Business
Cumberland Pharmaceuticals Reports Second Quarter 2020 Financial Results & Company Update
NASHVILLE, Tenn., Aug. 11, 2020 /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. 11, 2020 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today provided a company update and announced second quarter 2020 financial results. Net revenues from continuing operations during the quarter were $9.6 million. Combined revenues from continued and discontinued operations were $10.3 million, as the company recorded an additional $750,000 in revenue in the second quarter associated with divested product rights.\n\n \n \n \n \n \n \n\n \nThe Company's financial position included $98 million in total assets, $49 million of total liabilities, and over $48 million of shareholders' equity at the end of the quarter.\n\"As the world continues to adapt to a new way of life during the pandemic, we are working hard to manage our business, secure our supply chain and ensure the ongoing delivery of our products to support patient care during these unprecedented times,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"Our facilities have remained open, and we have continued to operate our business, while working to maintain compliance with the many laws and regulations we fall under as a publicly traded, pharmaceutical company. We continue to make progress toward our goal of building a specialty pharmaceutical business that delivers sustained growth, profitable operations, and long-term value.\"\nRECENT COMPANY DEVELOPMENTS:\nSpecial Acute Care Product Supply Arrangements\nDuring the second quarter, Cumberland implemented three national initiatives to help medical facilities treat patients with conditions associated with COVID-19 infections including high fevers, electrolyte imbalances, and pneumonia. These initiatives included the availability of special supply and financial arrangements for the three acute care brands – Caldolor®, Vaprisol®, and Vibativ® – during this healthcare emergency. \nIn addition, the Company also sponsored a national program with infectious disease experts to provide information on the management of complicated respiratory infections resulting from COVID-19.\nVibativ Clinical Manuscripts\nDuring the second quarter, the Company announced a new study published in Drugs - Real World Outcomes, detailing the positive clinical outcomes that resulted from treating...