EMERYVILLE, Calif. (AP) _ Zogenix Inc. (ZGNX) on Tuesday reported a loss of $25.8 million in its first quarter.
The Emeryville, California-based company said it had a loss of 54 cents per share. Losses, adjusted for non-recurring gains, came to 70 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $1.08 per share.
The drugmaker posted revenue of $1.2 million in the period.
Zogenix shares have fallen 49% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.65, a decrease of 30% in the last 12 months.