Juniper Pharmaceuticals Reports First Quarter 2018 Financial and Operating Results

Published: May 10, 2018

BOSTON, May 10, 2018 /PRNewswire/ -- Juniper Pharmaceuticals (Nasdaq: JNP), a diversified healthcare company with core businesses of its CRINONE® (progesterone gel) franchise and fee-for-service pharmaceutical development and manufacturing business, JPS, today announced financial results for the three-month period ended March 31, 2018. Cash and equivalents were $20.7 million at March 31, 2018 compared to $21.4 million at December 31, 2017.

"We made tremendous progress thus far this year having achieved two important strategic priorities for 2018 aimed at building shareholder value, while also driving strong growth momentum in our core businesses," said Alicia Secor, Chief Executive Officer. "At the beginning of the year, we successfully secured an extension of our supply agreement for CRINONE®, and we expect to realize continued long-term growth in this important core business."

Ms. Secor added, "More recently, we executed on our goal of finding a partner for the development and commercialization of our intravaginal ring (IVR) technology. Our agreement with Daré Bioscience provides for significant milestone payments for each IVR candidate and royalties on any future sales. Our engagement with Rothschild to pursue strategic alternatives is progressing, and in parallel we remain very focused on the growth of our core businesses, JPS and CRINONE®, which are on track to deliver continued double-digit growth for 2018."

First Quarter and Recent Corporate Highlights

  • Announced a 4.5-year extension through 2024 of the CRINONE® supply agreement with Merck KGaA, Darmstadt, Germany.
  • Successfully secured an exclusive, worldwide license agreement with Daré Bioscience for the development and commercialization of the Company's IVR technology platform, including its three preclinical IVR candidates targeting unmet needs in women's health. Under the agreement, Daré Bioscience will be responsible for conducting all research, development and commercial activities for this program.
  • Rothschild continues to act as an independent financial advisor to assist the Company in the exploration of additional strategic alternatives as part of the ongoing effort to enhance shareholder value.
  • Appointed Richard Messina to the Company's Board of Directors. Mr. Messina brings to the Board the perspective of a long-term shareholder.

First Quarter Financial Results

"Growth in our core businesses has continued into 2018 with CRINONE® product revenues up 30% and revenues from JPS up 55% for the quarter ended March 31, 2018 versus the same quarter in 2017," said Jeff Young, Chief Financial Officer at Juniper. "We remain in a solid financial position, expect to continue to deliver double-digit growth in our core businesses, and to be cash flow positive for full year 2018."

First quarter total revenues increased 38% to $15.5 million, compared with $11.2 million for the quarter ended March 31, 2017.

Product revenues were $10.1 million compared to $7.7 million in the first quarter of 2017, driven by continued in-market growth of CRINONE® (progesterone gel) by Merck KGaA, Darmstadt, Germany.

Service revenues from Juniper Pharma Services were $5.5 million, an increase of $1.9 million, versus the first quarter of last year, driven by new and existing customer growth.

Gross profit increased 39% to $6.5 million as compared to $4.7 million in the prior year quarter.

Total operating expenses were $5.5 million in the first quarter of 2018, a $0.7 million decrease as compared to the prior year quarter.

Juniper recorded net income of $0.8 million in the first quarter of 2018, or $0.06 per diluted share, compared to a net loss of $1.4 million, or $0.13 net loss per diluted share, in the same period of 2017.

Liquidity

Cash and cash equivalents were $20.7 million as of March 31, 2018 versus $21.4 million at December 31, 2017.

Conference Call

As previously announced, Juniper's management will hold a conference call to discuss financial results for the first quarter ended March 31, 2018, as follows:

    Date:            May 10, 2018

    Time:            8:30 a.m. ET

    Dial-in numbers:  Toll free: (866) 374-4635 (U.S.), (855) 669-9657
                      (Canada), or International: (412) 902-4218

Webcast (live and archive): www.juniperpharma.com, under "Investors" or click here.

The teleconference replay will be available approximately one hour after completion through Thursday, May 17, 2018, at (877) 344-7529 (U.S.), (855) 669-9658 (Canada) or (412) 317-0088 (International). The replay access code is 10119657.

The archived webcast will be available for one year via the aforementioned URLs.

About Juniper Pharmaceuticals

Juniper Pharmaceuticals, Inc.'s core businesses include its CRINONE® (progesterone gel) franchise and Juniper Pharma Services, which provides high-end fee-for-service pharmaceutical development and clinical trials manufacturing to clients. Please visit www.juniperpharma.com for more information.

Juniper Pharmaceuticals™ is a trademark of Juniper Pharmaceuticals, Inc., in the U.S. and EU.

