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Pernix (PTX) Reports Third Quarter 2016 Financial Results And Provides Business Update

11/11/2016 11:09:46 AM

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Net Revenue Increased 13% Sequentially Over Second Quarter 2016

Prescription Volumes Grew Sequentially and Year-Over-Year for All Three Core Brands, Treximet®, Zohydro ER® with BeadTek and Silenor®

MORRISTOWN, N.J., Nov. 10, 2016 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) (“Pernix” or the “Company”), a specialty pharmaceutical company, today announced financial results for the three and nine months ended September 30, 2016.

Third Quarter 2016 Financial and Product Highlights:

  • Net Revenues were $41.5 million, an increase of 13% over the second quarter and a decrease of 15% compared to the same period in the prior year.
  • Prescription volumes grew sequentially and year-over-year for all three core brands, Treximet, Zohydro ER with BeadTek, and Silenor.
  • Gross Margin was 73.9%, an improvement of 710 basis points over the second quarter 2016 and a decrease of 130 basis points over the same prior year period.
  • Net loss was $26.4 million for the three months ended September 30, 2016, as compared to $31.1 million for the three months ended June 30, 2016 and $10.7 million for the prior year period.
  • Adjusted EBITDA improved to $8.4 million as compared with ($1.4 million) in the second quarter 2016 and decreased $0.3 million from the prior year period.

Business Update:

  • Solid increases in prescription volumes in the third quarter due to continued momentum and focused efforts on highest volume prescribers
    • Treximet TRx up 4% sequentially and 2% year-over-year
    • Zohydro ER TRx up 5% sequentially and 16% year-over-year
    • Silenor TRx up 0.3% sequentially and 7% year-over-year
  • Began distributing Treximet pediatric dose for patients age 12 and older
    • Provides important therapeutic option to pediatric migraine sufferers
  • Issued two new Orange Book patents for Zohydro ER® with BeadTekTM strengthening intellectual property protection through 2033
    • Company has 6 Orange Book listed patents valid through 2033 broadly directed to methods of dosing patients with mild or moderate hepatic impairment with hydrocodone
  • Initiated new clinical development efforts to strengthen abuse-deterrent characteristics of Zohydro ER
    • Focused on the development of a next-generation version of Zohydro ER
  • Implemented a 1-for-10 reverse stock split effective on October 14th in order to raise the per share trading price of the Company’s common stock and comply with NASDAQ continued listing requirements
  • Announced the appointment of Graham G. Miao, Ph.D. and Dennis H. Langer, M.D., J.D. to the Company’s Board of Directors on November 7, 2016, effective immediately. Accordingly, Pernix regained compliance with NASDAQ Listing Rule 5605(c)(2)(A), which requires Pernix to have at least three independent directors on its Audit Committee for continued listing on The NASDAQ Global Market

“We are encouraged with the progress of our turnaround efforts, especially the reorganization of our salesforce, which we expect will increase the efficiency of our company, drive us toward profitability and position us well for future growth,” said John Sedor, Chairman and Chief Executive Officer of Pernix Therapeutics Holdings.  “Importantly, in the face of the workforce reductions, sales force reorganization and efforts to improve our operating efficiency, we are seeing solid increases in prescription trends across each of our core brands, Treximet, Zohydro ER and Silenor.  In addition, our prescription fulfillment program, Pernix Prescriptions Direct, continues to gain increased traction as more patients utilize this program.”

“We are pleased to have returned to positive Adjusted EBITDA for the first time since the fourth quarter of 2015, having delivered Adjusted EBITDA of $8.4 million in the third quarter, a solid increase over the second quarter of 2016,” said Graham Miao, President and Chief Financial Officer.  “We continue to focus on improving our financial flexibility and strengthening our balance sheet.  We are actively exploring options to improve operating cash flow generation through the optimization of our product portfolio and cost structure.  Along with our financial advisors, we are engaging with lenders to proactively restructure existing debt in a constructive manner that we believe will ultimately benefit all stakeholders.”

Three Months Ended September 30, 2016 vs. Three Months Ended June 30, 2016

For the three months ended September 30, 2016, net revenues were $41.5 million compared to $36.7 million for the three months ended June 30, 2016, an increase of 13%.  A summary of net revenues is outlined below (US dollars in millions):

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