Shares of Organovo fall after it narrows fiscal 2018 guidance

The San Diego company, which develops 3D human tissue models, also missed fiscal 3Q revenue estimates
A picture of a liver
Organovo shares plunged 8.6% after hours as it again missed expectations

Shares of Organovo Holdings Inc. (NASDAQ:ONVO) dipped Thursday in extended trade after the San Diego company reported fiscal third-quarter earnings that missed revenue estimates.

Organovo shares lost 8.6% to US$1.80 after hours.

Organovo reported a third-quarter December 2017 loss of US$0.07 per share on revenue of US$1.2mln. The consensus estimate was a loss of US$0.10 per share on revenue of US$1.32mln.

In the same quarter last year, Organovo announced an EPS loss of US$0.10 on revenue of US$812,000.

The company said it expects fiscal 2018 revenue of US$4.50mln to US$5.20 mln. The company's previous guidance was a higher revenue band of US$4.50mln to US$6.50mln.

The San Diego company designs and creates functional human tissues using its proprietary 3-D bioprinting technology.

"Our liver therapeutic tissue program continues to make excellent progress in achieving critical regulatory and scientific milestones," said Organovo CEO Taylor J. Crouch.

Organovo’s great promise lies in the fact that its 3D human tissues can be employed in drug discovery, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs.

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