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ISTA posts net loss of $38.4 million for 2006

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IRVINE, Calif. — ISTA Pharmaceuticals slightly narrowed its net loss in 2006 to $38.4 million, compared with a net loss of $38.5 million in 2005, the company announced in a press release.

Yearly net revenue totaled $33 million, up 208% from 2005 revenues of $10.7 million. Net sales increased more than 200% for Xibrom (bromfenac ophthalmic solution 0.09%) and Istalol (timolol maleate 0.5%), rising to $20.2 million and $8.3 million, respectively. The company's gross profit margin grew 3% over 2005 to 70% due to a "change in revenue mix," the release said.

For the fourth quarter 2006, the company posted a net loss of $6.43 million, an improvement compared with its net loss of $10.74 million for the fourth quarter 2005.

The company expects better results in 2007 based on its the pending launch of T-Pred (tobramycin and prednisolone acetate) and positive phase 3 results from a trial of a once-daily solution of Xibrom, a company official said in the release.