Business
Cipher reports record financial results for Q3 2013
Revenue increases to $5.6 million and earnings per share rise to $0.14   Toro...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nRevenue increases to $5.6 million and earnings per share rise to $0.14  \n\n\nToronto Stock Exchange Symbol: DND\n\n\nMISSISSAUGA,, ON, Oct. 30, 2013 /CNW/ - Cipher Pharmaceuticals Inc.\n (TSX: DND) (\"Cipher\") today announced its financial and operational\n results for the three and nine months ended September 30, 2013.\n\n\nQ3 2013 Highlights\n\n\n\nNet revenue increased to $5.6 million, from $2.1 million in Q3 2012.\n\n\nEBITDA1 of $3.6 million versus $1.0 million in Q3 2012.\n\n\nNet income was $3.4 million, or $0.14 per share, compared with net\n income of $0.08 million, or $0.03 per share, in Q3 2012.\n\n\nCash balance increased to $20.0 million at quarter end, compared with\n $15.8 million at December 31, 2012 and $17.8 million at June 30, 2013.\n\n\nLaunched Epuris™ (isotretinoin) capsules in the Canadian market.\n\n\n\n\"Absorica™ performed well again in the third quarter, with market share increasing\n to 17.3%2 by September from 13.1% in June, resulting in strong increases in our\n revenue, earnings and cash,\" said Larry Andrews, President and CEO of\n Cipher. \"While Epuris™ was only launched recently, feedback from the Canadian dermatology\n community has been very encouraging. With a healthy financial position,\n we continue to pursue growth through product portfolio expansion and\n new out-licensing agreements for our current products in other\n regions.\"\n\n\nFinancial Review \n\n\nNet revenue for Q3 2013 was $5.6 million, compared with $2.1 million in\n Q3 2012.  The year-over-year increase was mainly driven by the success\n of Absorica™, which contributed $4.5 million of net revenue in Q3 2013 versus $0.5\n million in Q3 2012.  Net revenue from Lipofen® was $0.6 million in Q3 2013, compared with $1.3 million in Q3 2012. The\n comparable period in 2012 benefited from $0.4 million in revenue from a\n retroactive increase in Cipher's royalty percentage. Net revenue from\n the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q3 2013, compared with $0.3 million in Q3\n 2012.\n\n\nResearch and Development expense in Q3 2013 was $0.4 million, a slight\n increase over $0.3 million in Q3 2012. Selling, General and\n Administrative (\"SG&A\") expenses for Q3 2013 increased to $1.7 million,\n compared to $0.8...