Corcept Therapeutics Incorporated (NASDAQ:CORT) Q2 2022 Earnings Conference Call August 3, 2022 5:00 PM ET
Company Participants
Joseph Belanoff - Chief Executive Officer, President, and Director
Atabak Mokari - Chief Financial Officer
Bill Guyer - Chief Development Officer
Charlie Robb - Chief Business Officer
Sean Maduck - President, Corcept Endocrinology
Conference Call Participants
Matt Kaplan - Ladenburg Thalmann & Co. Inc.
Dennis Ding - Jefferies
Greg Fraser - Truist Securities
Arthur He - H.C. Wainwright and Company
Alan Leong - BioWatch News
Operator
Good day, and thank you for standing by. Welcome to the Corcept Therapeutics Conference Call. [Operator instructions] And please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Atabak Mokari, CFO. Please go ahead.
Atabak Mokari
Good afternoon, and thank you for joining us. I'm Atabak Mokari, Corcept's Chief Financial Officer. Today, we issued a press release announcing our financial results for the second quarter and providing a corporate update. A copy is available at corcept.com.
Our complete financial results will be available when we file our Form 10-Q with the SEC. Today's call is being recorded. A replay will be available at the Investors Past Events tab of our website. Statements during this call, other than statements of historical fact, are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties, which may cause actual results to differ materially from those such statements expressed or implied.
These forward-looking statements are described in today's press release and the risks and uncertainties that may affect them are described in the press release and in our annual report on Form 10-K and our quarterly reports on Form 10-Q. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements.
Our revenue in the second quarter was $103.4 million, an increase of 13%, compared to the second quarter of last year. We expect our revenue growth to continue and I've reiterated our 2022 revenue guidance of $400 million to $430 million. Net income was $27.4 million or $0.24 for common chair in the second quarter. Our cash and investments increased $13.9 million in the second quarter to $382 million at June 30. The increase in cash was $13.5 million less than it might have been due to a recent change in federal tax law. Previously R&D expenses could be deducted from income for the purposes of calculating federal tax in the year in which they were incurred. Beginning this year, R&D expenses must be amortized over five years, which means that the tax benefit of each year's R&D spending, while unchanged in the aggregate will now be recognized in five equal annual installments.