NEWARK, Calif., Nov. 5, 2014 /PRNewswire/ -- Depomed, Inc. (Nasdaq: DEPO) today reported financial results and highlighted operational achievements for the quarter ended September 30, 2014.
“We exceeded $30M in quarterly product sales for the first time, representing an 88% increase over the same quarter last year, and driven by growth from Gralise, Cambia and Lazanda,” said Jim Schoeneck, President and Chief Executive Officer of Depomed. “We continue to demonstrate our ability to integrate product acquisitions that fit our strategic focus in pain and neurology and contribute significantly to revenue growth.
“In addition, our court wins validate our intellectual property and the innovative nature of our products. We now expect market exclusivity for Gralise until 2024,” Schoeneck added. “Plus, our recent $345 million convertible note offering arms us with over a half billion dollars in cash and equivalents to pursue additional high growth opportunities that fit our strategy. With the progress we’ve made in 2014 and the new additions to our management team, we believe that Depomed is poised for further breakout in 2015 and beyond.”
Third Quarter Financial and Company Highlights
- Record quarterly product sales of $30.6 million increased 88% compared to $16.3 million for the third quarter of 2013; total revenue of $51.5 million
- Two favorable verdicts in U.S. Federal District Court:
- In Gralise ANDA litigation vs. Actavis, all claims and counterclaims found in favor of Depomed; expected generic entry now in 2024
- Gralise Orphan Drug Exclusivity ruling in Depomed’s favor vs. FDA
- Successfully completed upsized $345 million seven-year convertible note offering (2.5% coupon/37.5% conversion premium/5 year call feature)
- Quarterly net income of $6.5 million, or $0.11 earnings per share
- Quarterly non-GAAP adjusted earnings of $2.1 million, or $0.03 per share
- Cash and marketable securities of $560 million as of September 30, 2014; available to fund future acquisitions
- Added two experienced senior executives Srini Rao, M.D., Ph.D. as Chief Medical Officer and Scott Shively as Chief Commercial Officer
- Depomed added to S&P 600 Small Cap Index
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