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Arcadia Biosciences Q1 loss widens 64.8% YOY

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Arcadia Biosciences Q1 loss widens 64.8% YOY

Arcadia Biosciences Inc. said its first-quarter normalized net income was a loss of $33.57 per share, compared with the S&P Capital IQ consensus estimate of a loss of $2.20 per share.

The per-share loss grew 63.3% year over year from $20.56.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.5 million, compared with a loss of $2.1 million in the year-earlier period.

Total revenue declined 40.8% year over year to $815,000 from $1.4 million, and total operating expenses grew 14.3% from the prior-year period to $4.5 million from $4.0 million.

Reported net income totaled a loss of $7.7 million, or a loss of $74.15 per share, compared to a loss of $3.5 million, or a loss of $33.80 per share, in the year-earlier period.