Dendreon Posts Smaller-than-expected Quarterly Loss
Dendreon 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.
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.
