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

For the three months and year ended December 31, 2009, net income was $22.3 million and $15.0 million compared to net losses of $2.4 million and $10.6 million for the three months and year ended December 31, 2008, respectively. The significant increase in both periods relates to the Pennsaid FDA Approval related items.

Cash and cash equivalents on hand at December 31, 2009 of $42.1 million were $12.6 million more than the $29.5 million at September 30, 2009. The increase was almost entirely attributable to cash received for the FDA Approval Payment, offset partially by other net spending during the quarter.

Cash provided by operating activities of $12.9 million was significantly higher than the cash used in operating activities of $4.2 million for the three-month period ended December 31, 2008 due to receipt of the FDA Approval Payment and a recovery of the Company's investment in non-cash working capital due primarily to lower accounts receivable and an increase in accounts payable and bonus and severance accruals at Decembe
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SOURCE Nuvo Research Inc.
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