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

nths ended June 30, 2013, Cadence reported a net loss of $13.2 million, or $0.15 per share, compared to $43.7 million, or $0.51 per share, for the six months ended June 30, 2012.  Included in the company's net loss for the six months ended June 30, 2013, was a gain of $7.7 million Cadence recorded on the waiver, termination and sale of its Incline assets in January 2013, for which the company received cash payments totaling $14.7 million.

Gross margin for the three months ended June 30, 2013, was 66%, compared to 48% for the three months ended June 30, 2012. Similarly, for the six months ended June 30, 2013, Cadence reported gross margin of 66%, compared to 48% for the same period in 2012. These year-over-year increases were primarily a result of higher freight costs incurred during 2012 that were not incurred in 2013 and the impact of price increases implemented in July 2012 and January 2013. Operating expenses, including patent amortization, increased $1.9 million for the three months ended June 30, 2013, to $27.2 million, from $25.3 million for the same period in 2012. This increase was primarily attributable to higher legal expenses incurred during the current period related to the company's intellectual property litigation, partially offset by lower sales and marketing costs. For the six months ended June 30, 2013, Cadence reported operating expenses of $50.6 million, a decrease of $0.1 million as compared to $50.7 million for the first six months of 2012. This decrease was primarily attributable to lower sales and marketing costs, mostly offset by higher legal expenses related to the company's intellectual property litigation.

As of June 30, 2013, Cadence held cash, cash equivalents and short-term investments of $56.8 million, a decrease of $5.3 million from $62.1 million at December 31, 2012. Net accounts receivable at June 30, 2013, was $9.0 million and days sales outstanding remained relatively constant during the quarter at approximate
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SOURCE Cadence Pharmaceuticals, Inc.
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