SAN MATEO, Calif. (AP) ¿ BioForm Medical Inc., which develops products used in cosmetic medical procedures, said Wednesday it shrank its fiscal fourth-quarter loss, due to improved sales and decreased operating expenses.
The company reported a loss of $1.9 million, or 4 cents per share, compared with a loss of $20 million, or 43 cents per share, in the same quarter last year. Revenue for the quarter that ended June 30 rose 15 percent to $19.2 million.
Analysts polled by Thomson Reuters expected a wider loss of 10 cents per share on $15.2 million in revenue.
BioForm said domestic sales rose 17 percent to $15.5 million, while international sales were up 6 percent to $3.7 million.The company also said operating expenses fell more than 50 percent to $16.5 million. It attributed most of the decrease to an $11.2 million charge taken in the fourth quarter last year that was tied to its Advanced Cosmetic Intervention asset purchase. For the fiscal year that ended June 30, BioForm reported a loss of $21.1 million, or 46 cents per share, compared with a loss of $29.5 million, or 94 cents per share. Sales fell to $66.5 million from $67.5 million. For fiscal 2010, BioForm expects a loss of less than $14 million and revenue of between $64 million and $70 million. Wall Street is looking for 2010 revenue of $66.4 million. Shares added 19 cents, or 5.7 percent, to $3.53 in aftermarket trading, having closed the regular session at $3.34.