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United Therapeutics Corporation Reports Second Quarter 2009 Financial Results
Date:7/31/2009

SILVER SPRING, Md., July 31 /PRNewswire-FirstCall/ -- United Therapeutics Corporation (Nasdaq: UTHR) today announced its results of operations for the quarter ended June 30, 2009.

Total revenues for the second quarter of 2009 were $84.0 million, up from $68.6 million for the second quarter of 2008. We recognized a net loss of $2.3 million, or $(0.09) per basic share, for the second quarter of 2009, compared to net income of $12.1 million, or $0.53 per basic share, for the second quarter of 2008. The net loss for the second quarter of 2009 was primarily the result of an increase in non-cash, share-based compensation expenses recognized during the quarter. Gross margins from sales were $73.6 million for the second quarter of 2009, compared to $60.6 million for the second quarter of 2008. Earnings before non-cash charges, defined as net (loss) income before non-cash interest and income taxes, depreciation, amortization, impairment charges and share-based compensation (stock option and share tracking award expense), were $32.5 million for the second quarter of 2009, up from $29.2 million for the second quarter of 2008.

Results for the second quarter of 2008 have been adjusted for the retrospective adoption of Financial Accounting Standards Board Staff Position No. APB 14-1 (FSP APB 14-1), which became effective January 1, 2009.

"I am pleased that our quarterly sales have increased to a record high," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Chief Executive Officer. "The impact of these record sales, coupled with strong margins, is what drove our 11.5% growth in earnings before non-cash charges. Our net loss is primarily due to the accounting treatment of our long-term share-based compensation plans, which tracks the increase in the p
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SOURCE United Therapeutics Corporation
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