BOSTON, Nov. 10, 2015 /PRNewswire/ -- Juniper Pharmaceuticals, Inc. (Nasdaq: JNP) (“Juniper” or the “Company”), a women’s health therapeutics company, today announced financial results for the three months ended September 30, 2015. Highlights include:
- Total revenues of $11.5 million, driven by a 22% year-over-year increase in CRINONE® (progesterone gel) product sales to Merck KGaA, Darmstadt, Germany, and 35% growth in service revenues;
- Merck KGaA was granted new marketing authorizations for CRINONE® in nine E.U. countries;
- Patient enrollment continues in the Phase 2b clinical study of COL-1077 10% lidocaine gel for acute gynecologic procedure related pain, with data expected in mid-2016;
- Investor Day webcast scheduled for November 11, 2015 at 10:00 a.m. EST, at which Juniper will unveil new development programs utilizing our novel, segmented intra-vaginal ring technology; and,
- Cash increased to $17.4 million at September 30, 2015.
“Our core business continues to deliver in 2015, with strong year-over-year product and service revenue growth in the third quarter,” stated Frank Condella, Chief Executive Officer. “Continued execution in this area of our business is important, as it provides cashflow to support the advancement of proprietary therapeutic drug candidates. We look forward to updating investors on our women’s health product pipeline, including COL-1077 and new development programs utilizing our novel, segmented intra-vaginal ring technology, at our Investor Day tomorrow.”
Third Quarter Financial Results
Third quarter product revenues increased 22% to $7.2 million, compared with $5.9 million in the prior year period. The $1.3 million increase reflects continued in-market demand for CRINONE®, combined with entry into new markets, by Merck KGaA.
Third quarter service revenues increased 35% year-over-year to $3.2 million, primarily due to higher customer demand across the Company’s service offering. On a local currency basis, third quarter service revenues increased 46% year-over-year.
Royalty revenues were $1.0 million in the quarter, compared with $3.3 million in the prior year period. The decrease largely reflects a $2.2 million one-time benefit from the monetization of intellectual property in the third quarter of 2014.
As a result, total revenues were $11.5 million for the quarters ended September 30, 2015 and 2014. Excluding the aforementioned $2.2 million one-time benefit, third quarter 2015 revenues increased 23% year-over-year.
Gross profit was $5.0 million in the third quarter of 2015, as compared to $6.4 million in the prior year period. Gross profit as a percentage of total revenues was 44%, compared with 56% in the prior year quarter. Excluding the one-time $2.2 million benefit, the third quarter 2014 gross profit percentage would be 45%.
Total operating expenses were $4.2 million in the third quarter of 2015, compared to $2.9 million in the prior year period. The increase was largely driven by $1.6 million of research and development (“R&D”) costs during the quarter, which were primarily associated with the Phase 2b study of COL-1077 that was initiated in May 2015.
Operating income was $0.9 million in the third quarter of 2015, compared with $3.6 million in the year-ago period, which included the one-time $2.2 million benefit.
Net income was $1.0 million, or $0.09 per basic and diluted share, for the third quarter of 2015, compared with $3.7 million, or $0.35 per basic and diluted share, in the prior year quarter.
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