Shares in MannKind Corp. (NSDQ:MNKD) fell slightly this morning after the biopharmaceutical company missed earnings expectations but beat sales estimates on Wall Street with its second quarter results.
The Valencia, Calif.-based company posted a net loss of -$35.4 million on sales of $2.2 million for the 3 months ended June 30, for bottom-line loss of -18% on sales growth of 100% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -35¢, behind earnings consensus on The Street. Analysts were looking for sales of $2 million.
MNKD shares were trading at $1.17 apiece today in afternoon activity, down -0.4%.
The companies reported that they are enrolling people with Type II diabetes and randomizing them in two treatment arms. One group of patients will use Afrezza with One Drop Premium and the other group will use just One Drop Premium. Researchers plan to measure changes in hemoglobin A1C, quality of life, self-care and treatment satisfaction.