(RTTNews) - Wednesday, Medicines Co. (MDCO:
News ) said its third-quarter net loss narrowed from the previous year quarter. Meanwhile, net revenue increased by 12% for the third quarter.
The company recorded net loss of $3.20 million or $0.06 per share from $13.22 million or $0.25 per share in the prior year quarter. On an adjusted basis, the company recorded a decline in profit to $5.07 million or $0.10 per share, from $8.5 million, or $0.16 per share in the previous year.
On average, five analysts polled by Thomson Reuters expected the company to record a loss of $0.05 per share. Analysts' estimate typically excludes one-time items.
Net revenue for the third quarter grew to $98.79 million from $88.13 million in the comparable period, an increase of 12%. Wall Street analysts were looking for revenue of $96.99 million for the quarter.
Angiomax U.S. sales increased by 9% to $92.2 million from $85 million in the third quarter of 2008. Angiomax/Angiox international net revenue was $5.5 million, up 74% from $3.1 million a year ago. Net revenue on Cleviprex was $1.1 million, up from $0.9 million in the second quarter.
For the first nine months, net loss was $2.7 million or $0.05 per share, and includes costs for the Targanta acquisition, compared to net loss of $4.3 million, or $0.08 per share a year ago.
For the period, on an adjusted basis, net income declined to $20.9 million, or $0.40 per share from $35.4 million, or $0.68 per share in the previous year.
Net revenue for the first nine months increased by 19% to $302.2 million from $254.3 million for the same period in 2008.
Looking ahead to the full year 2009, the company now expects loss per share in the range of $0.25 - $0.19 compared with its previous outlook of $0.24 - $ 0.34. The company lowered its full-year adjusted earnings per share view to $0.14 - $ 0.24 from its earlier forecast of $0.88-$ 1.10. Six analysts expect earnings per share of $0.06 for the year 2009.
MDCO is currently being traded at $7.63 down $0.74 or 8.84% on a volume of 0.225 million shares on the Nasdaq.
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by RTT Staff Writer
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