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Cadence Pharmaceuticals Reports Second Quarter 2013 Financial Results
Date:7/31/2013

quarter of 2013, as compared to the second quarter of 2012.
  • The gross margin on sales of OFIRMEV was 66% for the three and six months ended June 30, 2013, as compared to 48% for the same periods in 2012.
  • "The second quarter saw the continuation of OFIRMEV's strong growth trend, with sales more than doubling year-over-year," said Ted Schroeder, President and CEO of Cadence. "We believe that usage of the product within our broad customer base will continue to increase, and our market share will grow. I'm pleased with the momentum we have been able to maintain with our revenue growth. As a result, we are raising our full year revenue guidance to reflect this trend. We now expect that our net product revenue for 2013 will range between $103.0 million and $105.0 million."

    Financial Results
    Cadence's net product revenue was $24.7 million for the three months ended June 30, 2013, which represents an increase of $13.6 million, or 123%, from the $11.1 million in net product revenue recognized for the three months ended June 30, 2012. For the six months ended June 30, 2013, Cadence reported net product revenue of $48.3 million, an increase of $29.2 million, or 153%, from the $19.1 million reported for the same period in 2012. As of January 1, 2013, Cadence began to recognize revenue at the time that product is sold to a wholesaler, consistent with other companies with products at this stage of commercialization. As a result, the company recorded a one-time adjustment during the six months ended June 2013 to recognize deferred revenue on previously shipped product, resulting in additional net product revenue of $2.6 million and cost of sales of $0.9 million, for a net gross margin impact of $1.7 million during the period.

    For the three months ended June 30, 2013, Cadence reported a net loss of $11.9 million, or $0.14 per share, compared to a net loss of $21.0 million, or $0.25 per share, for the comparable period in 2012. For the six mo
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    SOURCE Cadence Pharmaceuticals, Inc.
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