Science 37 Holdings Inc (SNCE, Financial), a leading Metasiteâ„¢, announced its Q3 2023 financial results on November 7, 2023. The company reported continued quarterly improvements in key profitability metrics and cash burn rate.
Financial Highlights
SNCE's gross bookings for Q3 2023 were $17.9 million, a 50.6% increase compared to the same period in 2022. However, it marked a 53.2% decrease from the $38.2 million reported in Q2 2023. The company's backlog for Q3 2023 was $163.1 million, compared to $170.4 million for the same period in 2022.
Revenue for Q3 2023 was $14.9 million, an 8.4% decrease YoY and a 3.0% decrease QoQ. Gross profit for the quarter was $5.9 million, a 44.6% increase YoY and a 9.8% increase QoQ. The gross margin for Q3 2023 was 39.7%, a 14.5 percentage point increase YoY and a 4.6 percentage point increase QoQ.
Net loss for Q3 2023 was $13.9 million, resulting in a loss per share of $0.12. This marks an improvement from the net loss of $23.5 million in the same period in 2022 and the $19.6 million net loss reported in Q2 2023. Adjusted EBITDA for Q3 2023 was $(5.2) million, a 64.2% improvement YoY and a 30.9% improvement QoQ.
Outlook for 2023
SNCE provided updated revenue guidance of between $58.0 million and $59.0 million and adjusted EBITDA guidance of approximately $(32.5) million for the fiscal year ending December 31, 2023. The company anticipates cash burn in Q4 2023 to be less than $6.4 million and expects to exit 2023 with more than $50.0 million of cash on hand.
Conference Call Details
SNCE will host a conference call on November 7, 2023, at 8:30 a.m. Eastern Time to discuss its Q3 2023 financial results. The call can be accessed by dialing 1-877-269-7751 (toll-free domestic) or 1-201-389-0908 (international) using the conference ID 13741458 or by utilizing the Call meâ„¢ feature using the following link: https://callme.viavid.com/viavid/?callme=true&passcode=13736111&h=true&info=company-email&r=true&B=6
The live webcast may be accessed via the investor relations section of the Science 37 website. A replay of the webcast will be available for approximately 90 days.
Explore the complete 8-K earnings release (here) from Science 37 Holdings Inc for further details.
