Monday, TranS1 Inc. (TSON) reported a wider net loss for the first quarter versus the year-ago period, hurt by higher operating expenses despite a 45% growth in revenues during the three-month period.
The Wilmington, North Carolina-based company posted a first quarter net loss of $5.16 million or $0.25 per share that widened from a loss of $2.44 million or $0.12 per share in the year-ago quarter.
Earnings during the quarter was impacted by a rise in operating expenses over last year.
On an adjusted basis, TranS1 posted a net loss of $4.52 million or $0.22 per share, wider than a net loss of $1.92 million or $0.10 per share, in the year-ago quarter.
On average, 4 analysts polled by Thomson Reuters expected the company to report a loss of $0.32 per share for the first quarter. Analysts' estimates typically exclude special items.
Revenues rose 45.2% to $8.68 million from $5.98 million in the prior-year first quarter.
Analysts were anticipating revenues of around $7.60 million for the quarter.
Gross profit increased to $7.14 million compared to $4.94 million a year ago.
Operating expenses witnessed a rise to $12.52 million from $8.32 million last year. Sales and marketing costs rose to $9.15 million from $5.70 million.
The company attributed the increase in operating expenses primarily to an increase in sales and marketing costs as a result of the continued expansion of the direct sales force, increased commissions as a result of increased sales and increased surgeon training costs.
TSON ended Monday's regular trading at $7.21, down 1.90% or $0.14, on a volume of 158,482 shares on the Nasdaq.
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