Inspire Pharmaceuticals, Inc. (ISPH), Thursday said its first-quarter net loss narrowed from the same quarter a year ago, helped by a sharp increase in revenues as well as a decline in expenses.
Durham, North Carolina-based Inspire Pharmaceuticals' first-quarter net loss narrowed to $19.4 million or $0.34 per share from $25.9 million or $0.46 per share in the first quarter of last year and came in above analysts' estimate.
On average, six analysts polled by Thomson Reuters expected a loss of $0.26 per share for the first quarter. Analysts' estimates typically exclude special items such as one-time charges or gains.
Loss from operations for the first quarter also narrowed to $18.7 million from $25.8 million in the corresponding quarter a year ago.
Total revenues for the first quarter increased 48% to $14.3 million from $9.7 million in the comparable quarter last year, slight last year below the Street's view of $15.96 million for the first quarter.
Revenues for the first quarter was positively impacted by a 171% growth in revenues from AzaSite - azithromycin ophthalmic solution- to $6.2 million from $2.3 million in the same quarter a year ago.
Operating expenses for the first quarter decreased to $33.0 million from $35.6 million in the same quarter a year ago, helped by decline in selling and marketing costs resulted from a reduction in promotional activities.
Looking ahead to the full year 2009, the company expects revenue in the range of $80 million to $90 million. Analysts currently anticipate revenues of $85.4 million for the first quarter.
ISPH closed Thursday's trading at $4.23, down $0.35 or 7.46% on a the Nasdaq.
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