UPDATE 2-Dendreon posts smaller-than-expected quarterly loss
Feb 25 (Reuters) - Dendreon Corp reported a smaller-than-expected quarterly loss versus a year-ago profit on Monday as revenue fell and restructuring costs weighed on the biotechnology company.
Executives told a conference call they expected first-quarter sales to be below the fourth quarter's because of seasonality and one-time factors, including superstorm Sandy and sales force vacancies.
In the fourth quarter, the maker of cancer treatments had a loss of $38.7 million, or 26 cents per share, compared with a year-ago profit of $38.1 million, or 26 cents per share.
The latest results included restructuring, contract termination and asset impairment charges of $36.3 million.
Analysts on average were expecting a loss of 56 cents per share, according to Thomson Reuters I/B/E/S.
Quarterly revenue fell to $85.5 million from $202.1 million a year ago.
Dendreon shares were up 28 cents, or 4.9 percent, to $5.95 on the Nasdaq in late morning trading.
Executives told the conference call that the company would start its direct-to-consumer advertising campaign for Provenge, its cancer drug, in the first half of the year.
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Radar showed missing plane may have turned back: Malaysia military
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |