In what is quickly becoming a quarterly tradition, Dendreon announces earnings results and shares get pounded. Sometimes the numbers speak for themselves, and other times the real damage to investors comes from the conference call. The second quarter was a little bit of column A and a little bit of column B.

Sales increased for the quarter 8% to $73 million, but unfortunately that came in at the low end of the guidance. And that growth is after the first quarter's disastrous $68 million performance. Losses decreased to $0.45 sequentially, but the company acknowledged that it won't hit its guidance target for year-over-year annual growth and refused to give additional guidance.

In this video, health-care analyst David Williamson discusses these results and key conference-call takeaways for investors in Dendreon, why they should be concerned about increasing competition, and why time is not on their side.