Osiris Therapeutics cut its quarterly losses in half as it more than doubled sales of its stem cell-based medical treatments used in wound care and sports medicine, but it widely missed Wall Street analysts' expectations.
Sales grew to $13.3 million in the quarter ended June 30, up from $5.3 million in the same quarter of 2013. Losses narrowed to $1.9 million from $3.8 million over the same period.
When solely considering Osiris' operations, excluding any long-term costs, officials at the Columbia-based company said losses narrowed to $66,000.
The results translated to a loss of 4 cents per share. Wall Street analysts had predicted earnings per share of 16 cents.
Shares trading on the Nasdaq exchange fell about 4 percent to $14.66 Thursday.