Spectrum Pharmaceuticals Generates Cash from Operations, Reports Third Consecutive Profitable Quarter, and Record Revenue for the Three- and Six-Month Periods Ended June 30, 2011; Strongest Financial Position in Company History
-
Outstanding Financial Results Include Three- and Six-Month Total
Revenues of
$45.4 Million and$89.0 Million , Respectively, Vs.$12.3 Million and$23.4 Million in 2010 - Over 350% and 400% Increase, Respectively, in Three- and Six-Month 2011 Product Sales Vs. Three- and Six-Month 2010 Product Sales
-
$165 Million In Cash, Cash Equivalents, Investments and Receivables as ofJune 30, 2011 , an Increase from$141 Million as ofMarch 31, 2011 -
FUSILEV® Received FDA Approval for
Advanced Metastatic Colorectal Cancer on
April 29, 2011 - Two New Drug Application Filings (Apaziquone and Belinostat) on Track for 2012
"We are extremely pleased with our third consecutive profitable quarter,
strong cash flow, and record revenues," said
Three-Month Period Ended
The Company recorded net income of
Six-Month Period Ended
The Company recorded net income of
During the six-month period ended
There are approximately 53 million shares of common stock issued and
outstanding as of
Conference Call
Domestic: (877) 837-3910,
Conference ID# 81692490
International: (973) 796-5077, Conference
ID# 81692490
On the conference call, management will review the financial results, provide an update on the Company's business and discuss expectations for the future.
Webcast and replays: www.sppirx.com
Conference Call audio replays will be available through
Domestic: | 800-642-1687 | ||
International: | 706-645-9291 | ||
2011/2012 Expected Corporate Events and Potential Valuation Catalysts
FUSILEV®
- Continue to promote FUSILEV in advanced metastatic colorectal cancer and continue to grow revenue
- Initiate additional clinical studies to expand FUSILEV indications
ZEVALIN®
- Initiate studies in 2011, including in Diffuse Large B-Cell Lymphoma
-
Bioscan removal
FDA decision date (PDUFA) —November 20, 2011
Belinostat
- Completing enrollment in 2011
- File NDA in 2012
Apaziquone
- File NDA in 2012
About
Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of
© 2011
SPECTRUM PHARMACEUTICALS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(In thousands, except share and per share data) |
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(unaudited) |
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Three Months Ended |
Six Months Ended |
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2011 | 2010 | 2011 | 2010 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Product sales, net | $ | 42,287 | $ | 9,268 | $ | 82,810 | $ | 16,390 | ||||||||||||
License and contract revenue | 3,075 | 3,075 | 6,150 | 7,042 | ||||||||||||||||
Total revenues | $ | 45,362 | $ | 12,343 | $ | 88,960 | $ | 23,432 | ||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of product sales (excludes amortization of purchased intangible assets) | 8,130 | 3,592 | 14,710 | 6,837 | ||||||||||||||||
Selling, general and administrative | 18,699 | 13,802 | 31,450 | 24,664 | ||||||||||||||||
Research and development | 7,686 | 6,285 | 13,516 | 42,829 | ||||||||||||||||
Amortization of purchased intangibles | 930 | 930 | 1,860 | 1,860 | ||||||||||||||||
Total operating costs and expenses | 35,445 | 24,609 | 61,536 | 76,190 | ||||||||||||||||
Income (loss) from operations | 9,917 | (12,266 | ) | 27,424 | (52,758 | ) | ||||||||||||||
Change in fair value of common stock warrant liability | (1,237 | ) | 2,826 | (6,487 | ) | 4,401 | ||||||||||||||
Other income, net | 174 | (236 | ) | 694 | (333 | ) | ||||||||||||||
Income (loss) before provision for income taxes | 8,854 | (9,676 | ) | 21,631 | (48,690 | ) | ||||||||||||||
Provision for income taxes | (1,650 | ) | — | (1, 650 | ) | — | ||||||||||||||
Net income (loss) | $ | 7,204 | $ | (9,676 | ) | $ | 19,981 | $ | (48,690 | ) | ||||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.20 | ) | $ | 0.39 | $ | (1.00 | ) | ||||||||||
Diluted | $ | 0.12 | $ | (0.20 | ) | $ | 0.35 | $ | (1.00 | ) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 52,257,049 | 49,020,236 | 51,814,122 | 48,844,918 | ||||||||||||||||
Diluted | 58,265,264 | 49,020,236 | 56,845,371 | 48,844,918 | ||||||||||||||||
SUMMARY CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(unaudited) | ||||||||||
June 30, |
December 31, |
|||||||||
Cash, cash equivalents and marketable securities | 104,437 | 95,674 | ||||||||
Accounts receivable, net | 46,471 | 21,051 | ||||||||
Inventories, net | 9,399 | 4,234 | ||||||||
Prepaid expenses and other current assets | 883 | 906 | ||||||||
Total current assets | 161,190 | 121,865 | ||||||||
Investments | 14,095 | 8,569 | ||||||||
Property and equipment, net | 3,050 | 3,158 | ||||||||
Intangible assets, net | 43,962 | 29,605 | ||||||||
Other assets | 379 | 434 | ||||||||
Total Assets | $ | 222,676 | $ | 163,631 | ||||||
Current liabilities | $ | 89,209 | $ | 63,322 | ||||||
Deferred revenue and other credits — less current portion | 19,290 | 25,495 | ||||||||
Other long-term liabilities | 323 | 338 | ||||||||
Total liabilities | 108,822 | 89,155 | ||||||||
Total stockholders' equity | 113,854 | 74,476 | ||||||||
Total liabilities and stockholders' equity | $ | 222,676 | $ | 163,631 | ||||||
Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company's on-going core operating performance.
Management uses non-GAAP net income (loss) in its evaluation of the Company's core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company's financial results in the way that management views the financial results.
The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.
NON-GAAP INCOME (LOSS) RECONCILIATION | ||||||||||||||||||
(In thousands) |
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Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
GAAP income (loss) before income taxes | $ | 8,854 | $ | (9,676 | ) | $ | 21,631 | $ | (48,690 | ) | ||||||||
Stock-based compensation | 6,816 | 1,737 | 10,880 | 4,212 | ||||||||||||||
Change in fair value of common stock warrant liability | 1,237 | (2,826 | ) | 6,487 | (4,401 | ) | ||||||||||||
Income (loss) before income taxes | 16,907 | (10,765 | ) | 38,998 | (48,879 | ) | ||||||||||||
Estimated provision for income taxes | (3,200 | ) | -- | (3,200 | ) | -- | ||||||||||||
Non-GAAP income (loss) | $ | 13,707 | $ | (10,765 | ) | $ | 35,798 | $ | (48,879 | ) | ||||||||
Non-GAAP income (loss) per share-basic | $ | 0.26 | $ | (0.22 | ) | $ | 0.69 | $ | (1.00 | ) |
Senior Manager,
Investor Relations
702-835-6300
Source:
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