Dendreon has had some ugly quarters before. In fact, earnings have generally been a house of pain for investors in the company. Most of the big stock drops seen since launching prostate cancer vaccine Provenge have coincided with disappointing sales results.

In this video, health-care analyst David Williamson, breaks down the company's first-quarter results and looks at how, despite warning investors that sales would decline sequentially, even Dendreon's management appeared disappointed with the performance. Watch and find out what caused sluggish Provenge sales and whether Dendreon has a second life in it.