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ISTA Pharmaceuticals Reports Fourth Quarter and Full-Year 2008 Financial Results
Date:2/19/2009

er 31, 2008, was $1.9 million (or $0.06 per share) and $30.7 million (or $0.93 per share), respectively, compared with a net loss of $9.9 million (or $0.30 per share) and $38.2 million (or $1.29 per share) for the same periods in 2007. At December 31, 2008, ISTA had cash and short-term investments of $53.0 million.

2009 Financial Outlook

  • We expect our net revenue for 2009 will be approximately $92 to $97 million. We do not expect a generic to Xibrom in 2009. Our net sales are seasonal, with first quarter net sales typically being the lowest of the year and less than the prior quarter.
  • We expect our gross margin to be 70% to 73% in 2009. We expect our gross margin to be at the lower end at the beginning of the year and increasing to the higher end by year end 2009, due to the timing of certain manufacturing expenses in 2009.
  • We expect to be approximately operating income breakeven in 2009.
  • We expect our net loss for 2009 will be approximately $7 to $10 million, due to interest and related expenses.
  • Depending upon the progress of our clinical and pre-clinical programs, we expect our research and development expenses in 2009 to be in the range of $20 to $25 million and include costs associated with supporting the Bepreve NDA filing, milestones we have paid or expect to pay to Senju for the acceptance and approval of Bepreve, the Xibrom QD confirmatory study, T-Pred study completion, and a low-concentration version of Xibrom for dry eye.
  • We expect to end 2009 with a cash balance of $35 to $45 million, including cash drawn on our Silicon Valley Bank revolving credit facility, subject to change due to fluctuations in working capital.

Conference Call

ISTA will host a conference call with a simultaneous webcast today, February 19, 2009, at 5:00 PM Eastern Time, to discuss its fourth qu
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SOURCE ISTA Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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