Grant revenue related to its Lymphoseek radiopharmaceutical development efforts helped Neoprobe to an approximate 6% increase in first-quarter revenue. But accounting adjustments contributed to a wider net loss.
For the period (end-March 31), Neoprobe had revenues of $2.8 million, compared with $2.7 million a year ago. Grant revenue offset a modest decrease in gamma detection device revenues.
Neoprobe posted a first-quarter net loss of $4.4 million, compared with a net loss of $2.4 million in the first quarter of 2010. The company partially attributed the net loss to mark-to-market adjustments related to derivative accounting treatment required for certain financial instruments on Neoprobe's balance sheet.
