NEWARK, Calif. (AP) _ Depomed Inc. (DEPO) on Tuesday reported a loss of $44.4 million in its fourth quarter.
On a per-share basis, the Newark, California-based company said it had a loss of 72 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 48 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The drugmaker posted revenue of $123.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $122.6 million.
For the year, the company reported that its loss widened to $88.7 million, or $1.45 per share. Revenue was reported as $455.9 million.
Depomed expects full-year revenue in the range of $490 million to $520 million.
Depomed shares have dropped 12 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.77, a decrease of 11 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DEPO at https://www.zacks.com/ap/DEPO
Keywords: Depomed, Earnings Report