CRINONE® is a registered trademark of Merck KGaA, Darmstadt, Germany, outside the U.S. and of Allergan plc in the U.S.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the strength of Juniper's business, product candidates and future results and the adaquecy of its current capital position, including the ability to achieve double-digit growth in its core businesses and positive cash flow and the outcome of its partnering for its IVR platform and product candidates and exploration of strategic alternatives for the company. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to: the uncertainty associated with being able to identify, evaluate and complete any strategic alternative, the impact of the announcement of the Company's review of strategic alternatives, as well as any strategic alternative that may be pursued, on the Company's business, including its financial and operating results and its employees and customers, risks associated with the drug development process generally, including the outcomes of clinical trials and the regulatory review process; the risk that the results of previously conducted studies involving our product candidates will not be repeated or observed in ongoing or future studies or following commercial launch, if such product candidates are approved; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Juniper Pharmaceuticals' ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from currently approved therapies and from other companies developing products for similar uses; risk associated with Juniper Pharmaceuticals' ability to manage operating expenses and/or obtain additional funding to support its business activities; and risks associated with Juniper Pharmaceuticals' dependence on third parties, including dependence on its partner to develop and commercialize the Company's IVR technology platform and related preclinical IVR candidates. For a discussion of certain risks and uncertainties associated with Juniper Pharmaceuticals' forward-looking statements, please review the Company's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for the period ended December 31, 2017, its Quarterly Report on From 10-Q for the period ended March 31, 2018 and subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. These statements are based on management's current expectations and Juniper Pharmaceuticals does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law.

Investor Contact:
Argot Partners
Laura Perry or Heather Savelle
212-600-1902
laura@argotpartners.com
heather@argotpartners.com

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                                                   JUNIPER PHARMACEUTICALS, INC.

                                               CONDENSED CONSOLIDATED BALANCE SHEETS

                                                            (Unaudited)

                                                          (In thousands)

                                                                                     March 31,      December 31,
                                                                                               2018                 2017
                                                                                               ----                 ----

    Assets

    Current assets:

    Cash and cash equivalents                                                               $20,685              $21,446

    Accounts receivable, net                                                                  8,737                4,734

    Inventories                                                                               6,318                6,326

    Prepaid expenses and other current assets                                                 2,675                3,467
                                                                                              -----                -----

    Total current assets                                                                     38,415               35,973

    Property and equipment, net                                                              15,880               15,229

    Intangible assets, net                                                                      698                  744

    Goodwill                                                                                  9,473                9,123

    Other assets                                                                                 73                  151

    Total assets                                                                            $64,539              $61,220
                                                                                            =======              =======

    Liabilities and stockholders' equity

    Current liabilities:

    Accounts payable                                                                         $5,079               $4,038

    Accrued expenses and other                                                                3,916                5,615

    Deferred revenue                                                                            635                6,141

    Current portion of long-term debt                                                           572                  546
                                                                                                ---                  ---

    Total current liabilities                                                                10,202               16,340

    Long-term debt, net of current portion                                                    3,232                3,253

    Other non-current liabilities                                                                85                  115
                                                                                                ---                  ---

    Total liabilities                                                                        13,519               19,708
                                                                                             ------               ------


    Total stockholders' equity                                                               51,020               41,512

    Total liabilities and stockholders' equity                                              $64,539              $61,220
                                                                                            =======              =======

 

 

 

                                                                JUNIPER PHARMACEUTICALS, INC.

                                                       CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                         (Unaudited)

                                                            (In thousands, except per share data)

                                                                                                       Three Months Ended
                                                                                                             March 31
                                                                                                           --------

                                                                                                           2018               2017
                                                                                                           ----               ----

    Revenues

    Product revenues                                                                                    $10,074             $7,726

    Service revenues                                                                                      5,450              3,521
                                                                                                          -----              -----

    Total revenues                                                                                       15,524             11,247

    Cost of product revenues                                                                              6,016              4,313

    Cost of service revenues                                                                              3,010              2,243
                                                                                                          -----              -----

    Total cost of revenues                                                                                9,026              6,556

    Gross profit                                                                                          6,498              4,691

    Operating expenses

    Sales and marketing                                                                                     419                379

    Research and development                                                                                974              1,346

    General and administrative                                                                            4,089              4,421
                                                                                                          -----              -----

    Total operating expenses                                                                              5,482              6,146

    Income (loss) from operations                                                                         1,016            (1,455)
                                                                                                          -----             ------

    Interest expense, net                                                                                  (45)              (28)

    Other income, net                                                                                     (199)                42

    Total non-operating income                                                                            (244)                14
                                                                                                           ----                ---

    Income (loss) before income taxes                                                                       772            (1,441)

    Income tax (benefit) expense                                                                              -                 -
                                                                                                            ---               ---

    Net income (loss)                                                                                      $772           $(1,441)

    Basic net income (loss) per common share                                                              $0.07            $(0.13)
                                                                                                          =====             ======

    Diluted net income (loss) per common share                                                            $0.06            $(0.13)
                                                                                                          =====             ======

    Basic weighted average common shares outstanding                                                     10,943             10,803
                                                                                                         ======             ======

    Diluted weighted average common shares outstanding                                                   12,287             10,803
                                                                                                         ======             ======

 

 

 

 

 

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SOURCE Juniper Pharmaceuticals, Inc.

 

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