Key Highlights

  • Adeia lowered its 2026 Revenue range to $375 million to $415 million from $395 million to $435 million.
  • BioMarin posted its first $1 billion quarter at $1,025 million but cut 2026 revenue guidance to $3.80 billion to $3.90 billion.
  • Camping World Holdings reported a $320.1 million net loss, including a $286.7 million Goodwill impairment.
  • Emergent BioSolutions cut 2026 revenue guidance to $600 million to $645 million but raised its adjusted gross Margin range to 45% to 47%.
  • Inspire Medical Systems narrowed 2026 revenue guidance to $850 million to $860 million after a $206.7 million quarter.

Which Companies Lowered or Mixed Their Outlook With Third-Quarter Results?

Five companies that reported on Nov 2, 2026 gave outlooks that were lower, narrowed or split between higher and lower measures. Adeia (NASDAQ:ADEA) reported revenue of $80.2 million, down 8.2% (calculated), and cut its 2026 revenue range to $375 million to $415 million. BioMarin (NASDAQ:BMRN) reported a record $1,025 million, up 32%, but a GAAP net loss of $123 million and lower full-year revenue guidance of $3.80 billion to $3.90 billion.

Camping World Holdings (NYSE:CWH) reported revenue of $1.58 billion, down 12.4%, a net loss of $320.1 million and said full-year adjusted EBITDA would fall below its prior range. Emergent BioSolutions (NYSE:EBS) reported revenue of $110.0 million, down 52%, and lowered revenue guidance while raising its margin range. Inspire Medical Systems (NYSE:INSP) reported revenue of $206.7 million, down 7.9%, and narrowed its 2026 targets.

The cuts are not equal. Some are modest range trims, while Camping World Holdings gave no new full-year number. Inspire Medical Systems' prior guidance was not in the files, so its mixed label reflects a narrowed range alongside a stated loss per share range.

Adeia: Why Was the 2026 Revenue Range Trimmed?

Adeia reported revenue of $80.2 million against $87.3 million a year earlier and $96.1 million in the second quarter. GAAP Net Income was $2.3 million, or $0.02 per share, and non-GAAP EPS was $0.21. The company signed eight license agreements, four with new customers.

Management said a handful of large, legally complex deals could slip beyond year-end, and it still aims for the high end of the new range. Non-GAAP operating expenses are now guided to $176 million to $180 million, down from $184 million to $192 million.

Adjusted EBITDA was $36.9 million, versus $50.7 million a year earlier. Management reiterated confidence in a long-term annual revenue target of $600 million.

BioMarin: How Did a Record Quarter Come With Lower Guidance?

BioMarin posted revenue of $1,025 million, the first quarter above $1 billion in its history, helped by the Amicus Acquisition that closed on Apr 27, 2026. Non-GAAP EPS was $0.23, but the GAAP loss of $0.63 per share reflected acquisition amortization, interest, integration costs and $287.7 million of acquired in-process research and development.

A single international customer deferred multiple orders totaling roughly $70 million, most expected to ship from late in the fourth quarter into the first quarter of 2027. Management also cited customer Cash Flow disruption tied to Middle East conflict, not patient demand.

Non-GAAP diluted EPS guidance fell to $2.80 to $3.10 from $4.90 to $5.10, with about $1.55 of the change attributed to the Alesta acquisition and about $0.32 to a license.

Camping World Holdings: What Drove the Wider Loss?

Camping World Holdings reported a net loss of $320.1 million, or $3.09 per diluted Class A share, versus $0.64 a year earlier. A noncash goodwill charge of $286.7 million in its RV retail reporting unit drove the result, and the company cited weak new RV demand, promotional pricing, higher interest rates and fuel costs.

New vehicle unit sales fell 25.4% to 15,126, while the average selling price rose 11.7%. Adjusted EBITDA was $36.0 million, down 62.4%, and adjusted loss per share was $0.19.

The company expects full-year adjusted EBITDA below the low end of its $230 million to $270 million range and is offering no further annual guidance. It plans a 2027 framework with fourth-quarter results, and its efficiency program now exceeds $150 million of annualized savings.

Emergent BioSolutions: Which Parts of the Outlook Moved?

Emergent BioSolutions reported revenue of $110.0 million, down 52% from $231.1 million, in line with its own guidance, and a net loss of $32.7 million versus net income of $51.2 million. Naloxone revenue fell 42% to $43.5 million, and smallpox countermeasures dropped 68% to $26.7 million on order timing.

Revenue guidance for 2026 is now $600 million to $645 million, down from $645 million to $675 million. Adjusted EBITDA guidance moved to $110 million to $140 million from $130 million to $150 million, while adjusted gross margin guidance rose to 45% to 47% from 42% to 44%.

The company repurchased $75 million of unsecured notes for $68 million and bought back 2.0 million shares for $18.1 million. Its chief financial officer retires effective Dec 31, 2026.

Inspire Medical Systems: What Does Narrowed Guidance Mean After a Reimbursement Hit?

Inspire Medical Systems reported revenue of $206.7 million versus $224.5 million a year earlier, up about 3% from the prior quarter. Management attributed the decline mainly to billing and reimbursement uncertainty around its latest device, estimating about $30 million of third-quarter revenue and $120 million for the full year.

The quarter included $24.1 million of restructuring charges and a $7.0 million legal settlement, producing an operating loss of $28.7 million. Net loss was $24.4 million, or $0.84 per share.

Guidance now calls for 2026 revenue of $850 million to $860 million, a diluted loss of $0.10 to $0.36 per share and adjusted EPS of $1.20 to $1.40. Management expects low-single-digit revenue growth in 2027. Prior guidance was not in the files.

Outlook Cuts Compared: Midpoint Trims, Growth Gaps and Combined Losses

Revenue change across the five averaged negative 9.7% (calculated), with BioMarin the only grower at 32% and Emergent BioSolutions the steepest decline at 52%. Four of the five reported net losses totaling $500.2 million (calculated), led by Camping World Holdings at $320.1 million.

Where prior and new ranges are both stated, midpoints moved by different amounts: Adeia's fell about 4.8% to $395 million (calculated), BioMarin's about 1.3% to $3.85 billion (calculated) and Emergent BioSolutions' about 5.7% to $622.5 million (calculated).

The figures are not like for like. BioMarin's cut reflects deferred orders, Emergent BioSolutions' also raised margins, and Camping World Holdings gave no replacement number.

What to Watch Next: Dated Milestones After the Cuts

Adeia's Dividend of $0.05 per share is payable on Dec 14, 2026 to holders of record on Nov 23, 2026. BioMarin faces an FDA decision on full approval of VOXZOGO in achondroplasia due Feb 28, 2027, and an action date of May 30, 2027 in hypochondroplasia.

Emergent BioSolutions' CFO retires on Dec 31, 2026, and Camping World Holdings held a call on Nov 3, 2026. Inspire Medical Systems noted a new billing code effective Jan 1, 2028. Each company's fourth-quarter report is the next result, though no date was identified in the materials.