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Local Tech Wire
DURHAM, N.C. – is still losing money, but its latest quarterly loss was lower than Wall Street expectations and also some 25 percent less than a year ago.
Inspire (Nasdaq: ISPH) reported Monday before the markets opened that it lost $14.8 million, or 18 cents per share, in the first quarter of 2010.
Wall Street analysts as polled by Thomson Reuters had expected a 22 cent per share loss.
A year ago, Inspire lost $19.4 million, or 34 cents per share.
Revenues increased sharply to $22.1 million from $14.3 million for the same quarter in 2009. Driving sales was an increase in demand for Inspire’s eye treatment Azasite. Sales climbed 41 percent to $6.2 million, but of that amount the company said some $1 million was created by a demand for shortage of another treatment. That shortage “has been resolved,” Inspire said.
“During the quarter, we continued our trend of double-digit revenue growth, and through tight management of our operating expenses, continued to successfully reduce our net loss,” said Adrian Adams, Inspire’s chief executive officer.