Business
Cumberland Pharmaceuticals Reports 14% Revenue Growth In The Second Quarter
NASHVILLE, Tenn., Aug. 14, 2019 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Aug. 14, 2019 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology today announced second quarter 2019 financial results with net revenues of $11.6 million, up 14% over the prior year quarter. Year-to-date net revenues were $23.5 million, up 25% from the prior year period. While the GAAP net loss for the second quarter was $(0.5) million, or $(0.04) per share, the Adjusted Earnings for the quarter were $1.6 million or $0.10 per diluted share. As of June 30, 2019, Cumberland had $108 million in total assets, including approximately $30 million in cash and marketable securities.\n\n \nQUARTER HIGHLIGHTS:\nContinued a company-wide strategic review of products, partners, and organizationIncreased sales team and national territories to improve support for acute-care key brands Caldolor®, Vibativ® and Vaprisol® Finalized Vibativ agreements with Hikma Pharmaceuticals LLC for the Middle East, R. Pharma LLC for Russia and the CIS, and Dr. Reddy's Laboratories Ltd for India Provided the U.S. Food and Drug Administration (FDA) with additional data in support of approval submission for a new line of methotrexate products designed for the treatment of patients with arthritis and psoriasis Completed a submission to the FDA in support of an update to our Caldolor approval that included new geriatric, shortened infusion, pediatric, and safety data\"We continued to make progress in the second quarter towards our goal of building a company that offers long-term, sustainable growth,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"We remain in a strong financial position with a solid balance sheet and positive cash flow from operations. The momentum we've generated during the first half of this year has put us on a path for a very strong second half, and we remain optimistic that 2019 will be a standout year for Cumberland.\"\nKEY DEVELOPMENTS:\nMethotrexate\nIn January 2019, the Company received notification from the FDA that the new drug application (NDA) for our new line of methotrexate products is complete and acceptable for filing. Furthermore, the FDA has set September 2019 as the Prescription Drug User Fee (PDUFA) action date for an approval decision.\nIn November 2018, we submitted the NDA for appr...