WASHINGTON (AP) _ Vanda Pharmaceuticals Inc. (VNDA) on Wednesday reported first-quarter net income of $486,000, after reporting a loss in the same period a year earlier.
On a per-share basis, the Washington-based company said it had net income of 1 cent.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 1 cent per share.
The biopharmaceutical company posted revenue of $58 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $57.5 million.
Vanda expects full-year revenue in the range of $240 million to $260 million.
Vanda shares have decreased 29% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.69, a drop of 29% in the last 12 months.