Veru Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.
The per-share result swung to a loss from the prior-year profit of 4 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $811,380, compared with income of $1.0 million in the prior-year period.
The normalized profit margin fell to negative 18.8% from 18.4% in the year-earlier period.
Total revenue declined 22.4% on an annual basis to $4.3 million from $5.6 million, and total operating expenses climbed 43.8% from the prior-year period to $5.6 million from $3.9 million.
Reported net income totaled a loss of $929,740, or a loss of 3 cents per share, compared to income of $581,080, or 2 cents per share, in the year-earlier period.