COLUMBIA, Md. (AP) -- Stem cell therapy developer Osiris Therapeutics Inc. said Monday it took a smaller loss in the second quarter on greater product sales.
Osiris' products include Grafix, which is used to treat chronic and acute wounds, Ovation for tissue repair, and acute cartilage injury therapy Cartiform. The company started selling Cartiform during the fourth quarter of 2012, and it is hiring its own sales representatives to market Cartiform and Grafix.
Osiris said it lost $3.8 million, or 11 cents per share, in the latest quarter. A year earlier it took a loss of $4.3 million, or 13 cents per share. The company said product revenue rose to $5.3 million from $1.6 million. That made up for an increase in costs as it hired more sales representatives.
The two analysts who reported estimates to FactSet were expecting an average loss of 9 cents per share and $4.5 million in revenue.
Osiris shares fell 20 cents to $11.25 in morning trading. The stock has climbed 74 percent since the end of February, and it reached an annual high of $12.55 on July 19.