ISTA Pharmaceuticals Reports Third Quarter 2009 Financi...(n or $0.29 per share and $32.8 million o...)

Date:11/3/2009

n, or $0.29 per share, and $32.8 million, or $0.99 per share, for the same periods in 2008. Net loss for the three months ended September 30, 2009 included $1.0 million, or $0.03 per share, in one-time non-cash charges. In addition, the non-cash warrant valuation charges for the three and nine months ended September 30, 2009, of $3.4 million, or $0.10 per share, and $50.7 million, or $1.53 per share, respectively, reflect the change in the valuation of the warrants primarily driven by an increase in our stock price plus an increase in related volatility.

At September 30, 2009, ISTA increased its cash to $55.0 million, as compared to $46.9 million at June 30, 2009.

Based upon the continued growth of ISTA's business, the Company provides this updated 2009 financial outlook:

• Net product revenue for ISTA's four marketed products for the full-year 2009 now is expected to be $103 to $106 million.
• Total net revenue for full-year 2009, including net product revenue and $2.9 million from the one-time recognition of deferred revenue resulting from the previously disclosed modification of ISTA's partnership with Otsuka, now is expected to be $106 to $109 million.
• ISTA expects to be approximately operating income breakeven in 2009.
• Full-year 2009 gross margin guidance has been increased to 73% to 75%.
• Full-year 2009 research and development expenses are now expected to be approximately $23 to $26 million.
• ISTA expects its net loss for 2009 (excluding any mark-to-market valuation adjustments relating to warrants issued in 2008) will be approximately $7 to $10 million, as its increased net revenue will offset the costs associated with launching Bepreve and expanding its sales force.
• ISTA now expects to end 2009 with a cash balance of $45 to $55 million, including cash drawn on its Silicon Valley Bank Revolving Credit Facility.
  

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SOURCE ISTA Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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