Gross ophthalmology-related revenue of $4.9M, up over 60% year-over-year.
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| [14-November-2017] |
| SAN DIEGO, Nov. 14, 2017 /PRNewswire/ --Imprimis Pharma (NASDAQ: IMMY), an ophthalmology-focused pharmaceutical company, today reported financial results for the third quarter 2017. Third Quarter 2017 and Recent Financial Highlights:
Mark L. Baum, CEO of Imprimis stated, “We continued to narrow our Adjusted EBITDA loss on a quarter-over-quarter basis, even with the third quarter historically being our slowest from a revenue standpoint. We expect the narrowing of our Adjusted EBITDA loss to continue going forward and to reach profitability in the near future. We now estimate only 19% growth is needed from our sales levels during the month of October to reach break-even. I believe this is attainable based on our historical revenue growth of 19% between the third and fourth quarters last year. Adding to our opportunity to reach profitability in the near term is the momentum we see in our Simple Drops program, the launch of our new cyclosporine-based Dry Eye Disease formulations and the record number of new account leads we have following the most successful American Academy of Ophthalmology meeting in our company’s history.” Baum concluded, “We continue to focus on our ophthalmology business, making our formulary more compelling and investing in production efficiency, inventory management and other systems that will serve us well over the longer term. Also, growth from our expanding ophthalmology surgical offerings and momentum from our new glaucoma and dry eye formulations, support my belief that we are at the beginning of what should be a multi-year growth cycle.” Recent Commercialization and Corporate Developments
Current Studies of Imprimis Ophthalmic Formulations:
Financial Summary: Selected highlights regarding operating results for the three and nine months ended September 30, 2017 and for the same periods in 2016 are as follows (in thousands, except per share data): For the three months For the three months ended September 30, 2017 ended September 30, 2016 ------------------------ ------------------------ Total Revenues $6,483 $4,861 -------------- ------ ------ Cost of Sales (3,403) (2,339) ------------- ------ ------ Gross Profit 3,080 2,522 ------------ ----- ----- Selling & Marketing Expenses (1,288) (1,797) ---------------------------- ------ ------ General & Administrative Expenses (4,493) (5,018) --------------------------------- ------ ------ Research & Development Expenses (63) (16) ------------------------------- --- --- Other Income (Expense), net (2,928) 459 --------------------------- ------ --- Net (Loss) $(5,692) $(3,850) --------- ------- ------- Net (Loss) per Common Share, Basic and Diluted $(0.28) $(0.29) ---------------------------------------------- ------ ------ For the nine months ended For the nine months ended September 30, 2017 September 30, 2016 ------------------ ------------------ Total Revenues $19,437 $14,149 -------------- ------- ------- Cost of Sales (10,048) (6,760) ------------- ------- ------ Gross Profit 9,389 7,389 ------------ ----- ----- Selling & Marketing Expenses (5,727) (5,967) ---------------------------- ------ ------ General & Administrative Expenses (13,350) (13,355) --------------------------------- ------- ------- Research & Development Expenses (324) (138) ------------------------------- ---- ---- Other Income (Expense), net 798 (914) --------------------------- --- ---- Net Loss $(9,214) $(12,985) -------- ------- -------- Net Loss per Common Share $(0.47) $(1.05) ------------------------- ------ ------ Adjusted EBITDA In addition to the company’s results of operations determined in accordance with U.S. generally accepted accounting principles (GAAP), which are presented and discussed above, management also utilizes adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with GAAP, to evaluate the company’s financial results and performance and to plan and forecast future periods. Adjusted EBITDA is considered a “non-GAAP” financial measure within the meaning of Regulation G promulgated by the SEC. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of the company’s operations that, when viewed with GAAP results, provides a more complete understanding of the company’s results of operations and the factors and trends affecting its business. Management believes adjusted EBITDA provides meaningful supplemental information regarding the company’s performance because (i) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the company’s core operating performance and that may obscure trends in the company’s core operating performance; and (iii) it is used by institutional investors and the analyst community to help analyze the company’s results. However, adjusted EBITDA and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the company and the manner in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the company’s competitors. The company defines adjusted EBITDA as net income (loss) excluding the effects of interest, taxes, depreciation, amortization, stock-based compensation, other income (expense) and, if any and when specified, other non-recurring income or expense items. The company believes that the most directly comparable GAAP financial measure to adjusted EBITDA is net loss. Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net loss as a measure of operating performance or to net cash provided by (used in) operating, investing or financing activities as a measure of ability to meet cash needs The following is a reconciliation of adjusted EBITDA, a non-GAAP measure to the most comparable GAAP measure, net loss, for the three months ended September 30, 2017 (in thousands): For the three months ended September 30, 2017 ------------------ Net Loss $(5,692) -------- ------- Stock-based compensation 648 ------------------------ --- Interest expense, net 793 --------------------- --- Taxes (28) ----- --- Depreciation 382 ------------ --- Amortization of intangible assets 91 --------------------------------- --- Early extinguishment of debt 884 ---------------------------- --- Investment loss from Eton Pharmaceuticals 1,237 ----------------------------------------- ----- Other expenses/loss 42 --------------------- --- Adjusted EBITDA $(1,643) --------------- ------- Conference Call and Webcast The company’s management team will host a conference call and audio-only webcast today at 4:15 p.m. EST (1:15 p.m. PST) to discuss the financial results and recent developments. To participate in the call, dial (877) 407-8035 for domestic callers or (201) 689-8035 for international callers. To listen to the webcast, please click here or visit the investor relations section of the Imprimis website at www.ImprimisRx.com. A replay of the call will be available until December 14, 2017. To access the replay, dial (877) 481-4010 domestically or (919) 882-2331 internationally and reference Conference ID: 22220. The webcast replay will be available until February 14, 2018. About Imprimis Pharmaceuticals Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) is a pharmaceutical company that produces and dispenses high quality innovative medications in all 50 states. Imprimis is dedicated to patient access and affordability to many critical medicines. Headquartered in San Diego, California, Imprimis produces and dispenses from both California and New Jersey. Imprimis is the largest shareholder of Eton Pharmaceuticals, Inc. (www.etonpharma.com), a company it spun out in 2017. For more information about Imprimis, please visit the corporate website at www.ImprimisRx.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward looking statements.” Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include our ability to make commercially available our compounded formulations and technologies in a timely manner or at all; physician interest in prescribing our formulations; risks related to our compounding pharmacy operations; our ability to enter into other strategic alliances, including arrangements with pharmacies, physicians and healthcare organizations for the development and distribution of our formulations; our ability to obtain intellectual property protection for our assets; our ability to accurately estimate our expenses and cash burn, and raise additional funds when necessary; risks related to research and development activities; the projected size of the potential market for our technologies and formulations; unexpected new data, safety and technical issues; regulatory and market developments impacting compounding pharmacies, outsourcing facilities and the pharmaceutical industry; competition; and market conditions. These and additional risks and uncertainties are more fully described in Imprimis’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Such documents may be read free of charge on the SEC’s web site at www.sec.gov. Undue reliance should not be placed on forward looking statements, which speak only as of the date they are made. Except as required by law, Imprimis undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Other than drugs compounded at a registered outsourcing facility, all Imprimis compounded formulations may only be prescribed pursuant to a physician prescription for an individually identified patient consistent with federal and state laws. Investor Contact Media Contact
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Company Codes: NASDAQ-SMALL:IMMY |
