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Arcadia Biosciences Q2 loss narrows YOY

Arcadia Biosciences Inc. said its second-quarter normalized net income came to a loss of $2.12 per share, compared with the S&P Capital IQ consensus estimate of a loss of $2.20 per share.

The per-share loss decreased 93.9% year over year from $34.72.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.5 million, compared with a loss of $3.6 million in the year-earlier period.

The normalized profit margin rose to negative 175.9% from negative 273.6% in the year-earlier period.

Total revenue grew 9.6% on an annual basis to $1.4 million from $1.3 million, and total operating expenses fell 21.1% year over year to $5.0 million from $6.3 million.

Reported net income totaled a loss of $4.6 million, or a loss of $3.83 per share, compared to a loss of $6.3 million, or a loss of $61.55 per share, in the prior-year period.