WASHINGTON (AP) _ Vanda Pharmaceuticals Inc. (VNDA) on Wednesday reported first-quarter net income of $3.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Washington-based company said it had profit of 6 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 14 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The biopharmaceutical company posted revenue of $43.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $43.4 million.
Vanda expects full-year revenue in the range of $180 million to $200 million.
Vanda shares have declined 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.95, a decrease of 6 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 VNDA at https://www.zacks.com/ap/VNDA