UPDATE: Zogenix Posts Q4 Loss

Zogenix, Inc. ZGNX reported a loss in the fourth quarter.

The San Diego, California-based company posted a quarterly net loss of $20.5 million, or $0.14 per share, versus a year-ago net loss of $35.6 million, or $0.28 per share. Excluding certain items, non-GAAP net loss for the fourth quarter came in at $0.13 per share, versus a year-ago loss of $0.13 per share.

Its total revenue climbed 50% to $14.9 million, from $9.9 million, in the year-ago quarter. However, analysts were expecting a loss of $0.11 per share on revenue of $12.74 million.

Net product revenue slipped to $5.0 million, from $9.0 million, while service and other revenue gained to $930,000 from $915,000.

Cost of goods sold for the fourth quarter climbed to $9.4 million, versus $7.1 million.

Research and development expenses for the quarter jumped 74% y/y to $6.0 million, while selling, general and administrative expenses gained 31% to $17.7 million for the fourth quarter.

As of December 31, 2014, the company had cash and cash equivalents of $42.2 million.

Ann Rhoads, chief financial officer of Zogenix, said, "Our research and development and selling, general and administrative expenses came in lower than expected for the fourth quarter and full year. We achieved this while also generating positive revenue trends for Zohydro ER."

Pernix Therapeutics PTX reported that it will acquire Zohydro ER franchise from Zogenix for $100 million plus regulatory and sales milestones up to $283.5 million.

Zogenix shares climbed 3.59% to $1.73 in the after-hours trading session.