* Expects Q2 rev $7.9 mln to $8.4 mln vs est $9.01 mln
* Shares down 13 pct after market
July 23 Zogenix Inc estimated
second-quarter net revenue below market expectations, sending
its shares down 13 percent after the bell.
The company said in a regulatory filing that it expects
revenue to be in the range of $7.9 million to $8.4 million for
the second quarter.
Analysts were expecting revenue of $9 million, according to
Thomson Reuters I/B/E/S.
Zogenix also said it did not receive any contract revenue
for the second quarter due to the termination of a co-promotion
agreement for its acute migraine treatment with the U.S.
subsidiary of Astellas Pharma.
The company earned contract revenue of $8.5 million in the
first quarter of 2012 including milestone payments from
Astellas. It received contract revenue of $1.6 million in the
first quarter of 2011.
Shares of the San Diego, California-based company were
trading at $1.85 after the bell. They closed at $2.12 on Monday
on the Nasdaq.