InSite Vision (ISV) Reports Second Quarter 2014 Financial Results
8/14/2014 8:21:03 AM
ALAMEDA, Calif.--(BUSINESS WIRE)--InSite Vision Incorporated (OTCBB:INSV) today reported financial results for the quarter ended June 30, 2014. Revenues for the second quarter of 2014 were $6.3 million compared to $19.2 million for the same period in 2013. In the second quarter of 2014, revenues included a $6.0 million payment for the amendment to the Akorn License and royalties for net sales of AzaSite of $0.3 million. In the second quarter of 2013, revenues included $14.5 million for the sale of Besivance royalty rights and royalties for net sales of AzaSite of $4.7 million. Net income for the second quarter of 2014 was $37.1 million, or $0.28 per share, compared to net income of $12.1 million, or $0.09 per share, in the second quarter of 2013. In the second quarter of 2014, InSite recorded a gain of $36.0 million on the extinguishment of the AzaSite Notes.
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