David Enloe, Societal CDMO CEO

So­ci­etal CD­MO trims pro­ject­ed 2023 sales rev­enue de­spite third-quar­ter earn­ings bump

So­ci­etal CD­MO is cut­ting its 2023 rev­enue fore­cast to $92 mil­lion to $94 mil­lion — down from the $94 mil­lion to $100 mil­lion it pre­dict­ed ear­li­er this year — de­spite the man­u­fac­tur­er re­port­ing a third-quar­ter rev­enue in­crease of $23.6 mil­lion, which is up from the $21.6 mil­lion it re­port­ed in the same three months last year.

The man­u­fac­tur­er’s CEO, David En­loe, said in an in­vestor call on Wednes­day its pri­or­i­ty is to achieve a healthy cash flow. “When we view the com­pa­ny’s 2023 achieve­ments to­day in the con­text of ex­pec­ta­tions for 2024 and be­yond, we are bull­ish on our prospects for growth in the near fu­ture,” En­loe added.

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