Eargo Inc Down 7.92% To $4.88 After Earnings Beat

Eargo Inc (EAR) said after close Thursday that it lost $0.9 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $11.8 million, beating estimates by $4.2 million.

In the same quarter a year ago, the company lost $15.6 per share on revenue of $9.2 million.

The stock is down 7.92% to $4.88 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Eargo Inc a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 23. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Eargo Inc is a medical device company, focused on improving the quality of life of people with hearing loss. The company offers hearing aids, professional support services, and other insurance-related services. The product portfolio includes Eargo Neo HiFi, Eargo Neo, Eargo Max, and related accessories.