Zogenix Q3 Loss Narrows - Quick Facts

(RTTNews) - Zogenix Inc. (ZGNX) reported that its net loss for the third quarter 2013 narrowed to $10.9 million or $0.10 per share, from $19.3 million or $0.21 per share in the third quarter 2012.

Non-GAAP net loss for the latest-quarter was $0.12 per share, compared to a loss of $0.16 per share in the prior year.

Total revenues for the third quarter 2013, which consists of net product revenue and service and other revenue, were $7.2 million, compared to $8.5 million in the third quarter 2012.

Net product revenue on sales of Sumavel DosePro for the third quarter 2013 was $6.9 million, which included a $2.4 million increase to the Company's estimate of future product returns. This compares to net product revenue of $8.5 million in the third quarter 2012. The decrease in net product revenue was primarily driven by the increase to the return reserve, partially offset by a 4% increase in unit volume.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share and revenues of $9.33 million for the quarter. Analysts' estimates typically exclude special items.

Service and other revenue for the third quarter 2013 was $271,000, which was primarily comprised of fees from Valeant Pharmaceuticals for the Company's co-promotion of Migranal Nasal Spray, which began in August 2013.