Dendreon Corporation (NASDAQ: DNDN) has reported its quarterly results and the reaction is a bit cool. This is growth of almost 200%, as net product revenue for the quarter was $82.0 million versus $27.0 million a year ago. The net loss in the first quarter was $103.9 million, or -$0.70 per share, and that is down from a net loss of $112.8 million a year ago. Excluding cash and noncash severance expenses, the report would have been for a net loss of $87.1 million, or -$0.59 per share.
Thomson Reuters has estimates of -$0.63 EPS and $81.23 million in sales. The company called this report as having exceeded its guidance of low single-digit quarter-over-quarter growth.
Dendreon had approximately $559.1 million in cash, cash equivalents and short-term and long-term investments as of March 31, down from $617.7 at the end of the December 31, 2011 period.
Without formal guidance, we cannot consider this report as “finished business” until that data is out.
Dendreon shares closed up 3.2% at $11.69 against a 52-week range of $6.46 to $42.87, and shares are down 7.3% at $10.82 in the after-hours session.
JON C. OGG