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Osiris cuts losses as sales surge in first quarter

Osiris Therapeutics halved its losses and more than doubled revenue in the first quarter as it pursues the sale of stem cell therapies for wound care as well as orthopedic and sports medicine.

The Columbia company lost $1.4 million on $10.1 million in sales in the three months ended March 31, compared with a $2.7 million loss on $4.1 million in sales in the same period of 2013.

Its loss of 4 cents per share in the first quarter beat Wall Street analysts' estimates of a loss of 7 cents per share.

Osiris shares trading on the Nasdaq briefly surged by as much as 5 percent Tuesday morning but settled to close the day up 25 cents at $15 a share.

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