Inspire Pharmaceutical shares jumped more than 9 percent, or 53 cents, in trading Wednesday after the company reported a $2 million increase in revenues but a slightly larger loss.
Inspire (NASDAQ: ISPH) closed at $6.19.
The company lost $5.9 million, or 14 cents a share, as revenues increased to $15.4 million. Inspire lost 13 cents a share in the same quarter a year ago.
Analysts polled by Reuters had predicted a 32-cent per share loss on revenues of $15.1 million.
Driving sales were Inspire’s co-promotion efforts of eye treatments Elestat and Restsis. Elestat revenues climbed 3 percent to $9.4 million and Restasis sales jumped 41 percent to $5.7 million compared to 2006.
Inspire also met its target sales goal for Esestat, which enabled the firm to recognize $2.4 million in deferred revenue.
Offsetting increased revenues was a 7 percent increase in expenses to $21.4 million. Some $3.9 million of the increase was for preparatory efforts to sell the eye drug AzaSite as of Aug. 13. Inspire received FDA approval to sell AzaSite, which it has licensed, in April.