) first quarter 2013 adjusted net loss of 13 cents per share was
wider than the Zacks Consensus Estimate of a loss of 10 cents.
Lower-than-expected revenues were primarily responsible for the
wider-than-expected loss. The company suffered an adjusted loss
of 19 cents per share in the year-ago quarter.
Revenues in the first quarter of 2013 came in at $0.3 million
compared to $2.7 million a year ago. The massive year-over-year
decline was attributable to the $2.4 million reduction in
contract revenues pertaining to Athersys' agreement with
). We note that the Pfizer-related contract revenues
comprised amortization of collaboration payments over an
estimated performance period. The period came to an end in Jun
2012. Revenues in the first quarter of 2013 fell short of the
Zacks Consensus Estimate of $2 million.
Research and development (R&D) expenses for the first
quarter of 2013 were flat at $5.6 million. R&D expenses
included $2.5 million of clinical and preclinical development
costs and personnel expenses of $1.3 million. Athersys stated
that it does not expect 2013 R&D expenses to be significantly
above 2012 levels ($19.6 million) unless additional funds for
pipeline development are received.
General administrative expenses at Athersys climbed 15.4% to
$1.5 million in the first quarter of 2013. Higher legal and
professional fees led to the increase.
Athersys, which focuses mainly on the area of regenerative
medicine, carries a Zacks Rank #3 (Hold). Companies such as
) appear to be more attractive with a Zacks Rank #2 (Buy).
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