Categories Earnings, Health Care

Obalon Therapeutics (NASDAQ: OBLN): Q3 2019 Earnings Snapshot

— Obalon Therapeutics (NASDAQ: OBLN) reported a net loss of $0.61 per share for the third quarter of 2019, vs. $2.14 per share loss expected.

— Third-quarter net loss was $3.7 million, compared to a loss of $6.7 million a year earlier

— Revenue decreased to $0.3 million from $3.0 million in the third quarter of 2018, vs. $1.2 million loss expected

— Cost of revenue was $0.4 million, down from $1.4 million in the same period of last year

— Research and development expense declined sharply to $1.2 million from $2.4 million last year

—  Opened the first company-owned retail treatment center, the Obalon Center for Weight Loss

— Raised $16.6 million in gross proceeds from an equity offering

— Promoted William Plovanic to President and CEO; promoted Nooshin Hussainy to CFO

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