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Nuvo announces 2008 fourth quarter and year-end financial results
Date:2/27/2009

2008 2007 2008 2007 ------------------------------------------------------------------------- Revenue $ 3,117 $ 2,207 $ 10,727 $ 7,178 Net loss $ (2,413) $ (3,332) $(10,552) $(12,376) -------------------------------------------------------------------------

Revenue, consisting of product sales, license fee revenue, and research and other contract revenue, for the three-months ended December 31, 2008 increased 41% to $3.1 million compared with $2.2 million for the three-months ended December 31, 2007. The increase was attributable to many factors including a $0.5 million increase in product sales of both Pennsaid and WF10 based products, the recognition of additional licensing fee revenue and research revenue earned on a collaboration agreement with a Fortune Global 500 company that develops and markets skin care products. For the year, revenue increased 49% to $10.7 million versus $7.2 million. This is primarily due to higher Pennsaid product sales in Greece where 2008 was the first full year of selling the product in this market after its launch during the second quarter of 2007 and an increase of $1.2 million in licensing fee revenue.

Gross margin on product sales was $1.0 million for the three-months ended December 31, 2008 compared to $0.6 million for the comparable quarter in 2007. The increase in gross margin is primarily attributable to a 22% increase in Pennsaid product sales to new quarterly high. For the year, gross margin increased to $3.2 million compared to $1.5 million for the year ending December 31, 2007. The increase in gross margin is primarily attributable to the 37% increase in Pennsaid sales, the 24% increase in WF10 based product sales and significant improvements and efficiencies achieved in the Pennsaid manufacturing process, partially offset by price increases in the raw materials used to compound an
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SOURCE Nuvo Research Inc.
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