Pear Therapeutics (Nasdaq:PEAR) missed Wall Street’s fourth-quarter revenue projections despite a major year-over-year increase in sales.
The Boston-based prescription digital therapeutic (PDT) developer posted profits 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 bottom-line gain from losses of nearly $48 million this time last year as revenues grew from just $34,000 in that period.
Pear Therapeutics’ earnings per share of 13¢ came in 54¢ ahead of projections on Wall Street, where analysts were looking for sales of $1.5 million.
The company attributed its uptick in sales compared to the fourth quarter of 2020 primarily due to product sales of Pear’s three FDA-authorized products.
“We showed strong execution in 2021, with the company reaching its first commercial inflection point, highlighted by our rapid progress on provider adoption and payor access for our three commercial PDTs,” Pear Therapeutics President and CEO Dr. Corey McCann said in a news release. “In 2022, we will build value for our shareholders by continuing to bring our PDTs to more and more patients and providers, increase access to our PDTs to help improve the lives of the patients we serve, publish health economic data generated in the real world, advance our pipeline, develop our commercial platform called PearConnect and our development platform called PearCreate.”
Pear said it projects full-year revenues to total $22 million in 2022.
The company released its earnings results after the market closed on Monday, so PEAR shares were down 3.2% at $4.24 per share but could see a change when the market reopens. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1%.