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InSite Vision reports $8.3 million in third-quarter revenue

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ALAMEDA, Calif. — Third-quarter revenue for InSite Vision totaled $8.3 million, compared with $1,000 for the third quarter of 2006, the company announced in a press release.

InSite's third-quarter revenue included a royalty payment of $436,000 from Inspire Pharmaceuticals related to sales of AzaSite (1% azithromycin ophthalmic solution), which was launched in August.

For the first 9 months of 2007, InSite reported $15.8 million in total revenue.

"The bulk of the revenue for the 3- and 9-month periods reflects the amortization of the upfront license fee and milestone payment previously received under the company's license agreement with Inspire Pharmaceuticals," the release said.

Net income totaled $3.6 million, or $0.04 per share, for the third quarter and $3.2 million, or $0.03 a share, for the first 9 months of the year.