Add as a preferred source on GoogleHeron Therapeutics Q3 Net Revenue Falls 7.8% as Net Loss Narrows
Net loss declined to $5 million from $17.5 million a year earlier. CorMedix Therapeutics agreed to acquire substantially all of Heron's assets.
Heron Therapeutics, Inc. posted third-quarter net revenue of $35.3 million, down 7.8% from a year earlier, while its net loss narrowed amid a proposed sale of substantially all its assets.
Net revenue fell from $38.2 million in the year-earlier quarter. Heron posted a GAAP net loss of $5 million, or $0.03 per share, compared with a $17.5 million loss, or $0.10 per share, a year earlier.
Oncology revenue declined 22.2% to $20.1 million, while acute care revenue rose 22.5% to $15.1 million. Heron ended the quarter with $23.4 million in cash, cash equivalents and short-term investments.
Heron and CorMedix Therapeutics announced an agreement for CorMedix to acquire substantially all of Heron's assets. The proposed sale requires approval from Heron stockholders and remains subject to other closing conditions.
Heron said it would not hold its previously scheduled earnings call because of the pending transaction.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.