Shares of Artes Medical Inc. rose Monday after the aesthetic drug developer said sales of the wrinkle treatment ArteFill jumped 56 percent in the second quarter.
The stock rose 17 cents, or 11.8 percent, to $1.61. Shares have traded between 74 cents and $8 over the last 52 weeks.
"The strong growth in ArteFill sales during the second quarter reflects the impact of our recently expanded 42-person sales force, our increasing consumer initiatives and a growing acceptance of ArteFill by physicians," said Artes Executive Chairman Christopher J. Reinhard in a statement.
The San Diego-based company reported preliminary second-quarter revenue of $3.2 million from ArteFill. Analysts polled by Thomson Financial projected revenue of $2.8 million.
"We view the announcement as a positive sign that the company is starting to turn around, and perhaps that some parts of the aesthetic market have reached the nadir of growth relative to expectations," wrote Merriman Curhan Ford analyst Jose J. Haresco in a note to investors.
The rest of the aesthetics sector, which includes Santa Barbara, Calif.-based Mentor Corp. and Irvine, Calif.-based Allergan Inc., will likely just meet revenue expectations, he said.
He reaffirmed a "Buy" rating for Artes.
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