Insmed Inc. Earnings: Loss Narrows and Tops Forecasts
Insmed Inc. (NASDAQ:INSM) got closer to even, narrowing its loss while beating Wall Street’s expectations. Insmed is a biopharmaceutical company focused on the development and commercialization of drugs to treat metabolic diseases and endocrine disorders within niche markets that have unmet medical needs.
Investing Insights: What’s the Future of Microsoft’s Stock?
Insmed Earnings Cheat Sheet for the First Quarter
Results: Loss narrowed to $6.8 million (loss of 28 cents per diluted share) from $6.9 million (loss of 85 cents per share) in the same quarter a year earlier.
Revenue: Fell more than twofold to $6.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Insmed Inc. beat the mean analyst estimate of a loss of 34 cents per share.
Quoting Management: “We are pleased FDA has lifted the clinical hold on ARIKACE in CF patients, and are excited about the important recent progress we have made with our ARIKACE development program,” said Timothy Whitten, President and CEO of Insmed. “Many of the trial sites for CLEAR-108 are up and running, including those in key European countries and we are also proceeding with this study in Canada. We anticipate top-line efficacy and safety data in mid-2013. In addition, we are working towards initiating our phase two U.S. clinical trial for ARIKACE in NTM patients in mid-2012.”
The company has beaten estimates for two quarters in a row. In the fourth quarter of the last fiscal year, it topped expectations with a loss of -28 cents versus a mean estimate of a loss of 38 cents per share.
Looking Forward: For next quarter, expectations for the company’s next quarter performance are higher than they were sixty days ago. The average estimate for the second quarter is now a loss of 34 cents per share, up from a loss of 42 cents. For the fiscal year, the average estimate has moved from a loss of $1.68 a share to a loss of $1.40 over the last sixty days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories: