Pear Therapeutics Posts Massive Revenue Increase in Fourth Quarter as Product Sales Rise
Pear Therapeutics Inc (Nasdaq:PEAR) missed Wall Street’s fourth-quarter revenue forecast despite a significant year-over-year sales increase.
The Boston-based prescription digital therapy (PDT) developer reported earnings of $18.8 million, or 13¢ per share, on sales of $1.2 million for the three months ended Dec. 31, 2021 , for a massive net gain from loss of nearly $48 million this time last year, while revenue was up just $34,000 during that period.
Pear Therapeutics’ earnings per share of 13¢ beat Wall Street projections by 54¢, where analysts had expected sales of $1.5 million.
The company attributed its sales uptick from the fourth quarter of 2020 primarily to product sales of Pear’s three FDA-cleared products.
“We demonstrated strong execution in 2021, with the company reaching its first commercial inflection point, highlighted by our rapid progress in vendor adoption and payer access for our three commercial PDTs,” said Pear Therapeutics President and CEO Dr. Corey McCann. noted in a press release. “In 2022, we will create value for our shareholders by continuing to bring our PDTs to more patients and providers, increasing access to our PDTs to help improve the lives of the patients we serve, publish health economic data generated in the real world. , advancing our pipeline, developing our business platform called PearConnect and our development platform called PearCreate.
Pear said he expects full-year revenue to be $22 million in 2022.
The company reported results after the market closed on Monday, so PEAR shares fell 3.2% to $4.24 per share, but could see a change when the market reopens. MassDevice MedTech 100 Index — which includes shares of the world’s largest medical device companies — rose 1%.