The announcement of the financial results can often have a significant effect on a company’s stock price and that is what happened with the Progenity Inc (NASDAQ:PROG) stock today.
The company had its earnings call this morning and that has already resulted in a 5% fall in the stock in the premarket trading period so far. In light of the latest developments, it might be a good time for investors to take a look at some of the highlights from the call. Harry Stylli, who is the Chief Executive Officer and Chairman of the company, spoke at length about Progenity’s operations from the second quarter during the call.
Stylli stated that in the second fiscal quarter the company installed a transformation plan by way of which it wanted to reduce its rate of cash burn. That transformation plan from Progenity also helped in transitioning into a biotech company in which innovation took precedence.
On the other hand, the company also managed to complete the validation study for the product Preecludia RSA successfully. It was another important operational milestone for Progenity. Those who are interested could take a look at the complete transcript of the conference call.