Imprimis Announces Third Quarter 2015 Financial Results And Provides Business Update

SAN DIEGO, Nov. 12, 2015 /PRNewswire/ -- Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a specialty pharmaceutical company focused on the development and commercialization of proprietary compounded drug therapies, today announced its financial results for the third quarter ended September 30, 2015.  Management will discuss the company's financial results and recent business updates on a conference call this afternoon at 4:30 p.m. EST.

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Key Third Quarter 2015 Accomplishments and Recent Developments

Financial Highlights

  • Total revenues reported for the third quarter 2015 were $2.7 million, a 508% increase compared to $0.4 million reported for the same period of 2014, and a 36% increase compared to revenues of $1.97 million in the second quarter 2015.  Year-to-date revenues ended September 30, 2015, totaled $6.2 million, representing an over 460% increase compared to $1.1 million for the same nine-month period of 2014.  
  • Adjusted EBITDA was $(2.4) million, or approximately $(0.25) per share of common stock, for the third quarter compared to $(1.9) million, or approximately $(0.21) per share of common stock, for the same period a year ago.     
  • Sales of the company's proprietary Tri-Moxi and Tri-Moxi-Vanc compounded injectable formulations for the third quarter 2015 were $594,000, an increase of over 300% compared to the same quarter a year ago. 
  • Third quarter 2015 sales for the company's combination topical eye drop formulations totaled $263,000, nearly triple the revenue reported for second quarter 2015.  
  • Sales of HLA compounded formulations in the third quarter were $518,000 an increase of over 140% compared to $215,000 for the second quarter 2015.
  • Gross margins increased to 55% for the third quarter in 2015 compared to 46% for the same period last year.  The increase was primarily attributable to ongoing implementation of pharmacy efficiencies and increased sales of the company's proprietary compounded formulations. 

Commercialization and Corporate Developments 

  • Announced the "Analysis of the Economic Impacts of Dropless Cataract Therapy on Medicare, Medicaid, State Governments, and Patient Costs" economic study conducted by researchers at Andrew Chang & Co, LLC demonstrating that our Dropless Therapy could provide savings to Medicare, Medicaid and patients of up to $13 billion.  The economic study, co-sponsored by a grant from Cataract Surgeons for Improved Eyecare, was conducted assuming the cost of Dropless Therapy at $100 per dose.
  • Over 400 ophthalmologist are now prescribing our Dropless formulations and since its launch in April 2014, Dropless formulations have been administered in over 100,000 eye surgeries, primarily cataract surgeries. 
  • Introduced the combination pyrimethamine and leucovorin formulation for physicians to consider prescribing for their patients as a low cost alternative to Daraprim®.  Turing Pharmaceuticals LLC, the sole supplier of Daraprim, increased the price of Daraprim® from $13.50 to $750.00 per tablet.  Imprimis is offering customizable compounded formulations of its pyrimethamine and leucovorin in oral capsules starting as low as $0.99 per tablet. 

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