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BioMimetic reports 2Q net loss of $7.7M

Thu, 08/05/2010 - 1:45pm
The Associated Press

BioMimetic Therapeutics Inc. said Thursday that its second-quarter loss widened from the year before due to a sharp decline in investment income.

The medical product maker's revenue fell short of Wall Street's expectations. Its shares slipped 13 cents to $9.55 in after-hours trading.

The company lost $7.7 million, or 35 cents a share, for the three months that ended June 30, compared to a loss of $6.3 million, or 32 cents a share, in the year-ago period.

Quarterly revenue edged up to $374,564 from $373,360 million in the previous year.

Net investment income tumbled to $29,274 from nearly $2 million in the same quarter in 2009.

On average, analysts polled by Thomson Reuters expected a net loss of 38 cents per share on $520,000 in revenue.

BioMimetic said it expects a net loss for the year between $34 million and $41 million. Analysts are expecting a loss of $35.4 million.

The company develops devices for musculoskeletal injuries, including the Augment Bone Graft, a synthetic material for bone fusing with the goal of stimulating a permanent connection between broken bones, and sports medicine products.

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