Shares of Organovo (ONVO) jumped in after hours trading after the company reported better than expected results for the fourth quarter and provided an outlook for fiscal 2017.

WHAT'S NEW: After the market close on Thursday, Organovo reported a Q4 loss per share of 9c on revenue of $500,000, beating estimates for a loss of 11c on revenue of $300,000. The company also gave an outlook for fiscal 2017, guiding for yearly revenue in the range of $4M-$5M and net cash utilization of $32.5M-$36.5M. Analysts expect the company to report FY17 revenue of $6.05M.

WHAT'S NOTABLE: Commenting on the quarter, Organovo Chief Executive Keith Murphy said the company is focused on some "key objectives" heading into FY17, such as "accelerated liver tissue revenue growth, initiation of commercial contracting for our kidney product, advancement of our skin model with L'Oreal (LRLCY) and sharing preliminary results from our work with multiple tissue types in the therapeutic tissues space." Murphy noted that the company is moving from functional validation to a customer "early-access" program for its kidney product, and is seeing "strong interest from about a dozen potential customers" ahead of expected commercial contracting initiation in Q3.

PRICE ACTION: In after hours trading, Organovo climbed 4.9% to $3.00.