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Heron Therapeutics Q1 Loss Expands as Revenue Decreases

05/10/2021 05:25

09:10 AM EDT, 05/10/2021 (MT Newswires) -- Heron Therapeutics (HRTX) on Monday reported a Q1 net loss of $0.58 per share, compared with $0.57 loss per share a year ago. Analysts polled by Capital IQ had called for a $0.55 loss per share.

Revenue totaled $20 million for the March quarter, down from $25.4 million last year. Wall Street was looking for $25.7 million.

The commercial-stage biotechnology company said it ended Q1 with $166.5 million in cash, cash equivalents, and short-term investments, compared with $208.5 million at the end of Q4. Heron said it anticipates its current cash, cash equivalents and short-term investments to be sufficient to fund its operations into next year.

Heron said it anticipates full-year 2021 net product sales for the oncology care franchise of $130 million to $145 million.

Shares of the company rose 1.7% in pre-market trade.

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