Business
Cipher reports record financial results for Q2 2013
Revenue increases to $5.5 million ; Company records earnings per share of $0.13 To...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\nRevenue increases to $5.5 million; Company records earnings per share of\n $0.13\n\n\nToronto Stock Exchange Symbol: DND \n\n\n \n\n\nMISSISSAUGA, ON, July 31, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX:\n DND) (\"Cipher\") today announced its financial and operational results\n for the three and six months ended June 30, 2013.\n\n\nQ2 2013 Highlights\n\n\n\nNet revenue increased to $5.5 million, from $1.6 million in Q2 2012.\n\n\nEBITDA of $3.3 million versus $0.4 million in Q2 2012.\n\n\nNet income was $3.1 million, or $0.13 per basic share, compared with net\n income of $0.02 million, or $0.01 per basic share, in Q2 2012.\n\n\nCash balance increased to $17.8 million at quarter end, compared with\n $15.8 million at December 31, 2012 and $16.5 million at March 31, 2013.\n\n\nOut-licensed Latin American distribution rights for CIP-TRAMADOL ER to\n Tecnofarma International Ltd.\n\n\nSubsequent to quarter end, announced the Canadian launch of Epuris™ (isotretinoin) capsules.\n\n\n\n\"The continued strong growth of Absorica™ drove significant gains in our revenue, earnings and cash for the\n second quarter,\" said Larry Andrews, President and CEO of Cipher. \"The\n product was up to 13.1% share of the U.S. isotretinoin market by June,\n from 7.5% at the end of Q11, and the feedback from our marketing partner Ranbaxy has been very\n positive. We launched the product in Canada in late June with our own\n sales force and are pursuing out-licensing agreements in other markets.\n We are also looking at opportunities to expand our product portfolio.\"\n\n\nFinancial Review and Outlook\n\n\nNet revenue for Q2 2013 was $5.5 million, compared with $1.6 million in\n Q2 2012.  The year-over-year increase was mainly driven by the success\n of Absorica™, which contributed $4.2 million of net revenue in Q2 2013 versus $0.3\n million in Q2 2012.  Net revenue from Lipofen® was $0.8 million in Q2 2013, compared with $0.9 million in Q2 2012. Net\n revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q2 2013, compared with $0.4 million in Q2\n 2012.\n\n\nResearch and Development expense in Q2 2013 was $0.3 million, the same\n level as incurred in Q2 2012. Selling, General and Administrative\n (\"SG&A\") expenses for Q2 2013 increased...