Osiris Therapeutics Inc. said Friday it turned a third-quarter profit, as research and development expenses sank and the company's revenue grew slightly.
The Columbia, Md., company, which develops stem cell therapies, earned $4.5 million, or 14 cents per share, in the three months that ended Sept. 30. That compares to a loss of $6.2 million, or 19 cents per share, in the same quarter last year.
Revenue rose 2 percent to $10.8 million.
Analysts polled by Thomson Reuters expected, on average, earnings of 4 cents per share on about $10.5 million in revenue.
The company's research and development expenses tumbled in the quarter to $5.5 million from $16.2 million, as Osiris completed clinical work tied to some late-stage clinical trials.
Revenues consisted mostly of amortization of license fees from collaboration agreements.