The Austin, Texas-based company reported a net loss of -$8.8 million, or -40¢ per share, on sales of $14.3 million for the three months ended June 30. Analysts on Wall Street were looking for losses per share of -38¢ on sales of $12.9 million.
“The second quarter was a terrific OverStitch quarter,” CEO Todd Newton said in a news release. “Sales were strong with 40% growth in the quarter. In addition, the interest expressed for OverStitch at Digestive Disease Week, the main gastroenterologist event of the year, was exciting with more than 30 abstracts from physicians related to OverStitch use in a variety of endolumenal surgeries and four DDW-sponsored training events that included endoscopic suturing in addition to our own company-provided training sessions in our mobile learning center.”
APEN shares were down -0.4% to $2.81 apiece today in late-afternoon trading.