Why Shares of Schrödinger Are Falling Thursday
Shares of Schrödinger (NASDAQ: SDGR) were down more than 22% on Thursday after the healthcare computational platform services company released second-quarter earnings. The healthcare stock is still up more than 108% so far this year.
Schrödinger has two segments: drug discovery and software revenue. The company, after the markets closed on Wednesday, reported second-quarter revenue of $35.2 million, down 9% year over year, and net income of $4.3 million, compared to a loss of $47.7 million in the same period last year. The revenue drop was disappointing. In addition, the company changed its full-year guidance, raising its expected software revenue but dropping its revenue expectations for drug discovery.
Software revenue came in at $29.4 million in the quarter, down slightly from $30 million in the second quarter of 2022. However, drug discovery revenue slipped from $8.5 million a year ago to $5.8 million in the quarter.
Source Fool.com
