Monday, Progenics Pharmaceuticals Inc. (PGNX) reported a first-quarter net loss that narrowed from the year-ago period primarily due to higher revenues and lower expenses.
The Tarrytown, New York-based company reported a first-quarter net loss of $1.79 million or $0.06 per share narrrower than a net loss of $15.49 million or $0.52 per share in the corresponding quarter last year. On average, six analysts polled by Thomson Reuters estimated a net loss of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased to $20.90 million from $14.76 million in the corresponding period last year. Analysts estimated revenues of $15.70 million for the quarter.
Total expenses for the quarter was $23.48 million compared to $32.21 million in the corresponding period last year.
Research and development expenses for the first-quarter of fiscal 2009 declined to $14.83 million from $22.79 million in the comparable period of fiscal 2008.
The company had a royalty expense of $18,000 compared to none in the first-quarter of fiscal 2008.
Depreciation and amortization charge for the quarter was $1.20 million compared to $1.11 million in the prior-year's quarter.
Operating loss for the quarter narrowed to $2.58 million from $17.44 million in the same period last year.
Progenics Pharmaceuticals closed Monday's regular trading at $5.66, up $0.24 or 4.43%, on a volume of 290,509 shares on the Nasdaq. In after-hour trading, the stock gained 74 cents or 13.07% and is trading at $6.40.
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