Arcadia Biosciences Inc. said its fourth-quarter normalized net income came to a loss of $1.06 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.40 per share.

The per-share loss narrowed 61.9% year over year from $2.78.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.3 million, compared with a loss of $287,500 in the prior-year period.

The normalized profit margin fell to negative 173.6% from negative 10.3% in the year-earlier period.

Total revenue declined 51.9% on an annual basis to $1.3 million from $2.8 million, and total operating expenses rose 85.0% on an annual basis to $5.4 million from $2.9 million.

Reported net income came to a loss of $3.9 million, or a loss of $1.75 per share, compared to a loss of $3.6 million, or a loss of $35.15 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $7.90 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of $9.33.

EPS was a loss of $100.52 in the prior year.

Normalized net income was a loss of $11.3 million, compared with a loss of $10.4 million in the prior year.

Full-year total revenue declined 22.5% year over year to $5.4 million from $7.0 million, and total operating expenses increased on an annual basis to $21.0 million from $20.6 million.

The company said reported net income came to a loss of $20.7 million, or a loss of $14.52 per share, in the full year, compared with a loss of $22.1 million, or a loss of $214.21 per share, the prior year.