Arbutus Biopharma 8-K Filing: Financial Results and Corporate Presentation Update

Arbutus Biopharma Corporation, a company based in British Columbia, Canada (NASDAQ: ABUS), has recently issued a Form 8-K report, announcing its financial results for the third quarter ended September 30, 2024. The report included the release of a corporate presentation on its website, detailing certain updates and information for investors and stakeholders.

In the third quarter of 2024, Arbutus Biopharma Corporation reported total revenues of $170.4 million, marking a 17.5% increase year-over-year. Software subscription revenues reached $146.3 million, showing a growth of 20.6% compared to the same period last year. Cloud revenues were $71.0 million, up by 29.9% compared to the previous year.

The company’s Annual Recurring Revenue (ARR) stood at $576.8 million, a 19.0% year-over-year increase. Notably, the Average Annual Revenue per direct customer (AARPC) was $118,800 as of September 30, 2024. Arbutus Biopharma reported Net Revenue Retention (NRR) of 111% and Gross Revenue Retention (GRR) of 95%.

In terms of profitability, the company reported income from operations of $4.9 million compared to a loss of $(2.0) million in the same quarter last year. The Non-GAAP operating income was $33.4 million, reflecting an increase from $22.8 million for the same period in 2023. The Non-GAAP net income was $27.1 million with Non-GAAP diluted earnings per share (EPS) of $0.16.

Furthermore, the company provided a Financial Outlook for the fourth quarter of 2024, expecting revenues of $175 million to $178 million with Adjusted EBITDA in the range of $33 million to $37 million. For the full year 2024, Arbutus Biopharma anticipates revenues of $663.3 million to $666.3 million, with a focus on cloud revenue growth and Adjusted EBITDA projections ranging from $146.9 million to $150.9 million.

Arbutus Biopharma also affirmed its commitment to providing the most trusted tax technology solutions, ensuring global businesses can transact, comply, and grow with confidence. The company’s mission remains centered on delivering value-added tax solutions tailored to specific industries.

The corporate presentation and financial results can be accessed on Arbutus Biopharma’s website at www.arbutusbio.com.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Arbutus Biopharma’s 8K filing here.

About Arbutus Biopharma

Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection in the United States. Its HBV product pipeline consists of imdusiran (AB-729), a proprietary subcutaneously-delivered RNAi therapeutic product candidate that suppresses all HBV antigens, including HBsAg expression.