Flexion Therapeutics Inc (NASDAQ:FLXN) reported a double-digit revenue boost in its preliminary fourth-quarter results after the bell Thursday, but the numbers still fell short of Wall Street expectations.
The biotech expects fourth-quarter revenue to total $9.5 million, a 36% jump compared with this year's third quarter, while full-year revenue is expected to be around $22.5 million.
The preliminary guidance fell below analyst estimates of fourth-quarter revenue of $10.2 million and full-year revenue of $23.1 million, as per a MarketWatch report.
Shares of the Massachusetts-based company dipped more than 5% to $11.70 in Thursday after-hours trading.
The pharmaceutical company specializes in the treatment of musculoskeletal conditions, including osteoarthritis.
Its product, Zilretta, is an injection intended to manage osteoarthritis pain in the knee.
“Each year, roughly five million people in the U.S. receive intra-articular injections for osteoarthritis knee pain, and we believe ZILRETTA will play an increasingly significant role in the treatment paradigm for this large and growing patient population,” said CEO Michael Clayman.
Flexion’s initial product revenue guidance for Zilretta is between $65 million to $80 million, below analyst expectations of $97.8 million.
“We now enter 2019 with a product-specific J code (J3304), which we believe will be a key driver of continued ramp, as it provides prescribers with a well-known and clearly defined reimbursement mechanism that is utilized by both Medicare and private payers,” noted Clayman.
The company announced earlier this week it enrolled its first patient in a Phase 3 clinical trial of Zilretta.
--Contact Lenore Fedow at [email protected]