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Tuesday, Apr 23, 2024

MannKind, BlackLine Report Quarterly Results

MannKind Corp. beat Wall Street estimates on earnings but missed on revenue for the third quarter. The Westlake Village drug developer reported on Thursday a net loss of $24.2 million (-16 cents a share) on revenue of $4.5 million for the quarter ending Sept. 30. That compares to a net loss of $32.9 million (-31 cents) on revenue of $2 million in the same period a year earlier. The one analyst following the company estimated earnings of -18 cents on revenue of $5.3 million, according to Thomson Financial Network. During the quarter, sales of its inhalable insulin Afrezza reached $4.4 million, a 121 percent increase from the $2 million in revenue from the third quarter of last year. Shares in MannKind (MNKD) closed up 9 cents, or nearly 5 percent, to $1.92 on the Nasdaq. BlackLine Inc. beat Wall Street expectation on revenue in the third quarter. The Woodland Hills accounting software developer reported on Thursday adjusted net income of $4.1 million (7 cents a share) on revenue of $58.7 million for the quarter ending Sept. 30. That compares with adjusted net income of $286,000 (1 cent) on revenue of $45.4 million in the same period a year earlier. Analysts on average expected revenue of $57.7 million, according to Thomson Financial Network. No earnings average was given. “We continue to see strong demand globally and a large and growing market opportunity ahead of us as companies across all industries increasingly look to modernize, automate and transform their businesses,” Chief Executive Therese Tucker said in a statement. Shares in BlackLine (BL) closed up 63 cents, or more than 1 percent, to $47.01 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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