Biocardia 2024 Q2 Earnings Improved Losses Amidst Revenue Decline

Biocardia reported its Q2 2024 earnings on August 11, 2025, showing a 65.1% improvement in per-share losses and a 51.9% reduction in net losses compared to the same period in 2023. However, the company's revenue dropped sharply by 93.0% year-over-year to just $3,000.

The company's Q2 2024 revenue performance was marked by a 93.0% year-over-year decline, with total revenue falling to $3,000 compared to $43,000 in 2023 Q2. This significant contraction was primarily attributed to the lone revenue stream under the Collaboration agreement, which contributed the full $3,000. The absence of additional revenue sources underscored the continued financial strain on the business.

Biocardia reported a narrowed net loss of $1.65 million in Q2 2024, a 51.9% improvement from the $3.42 million loss in the same period a year ago. On a per-share basis, the company reduced its loss to $0.88 from $2.52, a 65.1% improvement. However, this remains a challenging environment, as the company has experienced losses in nine consecutive Q2 periods.

The stock experienced continued downward pressure in the post-earnings period, with a 4.55% drop on the latest trading day, a 14.29% decline over the past week, and a 30.58% fall month-to-date. A historical review of the 30-day post-earnings strategy revealed a total return of -78.53% and a CAGR of -43.98%, indicating poor performance and a Sharpe ratio of -0.34, emphasizing the high-risk profile of the stock.

The strategy of buying Biocardia shares on the earnings release date and holding for 30 days over the past three years has performed poorly, with a total return of -78.53% and a compound annual growth rate (CAGR) of -43.98%. The strategy also recorded an excess return of -136.06%, a maximum drawdown of 0.00%, and a Sharpe ratio of -0.34, underscoring the significant risk and poor returns for investors.

Peter A. Altman, CEO of Biocardia, highlighted progress in the CardiAMP Heart Failure trial, noting a statistically significant reduction in all-cause death and nonfatal MACE in the treatment group over 24 months. He emphasized the potential of CardiAMP to align with Japan’s cultural and logistical preferences for autologous therapies and outlined strategic priorities, including advancing regulatory discussions with Japan’s PMDA and the FDA, finalizing peer-reviewed manuscripts, and enrolling patients in CardiAMP Heart Failure II. Altman also emphasized the need for a September financing to sustain operations and reduce shareholder dilution.

Biocardia aims to complete the peer-reviewed manuscript for the CardiAMP Heart Failure trial by Q4 2025, align with Japan's PMDA and the FDA on regulatory pathways, and submit the Helix system for FDA approval in Q3 2025. Additionally, the company expects a financing in September to support operations and anticipates non-dilutive funding for the CardiALLO program by Q1 2026. Financially, the company plans to maintain an efficient burn rate and extend its cash runway through October 2025, with R&D and SG&A expenses remaining consistent with prior periods.

Additional News
Three notable non-earnings-related developments emerged within three weeks of the August 11, 2025 earnings release:
1. Executive Update: Peter A. Altman, CEO of Biocardia, provided updates on the CardiAMP Heart Failure trial and strategic priorities, including anticipated regulatory submissions and financing needs.
2. Financing Plans: The company announced plans for a September financing to support ongoing operations and reduce dilution for existing shareholders.
3. Regulatory Engagement: Biocardia highlighted its engagement with regulatory bodies in Japan and the U.S., focusing on aligning the CardiAMP trial results with potential regulatory pathways.

These updates reflect the company’s focus on advancing key therapeutic programs, securing regulatory clarity, and addressing near-term financial needs.