Supernus Announces First Quarter 2014 Results
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First quarter product prescriptions, as reported by IMS, totaled 30,208, increasing by 9,098, or 43%, as compared to fourth quarter 2013.
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First quarter combined net product revenue for Oxtellar XR and Trokendi XR was
$9.0 million .
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As of May, the sales force expansion is substantially complete, totaling more than 150 representatives.
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Operating loss in the first quarter was
$13.4 million , as compared to$11.4 million in the fourth quarter of 2013, reflecting costs associated with the expansion of the sales force.
Business Update
First quarter product prescriptions, as reported by IMS, totaled 30,208, increasing by 9,098, or 43%, as compared to fourth quarter 2013. Trokendi XR prescriptions for the first quarter of 2014 totaled 18,727, representing a 66.6% increase over the 11,244 prescriptions in the fourth quarter of 2013. Prescriptions for Oxtellar XR during the first quarter of 2014 totaled 11,481, a 16.4% increase over the 9,866 prescriptions filled during the fourth quarter of 2013.
As of
Managed care coverage continues to increase for both products. Oxtellar XR now has 150.3 million lives covered (129.7 million commercial; 20.6 million
"Our commercial team continues to execute very well on our product launches," said
Revenue and Gross Margin
Revenues for Trokendi XR increased to
Oxtellar XR revenue for the first quarter of 2014, based on shipments to wholesalers, was
Gross margin for the first quarter of 2014 was 94.5%, an increase from the fourth quarter 2013 gross margin of 89.6%.
Operating Expenses
Selling, general and administrative expenses for the first quarter 2014 were
Research and development expenses during the first quarter 2014 were
Net Income and Earnings Per Share
The reported net loss for the first quarter 2014 was
The weighted average common shares outstanding in the first quarter 2014 were approximately 41.1 million, as compared to approximately 30.9 million in 2013.
As of
Capital Resources and Financial Guidance
As of
The Company anticipates that revenue recognition for Trokendi XR will transition to contemporaneous revenue recognition, based on shipments to wholesalers, during 2014. Assuming this occurs, the Company expects revenue for calendar year 2014 to be in the range of
Progress of Product Candidates
The Company's product candidates currently in development, SPN-810 for impulsive aggression in patients with ADHD and SPN-812 for ADHD, are progressing on schedule. SPN-810 is being developed in cooperation with the
SPN-812 formulation development also continues to progress on schedule and the Company expects to select an extended release formulation during 2014. In addition, both pipeline programs continue to progress animal carcinogenicity and toxicity studies.
Conference Call Details
The company will hold a conference call hosted by
| Conference dial-in: | 877-288-1043 |
| International dial-in: | 970-315-0267 |
| Conference ID: | 35887259 |
| Conference Call Name: |
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Following the live call, a replay will be available on the Company's website, www.supernus.com, under "Investor Info".
About
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company's ability to achieve profitability; the Company's ability to raise sufficient capital to fully implement its corporate strategy; the implementation of the Company's corporate strategy; the Company's future financial performance and projected expenditures; the Company's ability to increase the number of
prescriptions written for each of its products; the Company's ability to increase its net revenue; the Company's ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company's product research and development activities, including the timing and progress of the Company's clinical trials, and projected expenditures; the Company's ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company's product candidates; the Company's ability to protect its intellectual property and operate its business without infringing upon the intellectual property rights of others; the Company's expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of the Company's product candidates; the
accuracy of the Company's estimates of the size and characteristics of the markets that may be addressed by its product candidates; the Company's ability to increase its manufacturing capabilities for its products and product candidates; the Company's projected markets and growth in markets; the Company's product formulations and patient needs and potential funding sources; the Company's staffing needs; and other risk factors set forth from time to time in the Company's
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| Condensed Consolidated Balance Sheets | ||
| (in thousands) | ||
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| (unaudited) | ||
| Cash, cash equivalents and marketable securities |
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| Accounts receivable, net | 9,725 | 5,054 |
| Inventories | 7,957 | 7,152 |
| Other current assets | 3,380 | 2,764 |
| Total Current Assets | 79,929 | 97,161 |
| Property and equipment, net | 2,648 | 2,554 |
| Long term marketable securities | 11,662 | 8,756 |
| Deferred financing costs | 764 | 1,005 |
| Other long-term assets | 2,517 | 1,519 |
| Total Assets |
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| Accounts payable and accrued expenses |
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| Deferred product revenue, net | 12,271 | 7,882 |
| Deferred licensing revenue | 173 | 204 |
| Total Current Liabilities | 27,102 | 26,400 |
| Deferred licensing revenue, net of current portion | 1,381 | 1,417 |
| Convertible notes, net of discount | 28,358 | 34,393 |
| Other non-current liabilities | 2,101 | 2,677 |
| Derivative liabilities | 9,565 | 12,644 |
| Total Liabilities | 68,507 | 77,531 |
| Total Stockholders' Equity | 29,013 | 33,464 |
| Total Liabilities & Stockholders Equity |
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| Consolidated Statements of Operations | ||
| (in thousands, except share and per share data) | ||
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Three Months ended |
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| 2014 | 2013 | |
| (unaudited) | ||
| Revenue | ||
| Net product sales | $ 8,995 | $ -- |
| Licensing revenue | 86 | 147 |
| Total revenue | 9,081 | 147 |
| Costs and expenses | ||
| Cost of product sales | 494 | -- |
| Research and development | 4,482 | 4,522 |
| Selling, general and administrative | 17,527 | 13,533 |
| Total costs and expenses | 22,503 | 18,055 |
| Operating loss | (13,422) | (17,908) |
| Other income (expense) | ||
| Interest income and other income (expense), net | 102 | 141 |
| Interest expense | (1,207) | (727) |
| Changes in fair value of derivative liabilities | 677 | 80 |
| Loss on extinguishment of debt | (1,693) | -- |
| Total other (expense) income | (2,121) | (506) |
| Net loss | $ (15,543) | $ (18,414) |
| Loss per common share: | ||
| Basic and diluted | $ (0.38) | $ (0.60) |
| Weighted-average number of common shares: | ||
| Basic and diluted | 41,129,055 | 30,875,424 |
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| Reconciliation of Non-GAAP Net Loss | ||
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Three Months ended |
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| 2014 | 2013 | |
| (unaudited) | ||
| Net Loss - GAAP | $ (15,543) | $ (18,414) |
| Changes in fair value of derivative liabilities | 677 | 80 |
| Loss on extinguishment of debt | (1,693) | -- |
| Adjusted Net Loss - non-GAAP | $ (14,527) | $ (18,494) |
CONTACT:Jack A. Khattar , President and CEOGregory S. Patrick , Vice President and CFOSupernus Pharmaceuticals, Inc. 301-838-2591 or INVESTOR CONTACT: COCKRELL GROUP 877-889-1972 investorrelations@thecockrellgroup.com cockrellgroup.com
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