Ista posts net loss despite rise in third-quarter revenue

IRVINE, Calif. — Ista Pharmaceuticals posted a third-quarter net loss of $23.5 million, or $0.70 per diluted share, compared with a net loss of $917,000, or $0.03 per diluted share, posted during the third quarter of 2009, the company announced in a press release.

However, excluding non-cash warrant valuation adjustments and license revenue, Ista recorded $2.8 million, or $0.08 per diluted share, in net income for the third quarter, compared with a loss of $0.4 million, or $0.01 per diluted share, for the same period last year.

Third-quarter net revenues totaled $42 million, up 31% from $29 million posted during last year's third quarter.

Specifically, net revenue of Xibrom (bromfenac ophthalmic solution 0.09%) rose 38% to $29.6 million and net revenue of Bepreve (bepotastine besilate ophthalmic solution 1.5%) rose 225% to $3.9 million. In addition, net revenue of Istalol (timolol maleate ophthalmic solution 0.5%) increased 4% to $5.3 million while net revenue of Vitrase (hyaluronidase) jumped 129% to $3.2 million, according to the release.

"These are exciting times at Ista," Vicente Anido Jr., PhD, Ista president and CEO, said in the release. "Not only are we posting revenue growth for all four products and delivering improved operating profitability, we are achieving key new product pipeline milestones."

Ista plans to launch Bromday (bromfenac ophthalmic solution 0.09%) later this month and to discontinue its twice-daily Xibrom in early 2011, the release said.