Continued Revenue Growth
Recent Vtesse Acquisition Bolsters Pipeline
Company Reiterates 2017 Guidance
Company to Host Conference Call Today at 8:30 a.m. EDT
ROCKVILLE, Md., May 03, 2017 (GLOBE NEWSWIRE) -- Sucampo Pharmaceuticals, Inc. (Sucampo) (NASDAQ:SCMP), a global biopharmaceutical company, today reported consolidated financial results for the first quarter ended March 31, 2017.
| Summary of Results | Q1-17 | % Increase over Q1-16 | ||
| Revenue | $56.3M | 19% | ||
| Net Income GAAP | $4.6M | 214% | ||
| EPS GAAP – diluted | $0.10 | 200% | ||
| EBITDA | $18.0M | 26% | ||
| Adjusted Net Income | $13.0M | 33% | ||
| Adjusted EPS – diluted | $0.23 | 0% | ||
| Adjusted EBITDA | $28.0M | 38% | ||
“These results demonstrate a strong start to 2017, highlighted by a continued increase in revenue that demonstrates the strength of our base business,” said Peter Greenleaf, Chairman and Chief Executive Officer of Sucampo. “Our recent acquisition of Vtesse Inc. has provided Sucampo with a late-stage asset with the potential to make an important difference in the lives of those affected by Niemann-Pick Disease Type C1, an orphan disease for which there are currently no approved treatments in the U.S., and to ultimately add value for shareholders. Also, today we are reiterating our confidence in the revised guidance issued following the acquisition of Vtesse, and we believe that our strong cash flows from operations allow for additional, future investment opportunities.”
For the three months ended March 31, 2017, Sucampo reported year-over-year total revenue growth of 19% to $56.3 million. Product sales revenue increased to $34.2 million, representing year-over-year growth of 28%, and product royalty revenue grew 10% year-over-year to $18.4 million.
Sucampo reported GAAP net income of $4.6 million, or $0.10 per diluted share during the first quarter of 2017, compared to a GAAP net loss of $4.1 million, or ($0.10) per diluted share, during the first quarter of 2016.
Sucampo reported adjusted net income (as defined below) of $13.0 million, or $0.23 per diluted share, during the first quarter of 2017, compared to adjusted net income of $9.8 million, or $0.23 per diluted share, during the first quarter of 2016.
Corporate
Acquired Vtesse Inc. (Vtesse), a privately-held rare disease company, for upfront consideration of $200.0 million. Sucampo funded the acquisition through the issuance of 2,782,676 shares of Sucampo Class A common stock and $170.0 million of cash on hand; no external financing was utilized. The acquisition provided Sucampo with VTS-270, currently in a pivotal study for the treatment of Niemann-Pick Disease Type C1 (NPC-1), with results expected in mid-2018. Effective treatment of NPC remains a high unmet need, with no approved products for patients in the U.S. VTS-270 has been granted orphan drug designation in both the U.S. and Europe.
Peter Pfreundschuh, CPA joined Sucampo as Chief Financial Officer. Peter brings to Sucampo more than 25 years of progressive financial and business experience, including roles in commercial leadership, business development and licensing.
- Jones “Woody” Bryan, Ph.D. joined Sucampo as the new Senior Vice President of Business Development and Licensing. Through Woody’s more than 25 years of professional experience, he brings to Sucampo expertise in business development and licensing grounded by previous roles in scientific research and product development.
AMITIZA
