Luna reports loss on legal fees, reorganizations
- November 13, 2009
Luna Innovations Inc. reported a $2 million loss for the third quarter on faced reorganization and legal costs.
The Roanoke-based company paid $900,000 in costs associated with bankruptcy reorganization and $700,000 for legal fees over a lawsuit from Hansen Medical Inc. Earlier this year, a California jury said Luna must pay Hansen $36.3 million for stealing trade secrets. The companies are trying to come to an agreement.
Without these costs, the company would have decreased its operating expenses by $1 million from the third quarter last year and the operating loss would have improved compared with last years. The company had a loss of $0.5 million during the same quarter last year.
“I am pleased with our continued improvement in the financial results of our core operations and our progress in developing and launching new products,” Kent Murphy, Luna chairman and CEO, said in a statement.
The pharmaceutical company reported revenues of $8.9 million for the quarter, compared with $10.7 million during third quarter 2008.