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Arcadia Biosciences Q1 loss narrows YOY

Arcadia Biosciences Inc. said its normalized net income for the first quarter was a loss of $1.44 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.40 per share.

The per-share loss narrowed 95.7% year over year from $33.57.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.2 million, compared with a loss of $3.5 million in the year-earlier period.

Total revenue rose year over year to $852,000 from $815,000, and total operating expenses grew 27.8% on an annual basis to $5.8 million from $4.5 million.

Reported net income totaled a loss of $5.2 million, or a loss of $2.35 per share, compared to a loss of $7.7 million, or a loss of $74.15 per share, in the prior-year period.