MannKind Corporation (NASDAQ:MNKD) reported its latest quarterly earnings results after the bell Thursday, which came in ahead of its year-ago results on both its revenue and loss.
For its second quarter of fiscal 2018, the biopharmaceutical company amassed net revenue of $3.8 million for its diabetes treatment Afrezza, marking a 142% growth compared to its revenue of $1.5 million from the year-ago quarter.
The MannKind Corporation medication is an inhaled insulin treatment for Type 1 and Type 2 Diabetes. The company’s net loss for the period amounted to $22.7 million, or 16 cents per share, which was a considerable improvement over its year-ago loss of $35.3 million, or 35 cents per share.
The company also managed to reduce its debt principal by $42.6 million, or 27% year-to-date. It was a successful quarter for MannKind Corporation in the drug discovery and development front as its successfully completed the Phase 1 clinical trial of Treprostinil Technosphere, which treats those afflicted by pulmonary arterial hypertension.
The biopharmaceutical company’s R&D expenses for its second quarter were lowered to $2.9 million from $3.1 million during the year-ago quarter, a 5% reduction. Its selling, general and administrative expenses for the period were $21.7 million, which was 16.7% higher than during the year-ago quarter, when it spend $18.6 million in the segment.
MNKD stock was down about 1.3% after the bell on Thursday afternoon following the company’s quarterly earnings results. The company’s shares were down 4.5% during regular trading hours today.