Just caught Caribou's latest earnings and they actually beat on both fronts. The company posted a Q4 loss of $0.28 per share, which was better than the consensus estimate of $0.33 loss. Revenue came in at $3.94 million, crushing the estimate by over 56%. Pretty solid execution for a biotech company in a tough industry environment.

What caught my attention is that Caribou has beaten revenue estimates twice in the last four quarters, so this isn't a one-off thing. The stock is up about 13% year-to-date, which is way ahead of the broader market's 0.4% gain. That's a pretty significant outperformance, especially for a company still posting losses.

The thing with biotech plays like Caribou is that the next move really depends on what management says during the call and where the estimates go from here. Right now analysts are expecting a loss of $0.36 for the next quarter with $2.5 million in revenue. The full year guidance is looking at a $1.44 loss on $32.43 million in revenue.

Here's what's worth noting though: the Medical-Biomedical and Genetics industry is sitting in the bottom 46% of all industries ranked by Zacks. That's not great for sector tailwinds. So even though Caribou has been beating expectations, the broader industry headwinds could limit how far this stock can run. Worth keeping an eye on how the estimate revisions trend in the coming weeks. The current Zacks rating suggests the stock could outperform in the near term, but I'd want to see if that holds up after earnings season moves forward.