Novavax' Q3 widens from year ago, clocks below expectations
Biopharmaceutical company Novavax Inc. (Nasdaq: NVAX) today reported a third quarter net loss wider than last year and below analysts’ expectations on Wall Street.
For the three months ended Sept. 30, the Rockville, Md.-based company recorded a net loss of $9 million, or $0.15 per share, wider than the consensus of four analysts polled by Thomson that was for a net loss of $0.13 per share. The current quarter’s net widened from a $5 million net loss, or $0.08 per share, in the third quarter of 2006.
Revenues were $1.3 million, an increase of $0.1 million over the $1.2 million reported in the same quarter last year. Four analysts polled by Thomson were on average forecasting revenues of $0.83 million.
Novavax said revenues consisted of $0.5 million in sales and royalties from ESTRASORB paid by Esprit Pharma, Inc. and contract research and development revenues of $0.7 million. The small cap generated $0.6 million in research and development revenues in the third quarter of 2006.
Shares of Novavax (NVAX) were halted in pre-market trading.
