Cell Therapeutics Inc. Earnings Cheat Sheet: Loss Widens, Falls Below Estimates

Cell Therapeutics, Inc. (NASDAQ:CTIC) reported its results for the second quarter. Cell Therapeutics develops, acquires, and commercializes novel treatments for cancer.

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Cell Therapeutics Earnings Cheat Sheet for the Second Quarter

Results: Loss widened to $29.7 million (16 cents per diluted share) from $15.6 million (loss of 13 cents per share) in the same quarter a year earlier.

Revenue: The company reported no revenue.

Actual vs. Wall St. Expectations: CTIC fell short of the mean analyst estimate of a loss of 11 cents per share.

Quoting Management: “This has been a very exciting quarter for the Company as we move pixantrone one step closer to potential approval in both the U.S. and E.U.,” noted James A. Bianco, M.D., CEO of Cell Therapeutics, Inc. “We believe the data contained in the resubmitted NDA confirms the confidence in the efficacy endpoints and also addresses the other requests made by the Food and Drug Administration (the “FDA”). With the day 180 responses regarding our MAA expected this quarter along with the expected reporting of final data on the tosedostat phase II study at the American Society of Hematology’s annual meeting, the fourth quarter is shaping up to reflect the solid progress we have made in 2011.”

Key Stats:

The company has now missed analyst estimates for the last four quarters. It fell short by 2 cents in the first quarter, by 24 cents in the fourth quarter of the last fiscal year, and by 12 cents in the third quarter of the last fiscal year.

Looking Forward: The average estimate for the third quarter is steady at 12 cents a share. For the fiscal year, the average estimate has moved from a loss of 69 cents a share to a loss of 61 cents over the last thirty days.

Competitors to Watch: Celgene Corporation (NASDAQ:CELG), Novartis AG (NYSE:NVS), Telik, Inc. (NASDAQ:TELK), Eli Lilly & Co. (NYSE:LLY), Pfizer Inc. (NYSE:PFE), Bristol Myers Squibb Co. (NYSE:BMY), SuperGen, Inc. (NASDAQ:SUPG), Access Pharmaceuticals, Inc. (ACCP), ArQule, Inc. (NASDAQ:ARQL), and NeoPharm, Inc. (NEOL).

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(Source: Xignite Financials)