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Nuvo announces first quarter 2008 financial results
Date:5/1/2008

months months

ended ended

March 31, March 31,

2008 2007

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Revenue $ 2,236 $ 978

Net loss $ (2,271) $ (3,487)

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Revenue for the three-months ended March 31, 2008 increased 128% to $2.2 million compared with $1.0 million for the three-months ended March 31, 2007. The increase was primarily attributable to a $1.1 million increase in Pennsaid product sales to the Company's Greek distributor which launched the product during the second quarter of 2007 and a 65% increase in sales of WF10 based products to $0.2 million. Overall product sales for Pennsaid increased 214% to $1.7 million compared to $0.6 million in 2007. As a result of the increased sales volumes gross margin on product sales improved to $0.9 million during the first quarter of 2008 as compared to a loss of $0.1 million in the first quarter of 2007.

Total operating expenses, excluding foreign currency gains and losses, for the three-months ended March 31, 2008 of $3.7 million were unchanged versus a year ago. While unchanged in aggregate the change in mix between categories of expenditures highlights the impact of the Company's efforts during the third and fourth quarters of 2007 to focus its resources on research activities rather than administrative costs. During the first quarter of 2008, research and development expenditures represented 57% of operating expenses (before currency gains and losses) versus 47% in the first quarter of 2007.

Research and development costs were $2.1 million for the three-months ended March 3
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SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
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