Shares in InVivo Therapeutics (NSDQ:NVIV) rose slightly today after the medical device developer posted 4th quarter and full year 2016 earnings that mostly fell in line with consensus on Wall Street.
The Cambridge, Mass.-based company posted losses of $5.4 million, or 17¢ per share for the 3 months ended December 31, with losses growing 14.8% while losses per share stayed steady.
Adjusted to exclude 1-time items, losses were $6.8 million, or 21¢ per share, slightly higher than expectations on Wall Street of 19¢.
For the full year, InVivo Therapeutics posted losses of $23.4 million, or 76¢ per share, with losses and losses per share shrinking 29.6% and 39.7%, respectively, compared with the prior year.
Non-GAAP losses per share were 78¢ for the year, down 8.2% from last year and in line with expectations on The Street.
“2016 was a year marked by meaningful and significant progress. In 2016, we: received approval for converting the Neuro-Spinal Scaffold pilot study to the pivotal Inspire study; received approval to initiate the Inspire study in Canada (1st global step for InVivo); added 13 new clinical sites, including our first ex-U.S. sites (both in Canada); enrolled 7 new patients, with 3 of those patients achieving the primary endpoint of conversion to partial paralysis by 6 months post-injury; continued our spinal cord injury (SCI) thought leadership by attending and presenting at international conferences, where we presented 13 scientific abstracts to renowned leaders within the neurosurgical, neuroscience, and SCI communities; raised $32 million (gross), which is the company’s largest fund raising to date; successfully developed a preclinical prototype of the TrailMaker for the chronic spinal cord injury market and filed two patent applications; garnered unique media coverage about InVivo and the Neuro-Spinal Scaffold in 18 widely-read outlets resulting in nearly 30 million media impressions; and continued to make great strides in strengthening our research and intellectual property portfolio,” CEO Mark Perrin said in a prepared statement.
Shares in InVivo closed up 1.3% at $4.
