Seattle Genetics, Inc. (SGEN) Wednesday reported a narrower loss for the third quarter, helped mainly by higher revenues. The company also provided an outlook for the fiscal year 2012, which are currently below analysts' expectations.
Net loss for the quarter improved to $13.7 million or $0.12 per share from $40.7 million or $0.35 per share in the same period last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share for the quarter. Anlaysts' estimates typically exclude special items.
Revenues totaled $33.7 million, up from $10.0 million last year. Analysts expected revenues of $52.66 million.
Looking ahead to the fiscal year 2012, the company has forecast revenues in the range of $132 million to $137 million. Analysts expect revenues of $209.03 million.
Seattle Genetics closed Wednesday's trade at $24.47, down 2.12%. Shares dropped 8.05% to $22.50, losing $1.97 in the extended trade on the Nasdaq.
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