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InVivo Therapeutics (NSDQ:NVIV) shares stayed steady after the company released 2nd quarter earnings that met the street on losses per share.
The Cambridge, Mass.-based company reported losses of $5.2 million, or 16¢ per share, for the 3 months ended June 30, 2016. That amounts to a 50% reduction in losses for InVivo Therapeutics compared with same period in 2015.
After adjusting to exclude 1-time items, losses per share were 18¢, a good tick below what analysts on Wall Street were looking for with expectations set fro losses of 22¢ per share.
“The 2nd quarter was one marked by continued advancements and outreach. In the Inspire study, a 4th patient converted from a complete to an incomplete spinal cord injury, putting us one step closer to achieving the Objective Performance Criterion. The InVivo story was disseminated to life science professionals through our article in Life Science Leader; to researchers through our presentations at the 34th Annual Symposium of the National Neurotrauma Society and at the Committee Roundtable on Biomedical Engineering Materials and Applications; to neurosurgeons through our symposium at the 84th American Association for Neurological Surgeons Annual Scientific Meeting and our case report published in Neurosurgery; and to a broad audience through our feature on WBZ NewsRadio, a CBS radio affiliate. We strengthened our team by adding Christina Morrison to the Board of Directors and the University of Virginia and the University of Pennsylvania to the Inspire study, and we enhanced our intellectual property estate by adding a broad patent covering methods of treating spinal cord injuries. We ended the quarter in a strong financial position and believe our funds will last us through the end of 2017,” CEO Mark Perrin said in prepared remarks.
