Sarepta misses badly on bottom line due to $387M loss on debt extinguishment

• Sarepta Therapeutics (NASDAQ:SRPT) missed on the bottom line in its Q1 2023 financial results due to a huge $387.3M loss on debt extinguishment incurred in the quarter.
• The company's quarterly loss ballooned to ~$516.8M from ~105M in the year-ago period (-$5.86 basic and diluted vs. -$1.20).
• Sarepta (SRPT) was also hurt in the quarter by a 32% year-over-year increase in operating expenses to $391.6M.
• In Q1, net product revenues increased 23% to $231.5M compared to Q1 2022.
• Sarepta (SRPT) ended the quarter with cash and cash equivalents of $871.7M, a ~10% decline from Dec. 31, 2022.

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