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Cadence Pharmaceuticals Reports Third Quarter 2013 Financial Results
Date:11/5/2013

012. For the nine months ended September 30, 2013, Cadence's net product revenue was $77.2 million, an increase of 134% from the $33.0 million reported for the same period in 2012.

For the three months ended September 30, 2013, Cadence reported a net loss of $6.9 million, or $0.08 per share, compared to a net loss of $15.9 million, or $0.19 per share, for the comparable period in 2012. For the nine months ended September 30, 2013, Cadence reported a net loss of $20.2 million, or $0.24 per share, compared to $59.6 million, or $0.70 per share, for the nine months ended September 30, 2012.  Included in the company's net loss for the nine months ended September 30, 2013, was a gain of $7.7 million recorded with respect to the waiver, termination and sale of Cadence's Incline assets in January 2013, for which the company received cash payments totaling $14.7 million.

The Company's gross margin on sales of OFIRMEV for the three months ended September 30, 2013, was 66%, compared to 56% for the same period in 2012. For the nine months ended September 30, 2013, Cadence reported a gross margin of 66%, compared to 51% for the same period in 2012. These year-over-year increases were primarily the result of lower freight costs in 2013 and the impact of price increases implemented in 2012 and 2013. Operating expenses, including patent amortization, increased $2.2 million, or 10%, for the three months ended September 30, 2013, to $24.8 million, from $22.6 million for the same period in 2012. This increase was primarily attributable to higher legal expenses related to the company's intellectual property litigation and the timing of marketing programs, partially offset by lower research and development expenses. For the nine months ended September 30, 2013, Cadence reported operating expenses of $75.4 million, an increase of $2.1 million, or 3%, as compared to $73.3 million for the same period in 2012. This increase was primarily attributable to higher lega
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SOURCE Cadence Pharmaceuticals, Inc.
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