Arcadia Biosciences Inc. said its normalized net income for the third quarter was a loss of $1.17 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.40 per share.
The per-share loss decreased 13.1% year over year from $1.35.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.6 million, compared with a loss of $2.9 million in the year-earlier period.
The normalized profit margin fell to negative 242.3% from negative 161.7% in the year-earlier period.
Total revenue fell 41.0% year over year to $1.1 million from $1.8 million, and total operating expenses decreased 17.4% on an annual basis to $5.0 million from $6.1 million.
Reported net income came to a loss of $4.2 million, or a loss of $1.88 per share, compared to a loss of $4.6 million, or a loss of $2.12 per share, in the year-earlier period.