Insys Therapeutics Inc. (NASDAQ: INSY) reported its fourth quarter and full year financial results for fiscal year 2017. The company reported a net loss for the quarter as well as missing analysts’ estimates in both earnings and revenue. Shares were trading 12.7 percent lower during Friday’s pre-market hours.
For the fourth quarter, Insys reported revenue of $31.5 million, falling 42.6 percent year over year, and missing analysts’ estimates of $29.0 million. The company reported an EPS loss of $0.61, missing analysts’ estimates of an EPS loss of $0.14.
Insys spent $7.1 for sales and marketing investments, significantly down from $13.5 million the same quarter a year ago. Research and development investment increased to $16.4 million. General and administrative expense increased to $19.7 million.
Insys also completed its study of naloxone nasal spray as a potential to treat opioid overdose. The company began phase 2 clinical trial of cannabidiol as an oral solution for potential treatment for acute pain and child epilepsy. The company also completed FDA filing for NDA for a buprenorphine spray to treat acute pain.
“Over the course of 2017, we implemented a series of significant changes that set the foundation for a new strategic direction for the company as a leader in pharmaceutical cannabinoids and spray technologies,” said Saeed Motahari, president and chief executive officer of INSYS Therapeutics.
“We believe our R&D in both pharmaceutical cannabinoids and spray technology platforms will propel INSYS to a strong market position for the coming years.”