Novavax Loss Narrower Than Estimates

(RTTNews) - Clinical-stage vaccine company Novavax Inc (NVAX) on Thursday reported first-quarter net loss of $24.4 million or $0.10 per share compared with a loss of $13.8 million or $0.07 per share last year.

Revenues for the quarter were up 32% at $9.9 million compared with $7.5 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.11 per share on revenues of $9.7 million for the quarter. Analysts' estimates typically exclude special items.

Revenue growth reflects mainly the HHS BARDA's approval of the reimbursement of the company's prior Phase 2 Quadrivalent Seasonal Influenza VLP vaccine clinical trial costs.

Total expenses for the quarter climbed to $34.2 million from $21.8 million a year ago, on higher research costs.

As of March 2015, the company had $327.7 million in cash and cash equivalents and marketable securities.