What caused CELU's EPS surprises in 2022?

Celularity's EPS surprised expectations in 2022 due to a combination of factors:

1. **Decrease in Net Income**: Despite a 61% decrease in revenue from the previous quarter, Celularity's net income dropped by 90%. This significant decline contributed to the lower EPS, which was $0.034 in Q3 2022 compared to $0.47 in the same period of the previous year.
2. **Effective Capital Allocation**: The company's Return on Capital Employed (ROCE) was reported at 0.03% in Q3 2022, which is relatively low. This suggests that Celularity may not be utilizing its capital as efficiently as competitors, which could be a concern for investors.

In conclusion, Celularity's EPS was lower than expected due to a combination of reduced revenue and lower capital efficiency.