- Cardiome to conduct conference call and webcast today, March 12, at 8:00 a.m. Eastern (5:00 a.m. Pacific)
NASDAQ: CRME TSX: COM
VANCOUVER, March 12, 2015 /CNW/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today reported financial results for its fourth quarter and year ended December 31, 2014. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP).
Financial Results for 2014
Cardiome recorded a net loss of $18.2 million (loss of $1.12 per common share) for the year ended December 31, 2014, compared to net earnings of $4.8 million ($0.37 per common share) for the year ended December 31, 2013.
Revenue for the year ended December 31, 2014 was $30.0 million, an increase of $25.5 million from $4.5 million for the year ended December 31, 2013 primarily due to sales of AGGRASTAT®.
Cost of goods sold for the year ended December 31, 2014 increased to $10.0 million, compared to $0.9 million for the year ended December 31, 2013 primarily due to sales of AGGRASTAT®.
Selling, general and administration (SG&A) expenditures for the year ended December 31, 2014 increased to $33.8 million, compared to $16.4 million for the year ended December 31, 2013. The increase was primarily due to costs associated with the Correvio acquisition and an increase in sales and marketing costs to support the commercialization of BRINAVESSTM and the continued sales of AGGRASTAT®.
Financial Results for the Fourth Quarter of 2014
Cardiome recorded a net loss of $6.5 million (loss of $0.39 per common share) for the fourth quarter of 2014, compared to a net loss of $7.2 million (loss of $0.53 per common share) for the fourth quarter of 2013.
Revenue for the fourth quarter of 2014 was $7.0 million, an increase of $3.1 million from $3.9 million for the fourth quarter of 2013 due primarily to the recognition of a full quarter of AGGRASTAT® sales compared to six weeks in the fourth quarter of 2013.
SG&A expenditures for the fourth quarter of 2014 increased to $9.1 million, compared to $7.3 million for the fourth quarter of 2013 due primarily to costs associated with the Correvio acquisition and costs incurred to support the commercialization of BRINAVESSTM and the continued sales of AGGRASTAT®.
Liquidity and Outstanding Share Capital
At December 31, 2014, Cardiome had cash and cash equivalents of $12.7 million, compared to $11.0 million at December 31, 2013. As of March 11, 2015, Cardiome had 16,682,929 common shares issued and outstanding.
Conference Call
Cardiome will hold a teleconference and webcast on Thursday, March 12, 2015 at 8:00 a.m. Eastern (5:00 a.m. Pacific). To access the conference call, please dial 416-764-8688 or 888-390-0546 and use conference ID 99060774. The webcast can be accessed through Cardiome’s website at www.cardiome.com.
Webcast and telephone replays of the conference call will be available approximately two hours after the completion of the call through April 12, 2015. Please dial 416-764-8677 or 888-390-0541 and enter code 060774# to access the replay.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a specialty pharmaceutical company dedicated to the development and commercialization of cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease. Cardiome has two marketed, in-hospital, cardiology products, BRINAVESS (vernakalant IV), approved in Europe and other territories for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults, and AGGRASTAT® (tirofiban HCl) a reversible GP IIb/IIIa inhibitor indicated for use in patients with acute coronary syndrome.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto Stock Exchange (COM). For more information, please visit our web site at www.cardiome.com.
Forward-Looking Statement Disclaimer
Certain statements in this news release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. Forward- looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2015 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research and development and product and drug development. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many such known risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: general economic and business conditions in the United States, Canada, Europe, and the other regions in which we operate; market demand; technological changes that could impact our existing products or our ability to develop and commercialize future products; competition; existing governmental legislation and regulations and changes in, or the failure to comply with, governmental legislation and regulations; availability of financial reimbursement coverage from governmental and third-party payers for products and related treatments; adverse results or unexpected delays in pre-clinical and clinical product development processes; adverse findings related to the safety and/or efficacy of our products or products; decisions, and the timing of decisions, made by health regulatory agencies regarding approval of our technology and products; the requirement for substantial funding to expand commercialization activities; and any other factors that may affect our performance. In addition, our business is subject to certain operating risks that may cause any results expressed or implied by the forward-looking statements in this presentation to differ materially from our actual results.
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