Senomyx Reports Wider-Than-Expected Loss In Q3, Guides 2013 Revenue Below View

(RTTNews) - Flavor ingredients manufacturer Senomyx Inc. (SNMX) Tuesday reported a wider than expected loss for the third quarter as revenues fell from the prior year. Further, the company forecasts revenues for 2013 to fall short of analysts' estimates.

The company posted a loss of $3.48 million or $0.09 per share, wider than a loss of $2.03 million, or $0.05 per share, a year ago. On average, three analysts polled by Thomson Reuters estimated the company's loss to be $0.05 for the quarter. Analysts' estimates typically exclude one-time items.

For the third quarter, total revenues declined to $6.73 million from $7.92 million a year earlier. Development revenues, the primary component of the company's revenues, declined to $5.86 million from $7.01 million a year ago, mostly on account of one-time development milestones earned last year, including a $1.3 million related to the Senomyx's Sweet Taste Program. Analysts estimated third quarter revenues to be $8.19 million.

Senomyx held lesser cash equivalents and investments available-for-sale of $35.5 million, than $41.8 million a year earlier.

Senomyx forecasts 2013 revenues to be in the range of $29 million and $30 million. Street view for revenue is $31.95 million. The company projects 2013 net loss to be $11 million to $12 million.

Currently, the stock is trading up 12 percent, or 49 cents, at $4.49 on the Nasdaq.