Financial ReportThe majority of revenue for 2012 is comprised of sales from To Go Brands, which Cardium acquired on September 28, 2012. Pro forma revenues for the full year ended December 31, 2012, which includes the nine-month period prior to Cardium's acquisition of To Go Brands, totaled $2.9 million, compared to revenues of $4.5 million for the year ended December 31, 2011. The decrease in revenue during this period reflects consolidation activities by To Go Brands prior to Cardium's acquisition of the company in September 2012. This unaudited, pro forma consolidated financial information will be outlined in footnote 3 of Cardium's annual report on Form 10-K to be filed with the SEC.
For the year ended December 31, 2012, Cardium reported revenue of $0.8 million compared to no revenue reported for the year ended December 31, 2011. Total revenue for the fourth quarter ended December 2012 was $0.7 million, primarily comprised of sales from To Go Brands, compared to no reported revenue for the same period in 2011.
Cardium reported a net loss of $8.3 million, or $(0.07) per share, for the year ended December 31, 2012, compared to a net loss of $7.1 million, or $(0.08) per share for the year ended December 31, 2011. For fourth quarter ended December 31, 2012, the Company reported a net loss of $2.0 million, or $(0.02) per share, compared to a net loss of $2.1 million net loss, or $(0.02 per share), in the fourth quarter in 2011.
For the year ended December 31, 2012, research and development expenses totaled $2.6 million and selling, general and administrative expenses were $6.1 million, compared to $2.6 million and $4.8 million, respectively, for 2011. The increase in expenses was primarily due to expenses associated with the market introduction of Excellagen, initiation of the Company's Generx ASPIRE clinical study, and for Cardium's nutraceutical initiative, which served
|SOURCE Cardium Therapeutics|
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