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Cumberland Pharmaceuticals Reports First Quarter 2023 Financial Results & Company Update
NASHVILLE, Tenn., May 9, 2023 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today announced that the
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., May 9, 2023 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today announced that the Company's product portfolio of FDA-approved brands delivered combined revenues of $9.2 million during the first quarter of 2023. Net income for the period was $0.2 million, or $0.01 a share, resulting in adjusted earnings of $1.7 million, or $0.11 a share. The Company ended the first quarter with $89 million in total assets, $53 million in total liabilities, and $36 million of shareholders' equity.\n\n \n \n \n \n \n \n\n \nCumberland will report its first quarter 2023 financial results and provide a company update via a conference call and live internet webcast today at 4:30 p.m. Eastern Time.\n\"We are pleased to announce a steady start to 2023,\" said Cumberland's CEO, A.J. Kazimi. \"As we continue to navigate through the many issues in our operating environment – supporting our patients and their quality of life is a top priority, as our team remains dedicated to delivering and developing high- quality medicines.\"\nRECENT COMPANY DEVELOPMENTS:\nFederal NOPAIN Act\nIn April 2023, Cumberland announced that it expects its Caldolor® product will be eligible for special Medicare reimbursement under the Non-Opioids Prevent Addiction in the Nation Act (the \"NOPAIN Act\"), which was enacted as part of the Consolidated Appropriations Act of 2023.\nThe NOPAIN Act requires Medicare to provide separate reimbursement for non-opioid products that are used to manage pain during surgeries, conducted in outpatient hospital departments or in ambulatory surgical centers. The NOPAIN Act applies to products that are indicated to provide analgesia without acting upon the body's opioid receptors. As a result, Cumberland expects that the NOPAIN Act will affect Medicare reimbursement for Caldolor, the Company's non-opioid analgesic injection brand.\nFDA Fee Waiver\nIn March 2023, the FDA informed Cumberland that it had granted a barrier-to-innovation waiver, which will result in a refund of nearly $2 million that the Company had previously paid for prescription drug program fees associated with its RediTrex® product line.\nThe FDA granted the barrier-to-innovation waiver after concluding that Cumberland met the statutory criteria, based on the innovation associated with Cumberland's ifetroban cl...