MENLO PARK, Calif. (AFX) - Medical device maker Conor Medsystems Inc. reported a smaller second-quarter loss on Monday, as European sales grew for its CoStar stent.
The company's quarterly loss narrowed to $11.6 million, or 34 cents per share, from $11.8 million, or 36 cents per share, last year. Product sales grew to $11.3 million from $288,000.
Wall Street had expected a wider loss of 47 cents per share on sales of $6.8 million, according to a Thomson Financial poll.
Chairman and Chief Executive Frank Litvack said the company was pleased with sales growth of its CoStar stent, which received European marketing clearance in February. The stent is not available for sale in the United States.
During the quarter, the company's research and development expenses doubled to $13 million from $6.5 million, mostly due to increased headcount, expenses for clinical trials and stock-based compensation expenses.
Conor Medsystems also said Monday it will sell 3 million shares of newly issued stock in a public offering. A selling stockholder also plans to grant the underwriters an option to purchase up to 450,000 additional shares to cover any over-allotments.
Conor Medsystems shares rose 51 cents, or 2.1 percent, to $24.98 in after-hours trading on the INET electronic exchange. They had closed earlier down 83 cents, or 3.3 percent, at $24.47 on the Nasdaq. Shares have traded between $15.81 and $30.42 over the past 52 weeks.
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