Nuvo Announces 2009 second quarter financi...(ined slightly to $0.6 million for the th...),Health

Date:8/7/2009

ined slightly to $0.6 million for the three months ended June 30, 2009 compared to $0.8 million for the comparable quarter in 2008. The decrease in gross margin is primarily attributable to the planned 8 week shutdown of the Pennsaid manufacturing facility to prepare for the U.S. launch of Pennsaid. For the six months ended June 30, 2009, gross margin on product sales grew to $1.9 million from $1.7 million in the six months ended June 30, 2008. The increase is due to higher Pennsaid sales, offset partially by higher material costs and incremental costs related to the planned shutdown.

Total operating expenses, excluding foreign currency gains and losses, for the three-month period ended June 30, 2009 decreased to $3.1 million compared to $3.9 million for the three months ended June 30, 2008. The decrease relates primarily to lower research and development expenses as Covidien reimbursed the Company $0.9 million for Pennsaid and Pennsaid Plus development costs incurred prior to signing the license agreement as per its terms. Offsetting these savings were higher SG A costs related to the US partnering activities that culminated in the signing of the licensing agreement with Covidien. For the six months ended June 30, 2009 total operating expenses, excluding foreign currency gains increased to $7.9 million compared to $7.6 million. The increase from 2008 relates to higher SG A costs and net interest expense, offset partially by lower research and development costs.

Research and development expenses were $0.8 million and $3.8 for the three and six months ended June 30, 2009, decreases of 61% and 11% compared with $2.1 million and $4.2 million for the three and six months ended June 30, 2008. The majority of the significant decrease in the quarter was due to a $0.9 million reimbursement received from Covidien for specific research and development costs incurred by Nuvo prior to signing the licensing agreement. In addition, under the terms of the licensing
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SOURCE Nuvo Research Inc. Copyright©2009 PR Newswire. All rights reserved

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