Keyword: parnell

Parnell surprised investors with strong revenue growth in the first quarter, as it continues to expand its presence in the high-flying market for companion animal health care.

Parnell surprised investors with strong revenue growth in the first quarter, as it continues to expand its presence in the high-flying market for companion animal health care.

Last year, Aussie transplant Parnell Pharmaceuticals enjoyed strong demand in the U.S. for its products aimed at companion and food animals, driving its sales for the year up 58% to AU$13.2 million ($9.4 million), the company announced Feb. 24. It told investors to expect revenues to grow between 50% and 70% this year to at least $14 million.

Shares of Parnell Pharmaceuticals were up 9% in morning trading to $3.68 on Wednesday, after the company announced that its sales in the third quarter more than doubled to AU$3.6 million ($2.6 million). In the first 9 months of the year, sales grew 55% to AU$8.5 million ($6.1 million) and the company halved its net loss to AU$5.4 million ($3.9 million).

Parnell Pharmaceutical Holdings announced on Wednesday that sales in the last half of 2014 jumped 29% year over year to 3.7 million Australian dollars ($2.9 million). The company's net loss narrowed from AUS $5.1 million ($4 million) to AUS $2.9 million ($2.3 million).