Shares of Finisar Corp. (FNSR, Financial) fell almost 2% on Friday after announcing fourth-quarter results on Thursday. The company posted earnings of 27 cents per share on $310.09 million in revenue, reflecting flat growth from the prior-year quarter. The company's earnings beat estimates by 1 cent and revenue was $14.26 million short of expectations.
For full fiscal 2019, the net loss was $53.2 million, or 45 cents per share, compared with a net loss of $48.3 million, or 42 cents per share, in fiscal 2018.
Cost of revenues during the quarter was 70%, or $218.5 million, while the gross profit was $87.3 million higher than previous quarter. The gross margin was 28.2% compared with 20.2% in the year-ago quarter.
Moreover, total operating expenses rose by $9.3 million to $98.6 million amid higher startup costs.
The company did not provide guidance for the first quarter of fiscal 2020.
Shares of Urovant Sciences Ltd. (UROV, Financial) jumped 6% on Friday after the company announced a fourth-quarter loss of 96 cents per share on Thursday.
“Urovant Sciences achieved key milestones for several clinical programs for vibegron, an investigational beta-3 adrenergic agonist, driving us closer toward the goal of developing a leading specialty urology company,” CEO Keith A. Katkin said. “We were pleased to announce positive topline data from EMPOWUR, our robust Phase 3 trial of vibegron as a treatment for adults with symptoms of overactive bladder, which demonstrated significant clinical efficacy on both co-primary endpoints, as well as all seven key secondary endpoints.”
During the quarter, research and development expenses were $22.9 million and general and administrative expenses were $5.9 million.
Disclosure: The author holds no positions in any stocks mentioned.
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