MannKind Widens Quarterly LossFriday, August 9, 2013
MannKind Corp. late Friday said that its loss widened in the second quarter, which a year earlier included a significant one-time gain that mitigated its losses.
After the markets closed, the Valencia biomedical company reported a net loss of $46.1 million (-16 cents a share), compared with a loss of $36.6 million (-23 cents) in same period a year earlier. Analysts surveyed by FactSet on average had expected the company to report a loss of 14 cents a share.
MannKind is awaiting U.S. regulatory approval for its experimental insulin inhaler and does not yet have a product on the market, so it reported no revenue.
Last year’s second quarter loss was narrowed by an insurance reimbursement for $13.3 million set aside in response to a shareholder lawsuit.
Shares earlier closed down 1 cent to $7.47 on the Nasdaq and rose 1.6 percent in after-hours trading.