third quarter. Russell Investments Group Ltd. now owns 9,786 shares of the company’s stock worth $393,000 after purchasing an additional 6,686 shares in the last quarter. SG Americas Securities LLC increased 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. Finally, Macquarie Group Ltd. increased its position in shares of Foundation Medicine by 33.3% during the third quarter. Macquarie Group Ltd. now owns 106,603 shares of the company’s stock worth $4,285,000 after purchasing an additional 26,603 shares in the last quarter. Institutional investors own 31.17% of the company’s stock.

Shares of NASDAQ FMI traded down $1.15 during mid-day trading on Friday, hitting $78.75. The company had a trading volume of 348,678 shares, compared to its average volume of 401,564. The stock has a market cap of $2,904.46, a P/E ratio of -17.50 and a beta of -0.21. The company has a current ratio of 1.86, a quick ratio of 1.67 and a debt-to-equity ratio of 1.90. Foundation Medicine has a 1-year low of $29.90 and a 1-year high of $87.10.

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Foundation Medicine Company Profile

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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Earnings History and Estimates for Foundation Medicine (NASDAQ:FMI)

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