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Tuesday, Feb 7, 2023
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MannKind Meets Wall Street Estimates

Inhalable-insulin maker MannKind Corp. reported on Tuesday financial results for the fourth quarter in line with analyst estimates. The Valencia biotech, which is rolling out its first commercial product, reported a net loss of $36.4 million (-9 cents a share) for the quarter ended Dec. 31, compared to a loss of $53.6 million (-16 cents) for the same quarter a year ago. The company had no revenue. Analysts on average expected a loss of 9 cents on revenue of $3.1 million, according to Thomson Financial Network. For the full year, the company reported a net loss of $198 million (-51 cents a share) compared to a loss of $191 million (-64 cents) for the previous year. Again, it had no revenue. Analysts on average expected a loss of 48 cents on revenue of $19.4 million, according to Thomson Financial Network. During the quarter, the company released its Afrezza inhalable insulin system for domestic sale. Chief Executive Hakan Edstrom said that research and development costs significantly declined in the quarter as the company moves into the commercialization. Despite heavy trading, shares closed unchanged at $6.72 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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