BioDelivery Sciences International Inc., which focusing on drugs to treat pain medication and addictions, saw its stock price fall by as much as 9 percent on Thursday morning after its second quarter earnings and revenue missed Wall Street expectations.
The Raleigh-based company reported a net loss of $14.9 million, or a loss of 27 cents per share, better than the net loss of $16.5 million, or loss of 31 cents per share, in the second quarter a year ago.
Analysts were expecting a loss of 23 cents per share.
Its revenue was $8.7 million for the quarter, down from revenue of $29.5 million in the second quarter a year ago. Analysts were expecting revenue of $9.23 million.
“The U.S. currently faces a very serious crisis with regard to prescription opioid abuse, addiction and overdose,” said Chief Executive Officer Mark Sirgo in a statement. “Our two buprenorphine-containing products provide important options to address the needs of those with chronic pain and opioid dependence, and we believe this is becoming increasingly recognized by healthcare providers.”
BioDelivery’s shares fell 29 cents, or 9.2 percent, to $2.86 in Thursday morning trading.
In January, BioDelivery re-acquired the rights to pain medication drug Belbuca from Endo Pharmaceuticals.
Its sales for the quarter totaled $6.6 million, up from $4.6 million in sales in the first quarter.
“I believe these early results speak to the going-forward value of this asset and the strength of the sales team we have assembled,” said Sirgo on a conference call with investors.
BioDelivery’s other drug is Bunavail, which is used to treat opioid addiction. Its sales for the quarter were $1.3 million, down from sales of $3.2 million in the first quarter.