Dendreon Corporation (NASDAQ:DNDN) will need to flex its tendons
Last week, Dendreon Corporation (NASDAQ:DNDN) reported its Q2 results. The net revenue of the quarter was $73.3m in comparison to the $80.0M that it stood at in the same quarter of 2012. On a sequential basis this had dipped 8.4% y-o-y and risen by 8.4%. In the Q2, the net loss was $68.8M or $0.45/share in comparison to the net loss of $96.1M or $0.65/share that it stood at the same quarter last year.
As of 30 June 2013, the company had $280.6M in cash, cash-equivalents as well as long-term and short-term investments. In the same period of last year, DNDN has $429.8M in cash. The President, Chairman and CEO of Dendreon, John H. Johnson said that the company turned-around everything that had posed to be a challenge in the Q1 and there was strong growth in their large accounts. This is where their focus points lie.
Strong growth indicators
Urology was in the lead and had a quarter-over-quarter growth of 37%, which has been the company’s highest-ever in this particular segment. There has been very positive feedback coming in from patients, doctors as well as key-opinion leaders about PROVENGE. Johnson said that the company will continue spotlighting improvisation of its utilization via its d-t-c campaign. This has been showing very strong initial indicators.
At Fridays close, Dendreon Corporation (NASDAQ:DNDN) a shocking 26.14%. The opening price of the shares was $3.83 which reached an intraday high of $3.87 and closed at $3.39. This came in the wake of the company’s earnings report even as it posted losses that were far higher than projections. The company said that the 8.3% revenue slump to $73.29M had seen 45 cents/share drop and missed analysts’ projections of a 41 cents /share loss on $74.59 M revenue. The company has a market cap of 534.62M.