GW Pharmaceuticals (NASDAQ:GWPH) announced its fiscal first-quarter’s results to begin its 2019, which included revenue that tripled when compared to the year-ago quarter, but it missed what Wall Street called for in its consensus estimate.
The United Kingdom-based biopharmaceutical company said that for its first quarter, net losses reached $71.9 million, or 20 cents per share. In the first quarter of its fiscal 2018, net losses were more than $10 million narrower at $61.8 million, or 20 cents per share.
Analysts had called for GW Pharmaceuticals to amass losses of roughly 23 cents per share for its most recent quarter, according to a FactSet survey.
The company also brought in revenue of $6.6 million, a 200% increase from the $6.6 million it garnered during the same quarter a year ago. The Wall Street guidance included a revenue projection that was higher than what analysts predicted at roughly $11.4 million, per FactSet.
GW Pharmaceuticals is now in the midst of its second quarter of the fiscal 2019, which analysts predict will include a loss of 22 cents per share. Revenue is slated to reach roughly $22 million.
The biopharmaceutical organization developed nabiximols, a product developed using the cannabis plant to treat multiple sclerosis.
GWPH stock was surging about 1.4% during regular trading hours ahead of the company’s quarterly report. Shares then surged an additional 3.9% after hours on Tuesday thanks to an increase in revenue and a loss that was narrow when compared to what analysts called for.