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Nuvo announces 2009 third quarter financial results
Date:10/28/2009

ds of Canadian dollars) Three Three Nine Nine months months months months ended ended ended ended September September September September 30, 2009 30, 2008 30, 2009 30, 2008 ------------------------------------------------------------------------- Revenue $ 3,234 $ 3,289 $ 8,987 $ 7,610 Net loss $ (2,725) $ (3,004) $ (7,257) $ (8,139) -------------------------------------------------------------------------

Revenue, consisting of product sales, license fee revenue, and research and other contract revenue, for the three months ended September 30, 2009 decreased slightly to $3.2 million compared with $3.3 million for the three months ended September 30, 2008. In the current period, a significant increase in product sales was offset by lower license fees as the comparable quarter included a non-recurring $0.9 million payment from our Canadian licensee to settle past obligations under their original Pennsaid(R) licensing agreements. Revenue for the nine months ended September 30, 2009 increased 18% to $9.0 million compared to $7.6 million for the nine months ended September 30, 2008. This increase is primarily attributable to a $1.5 million increase in Pennsaid product sales to our Canadian licensee and Greek distributor.

For the three months ended September 30, 2009, gross margin on product sales increased to $1.0 million compared to $0.5 million for the three months ended September 30, 2008. The increase in gross margin is almost entirely attributable to the increase in sales of Pennsaid. For the nine months ended September 30, 2009, gross margin on product sales was $2.9 million compared to $2.2 million for the nine months ended Septembe
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SOURCE Nuvo Research Inc.
Copyright©2009 PR Newswire.
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