bluebird bio, a biotechnology company, has restated its financial statements for the quarter ended March 31, 2023, due to prior period misstatements related to accounting for embedded leases and other errors. The restated net income for the quarter is $18.93 million, down from the previously reported $21.24 million, with a diluted earnings per share of $0.18, a decrease from the initially reported $0.21. The company's total revenues remained unchanged at $2.38 million, while the cost of product revenue increased to $5.51 million, resulting in a gross margin of negative $3.13 million. Operating expenses were adjusted to $79.05 million, and the company reported a comprehensive income of $19.91 million. bluebird bio has also entered into a term loan facility agreement with Hercules Capital, Inc. for up to $175 million, with the first...Show More

bluebird bio, a biotechnology company, has restated its financial statements for the quarter ended March 31, 2023, due to prior period misstatements related to accounting for embedded leases and other errors. The restated net income for the quarter is $18.93 million, down from the previously reported $21.24 million, with a diluted earnings per share of $0.18, a decrease from the initially reported $0.21. The company's total revenues remained unchanged at $2.38 million, while the cost of product revenue increased to $5.51 million, resulting in a gross margin of negative $3.13 million. Operating expenses were adjusted to $79.05 million, and the company reported a comprehensive income of $19.91 million. bluebird bio has also entered into a term loan facility agreement with Hercules Capital, Inc. for up to $175 million, with the first tranche of $75 million already drawn. The company's future plans include focusing on the commercialization of its gene therapies in the U.S. market, with three products currently approved by the FDA. As of March 31, 2024, bluebird bio had cash and cash equivalents of approximately $212 million but anticipates continued operating losses and negative cash flows. The company expects its existing cash to fund operations into the first quarter of 2025, with additional funding required to achieve profitability.