reported better-than-expected third-quarter results and boosted its revenue guidance for the year, sending shares higher Tuesday.
The company reported a loss of $1.3 million, or 3 cents a share, compared with a loss of $3.1 million, or 7 cents a share, in the third quarter a year ago. Analysts expected the company to lose 5 cents.
Revenue came in at $8.3 million for the quarter, up from $7.2 million a year ago. Wall Street was looking for revenue of around $8.1 million. Shares of SciClone were up 5.7% to $2.41.
Sales of SciClone's lead product Zadaxin advanced 18% to $8.27 million thanks to gains in China, which accounts for more than 90% of the overall revenue for the hepatitis C treatment.
"In the months ahead, we plan to expand our clinical and regulatory abilities and are intensifying our business development efforts to in-license product candidates for China," said Dr. Friedhelm Blobel, president and CEO of SciClone.
Looking ahead, the company expects to exceed its previous 2006 revenue guidance of $32 million and post a profit for the year.