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WALTHAM, Mass. (AP) — WALTHAM, Mass. (AP) — Ardelyx Inc. (ARDX) on Thursday reported fourth-quarter net income of $10.7 million, after reporting a loss in the same period a year earlier.
The Waltham, Massachusetts-based company said it had profit of 6 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The biotechnology company posted revenue of $44.2 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $27.7 million.
For the year, the company reported that its loss narrowed to $67.2 million, or 42 cents per share. Revenue was reported as $52.2 million.
In the final minutes of trading on Thursday, the company's shares hit $2.89. A year ago, they were trading at 85 cents.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a ARDX">Zacks stock report on ARDX at https://www.zacks.com/ap/ARDX