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Nuvo Research announces 2009 fourth quarter and year-end financial results
Date:2/19/2010

Revenue consisting of product sales, license fee revenue and research and other contract revenue for the three months ended December 31, 2009 was $29.7 million compared to $3.1 million for the three months ended December 31, 2008, an increase of $26.6 million. The increase was primarily attributable to licensing fee revenue of $27.3 million related to the U.S. Licensing Agreement (see Pennsaid FDA Approval), offset by a $0.6 million reduction in product sales. This decrease in product sales was primarily attributable to lower sales of Pennsaid to Greece as the fourth quarter of 2008 was, and still represents, the highest quarterly sales to Nuvo's Greek distributor, Vianex. For the year, revenue increased significantly to $38.6 million from $10.7 million. The increase was primarily attributable to the licensing fee revenue earned pursuant to the U.S. Licensing Agreement with Covidien and an increase in Pennsaid product sales.

For the three months ended December 31, 2009, gross margin on product sales decreased to $0.4 million compared to $1.0 million for the three months ended December 31, 2008. The decrease in gross margin was primarily attributable to a decrease in Pennsaid sales and sales of WF10 based products and the impact of higher raw material prices versus a year ago. For the year, gross
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SOURCE Nuvo Research Inc.
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