Roivant Q4 Loss Narrows, Better Than View

(RTTNews) - Shares of Roivant Sciences Ltd. (ROIV) are trading down on Wednesday morning after the company posted a narrow loss for the fourth-quarter, better than the Street estimates. In addition, the company's revenue more than doubled, above analysts' projections.

ROIV is trading down by 2.21 percent at $8.85 per share in morning trade on the Nasdaq.

For the fourth-quarter, loss stood at $33.617 million or $0.05 per share, compared with $270.062 million or $0.39 per share in loss of last year's quarter. On average, eight analysts, polled by Thomson Reuters had expected the company to post a loss of $0.36 per share. A narrow loss for the period was helped by a decrease in total operating expenses and income from discontinued operations. Total operating expenses moved down to $261.542 million from last year's $276.026 million.

Income from discontinued operations stood at $114.561 million, compared with zero earnings of previous year quarter.

Revenue was at $27.376 million, higher than $9.223 million of previous year. Analysts, on average, had expected ROIV to post revenue of $21.53 million, for the quarter.