IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based
topical generic drug development and manufacturing company,
announced its financial results for the second quarter ended June
30, 2013.
Second Quarter and Year to Date 2013 Highlights
- Total revenues of $3.8 million in the
second quarter of 2013, an increase of 57% over the same quarter in
2012
- Total revenues of $7.5 million for the
six months ended June 30, 2013, an increase of 76% over the same
period in 2012
- Total revenues generated from the sale
of IGI label generic topical pharmaceutical products for the three
and six months ended June 30, 2013 were $1.4 million, and $2.8
million, respectively
- Revenue from our formulation and
manufacturing contract services business increased by 10% year to
date in 2013 as compared to the same period in 2012
- Gross profit increased to 30.1% for the
six months ended June 30, 2013 from 28.6% in the same period of
2012
- Filed one Abbreviated Drug Application,
or ANDA, with the U.S. Food and Drug Administration (FDA) in the
second quarter of 2013
- Net loss was $0.4 million and $0.6
million in the second quarter of 2013 and 2012, respectively
- Net loss was $0.7 million and $1.3
million for the six months ended June 30, 2013 and 2012,
respectively
- Net loss included research and
development costs of $0.8 million and $0.6 million in the second
quarter of 2013 and 2012, respectively
IGI’s President and Chief Executive Officer, Jason
Grenfell-Gardner, stated, “I am extremely pleased with the progress
we have made to obtain IGI’s current market position in our first
three IGI labeled topical pharmaceutical products. We are ready to
launch our fourth product, econazole nitrate cream 1%, which we
acquired earlier this year, during the third quarter of 2013
pending final FDA approval of our site transfer. We have expanded
our IGI label customer base for our existing product lines, and we
continue to explore opportunities to potentially expand our product
portfolio. Our formulation and manufacturing contract services
revenue continued to grow, and has increased 10% over 2012 year to
date.” Mr. Grenfell-Gardner continued, “Our research and
development team has filed three ANDAs in 2013, one in January, one
in April, and one in July, which brings our total filings pending
with the US FDA to 11. Our team is committed to our plan to file at
least six ANDAs in 2013. We remain on track for our target to at
least double our 2012 total revenue and achieve profitability in
2013.”
The Company will hold a conference call today at 4:30 pm ET to
discuss 2nd quarter 2013 results.
The Company invites you to listen to the call by dialing
1-866-515-2909. International participants should call
1-617-399-5123. The passcode for the conference call is
19569314.
This call is being webcast by Thomson and can be accessed at
IGI's website at www.igilabs.com.
The webcast is also being distributed through the Thomson
StreetEvents Network. Individual investors can listen to the call
at www.earnings.com, Thomson's individual investor portal, powered
by StreetEvents (www.streetevents.com), a password-protected event
management site.
IGI LABORATORIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share and per
share information)
(Unaudited)
Three months ended June 30,
Six months ended June
30,
2013
2012
2013
2012
Revenues: Product sales, net $ 3,706 $ 1,861 $ 7,174 $ 3,371
Research and development income 109 564 268 872 Licensing, royalty
and other income
5
12 62
26 Total revenues
3,820
2,437 7,504
4,269 Cost and expenses:
Cost of sales 2,673 1,683 5,248 3,049 Selling, general and
administrative expenses 706 615 1,386 1,273 Product development and
research expenses
805
644 1,463
1,116 Total costs and expenses
4,184 2,942
8,097 5,438
Operating loss (364 ) (505 ) (593 ) (1,169 ) Interest (expense) and
other, net
(39 )
(83 ) (67
) (154 )
Net loss
$ (403 ) $
(588 ) $ (660
) $ (1,323 )
Basic and diluted loss per
share
$ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.03 )
Weighted Average of Common Stock
andCommon Stock Equivalents Outstanding
Basic and diluted 43,206,016 39,522,868 43,070,335 39,511,745
IGI LABORATORIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
For the six months ended June 30, 2013
and 2012
(in thousands)
2013
2012
Cash flows from operating activities:
Net loss $ (660) $ (1,323) Non-cash expenses 389 539 Changes in
operating assets and liabilities (680) (147)
Net cash used in operating activities (951) (931) Net cash
used in investing activities (1,575) (336) Net cash provided
by financing activities 1,303 4 Net decrease
in cash and cash equivalents (1,223) (1,263) Cash and cash
equivalents at beginning of period 2,536 2,914 Cash
and cash equivalents at end of period $ 1,313 $ 1,651
IGI LABORATORIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share and per
share information)
June 30,2013
December 31, 2012*
ASSETS
Current assets: Cash and cash equivalents $ 1,313 $ 2,536
Accounts receivable, net 2,602 1,577 Inventories 2,104 1,773
Prepaid expenses and other receivables 297 253
Total current assets 6,316 6,139 Property, plant and
equipment, net 2,650 2,691 Product acquisition costs 1,426 -
Restricted cash, long term 54 54 License fee, net 250 300 Debt
issuance costs, net 85 100 Other assets 155
143 Total assets $ 10,936 $ 9,427
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities: Accounts payable $ 1,179 $ 1,091 Accrued
expenses 1,433 820 Deferred income, current 104 48 Capital lease
obligation, current 13 17 Total current
liabilities 2,729 1,976 Note payable, bank 2,000 1,000
Deferred income, long term 17 20 Capital lease obligation, long
term - 4 Total liabilities 4,746 3,000
Commitments and contingencies
Stockholders’ equity:
Series A Convertible Preferred stock,
liquidation preference - $500,000 at June 30, 2013 and December 31,
2012
500
500
Series C Convertible Preferred stock,
liquidation preference - $1,802,671 at June 30, 2013 and $1,764,240
at December 31, 2012
1,517
1,517
Common stock 452 446 Additional paid-in capital 47,826 47,409
Accumulated deficit (44,105 ) (43,445 ) Total
stockholders’ equity 6,190 6,427 Total
liabilities and stockholders’ equity $ 10,936 $ 9,427
* Derived from the audited December 31,
2012 financial statements
About IGI Laboratories, Inc.
IGI Laboratories is a developer and manufacturer of topical
formulations for the pharmaceutical, OTC, and cosmetic markets. Our
mission is to be a leading player in the generic topical
prescription drug market.
IGI Laboratories, Inc. “Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. This press release
includes certain “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions, and other statements
contained in this press release that are not historical facts and
statements identified by words such as “will,” “believe”, “target”,
“plan,” “possible,” “one time,” “provides an opportunity,”
“continue” or words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject
to various risks and uncertainties, including those set forth under
the caption “Risk Factors” in IGI Laboratories, Inc.’s most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and
other reports we file with the Securities and Exchange Commission.
Actual results may differ materially from these expectations.
actors that could cause actual results to differ materially from
these expectations include, but are not limited to: our inability
to meet current or future regulatory requirements in connection
with existing or future ANDAs; our inability to achieve
profitability; our failure to obtain FDA approvals as anticipated;
our inability to execute and implement our business plan and
strategy; the potential lack of market acceptance of our products;
our inability to protect our intellectual property rights; changes
in global political, economic, business, competitive, market and
regulatory factors; and our inability to complete successfully
future product acquisitions. IGI Laboratories, Inc. does not
undertake any obligation to update any forward-looking statements
contained in this document as a result of new information, future
events or otherwise.
IGI Laboratories, Inc.Jenniffer Collins,
856-697-1441www.igilabs.com
Teligent (NASDAQ:TLGT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Teligent (NASDAQ:TLGT)
Historical Stock Chart
From Apr 2023 to Apr 2024