OmniAb reports Q3 EPS (16c), consensus (14c)

Reports Q3 revenue $4.2M, consensus $8.4M. OmniAb (OABI) continues to expect total operating expenses in 2024 to be slightly less than total operating expenses in 2023. OmniAb now expects to end 2024 with a cash balance in the range of $50 million to $60 million, which includes proceeds from its ATM program. Given the current expected progression of the existing partnered pipeline, OmniAb expects cash use in 2025 to be lower than in 2024 excluding recent ATM program proceeds. “We are pleased to report another successful quarter demonstrating our continued commitment to innovation with the expansion of our technology platform and a growing partnership portfolio. Third quarter results reflect consistent growth across key metrics, driven by our planned initiatives and the dedication of our team,” said Matt Foehr, CEO of OmniAb. “Our business is well capitalized, and we have a highly scalable model with cutting-edge technologies that are driving significant opportunities. As we move forward, we remain focused on delivering value to our stakeholders and creating sustainable, profitable growth.”