Vical Q4 Loss Narrows, Beats Estimates

(RTTNews) - Vical Inc. (VICL), a developer of infectious disease vaccines, Wednesday reported a narrower fourth-quarter loss, which reflected growth in revenue and fall in expenses. Loss also topped analysts' estimates.

For the fourth quarter ended December, net loss narrowed to $2.19 million, or $0.03 per share, from a loss of $7.55 million, or $0.09 per share, a year earlier.

On average, four analysts polled by Thomson-Reuters estimated the company's loss to be $0.09 for the quarter. Analysts' estimates typically exclude one-time items.

Operating expenses fell to $5.37 million from $9.89 million last year and the loss from operations narrowed to $2.22 million from $7.58 a year ago.

Revenues for the 3-month period grew to $3.14 million from $2.32 million a year earlier. Analysts had expected the company to report revenues of $1.54 million for the quarter.

For full year, 2013, the company reported revenues of $7.72 million compared with $17.52 million in 2012. The company attributed the fall in revenues to lower payments from Astellas Pharma Inc. under an exclusive license of Vical's vaccine ASP0113.

Yearly net loss widened to $31.24 million or $0.36 per share, from the loss of $22.89 million or $0.27 per share, last year.