Why did BLUE's Q3 2024 earnings fall short of forecasts?

Bluebird Bio's Q3 2024 earnings fell short of forecasts due to several factors: 1. **Revenue Shortfall**: The company's revenue for the quarter was lower than anticipated, coming in at $16.1 million compared to the estimated $24.25 million. This shortfall was primarily due to lower-than-expected sales of ZYNTEGLO and SKYSONA, partially offset by increased sales of LYFGENIA. 2. **Patient Starts and Manufacturing Delays**: While the company anticipated approximately 85 patient starts by the end of the year, the actual number of patient starts was lower, primarily due to advanced scheduling by patients extending into fiscal year 2025. Additionally, manufacturing cycle times led to an anticipated dip in third-quarter revenue, which was partially offset by a strong rebound expected in the fourth quarter. 3. **Loan Agreement and Cash Flow Concerns**: JPMorgan's downgrade of Bluebird Bio also cited concerns over the revised terms of the company's loan agreement with Hercules Capital. The new terms require additional capital raising, which could lead to share dilution and affect the company's cash flow and financial stability. In summary, Bluebird Bio's Q3 2024 earnings fell short of forecasts due to a combination of revenue shortfall, patient starts and manufacturing delays, and loan agreement and cash flow concerns. |code|Ticker|Name|Date|Estimate EPS YoY|Estimate Revenue YoY|market_code| |---|---|---|---|---|---|---| |BLUE|BLUE.O|bluebird bio|20231231|-52.27272727272728|-42.350332594235034|185| |BLUE|BLUE.O|bluebird bio|20240331|-21.621621621621625|2.2539857064321054|185| |BLUE|BLUE.O|bluebird bio|20240630|41.66666666666667|160.47261009667025|185| |BLUE|BLUE.O|bluebird bio|20240930|47.76119402985075|40.34560480841473|185|