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Depomed Reports First Quarter 2013 Financial Results
Date:5/8/2013

in lower sales.  We believe that Gralise prescription growth and product shipments in April have resumed a growth trend." said Jim Schoeneck , President and Chief Executive Officer of Depomed. "For the remainder of 2013, we are focused on growing product and royalty revenues, managing expenses to achieve positive cash flow and continuing to work towards acquisitions that will enhance the position of the company."

Depomed First Quarter 2013 ResultsTotal revenues for the first quarter of 2013 were $26.2 million, consisting of $6.1 million of Gralise product sales, $3.0 million of Zipsor product sales, $14.1 million of royalties and $3.0 million of license and other revenue. First quarter 2012 revenues were $16.8 million. The increase in revenues in the first quarter of 2013 was driven by product sales of Gralise and Zipsor and increased Glumetza royalties.Selling general and administrative expense was $26.0 million for the first quarter of 2013 as compared to $21.8 million for the first quarter of 2012. The increase is primarily due to sales and marketing expenses associated with Zipsor, which was acquired in June 2012, and the addition of the part-time contract sales force of 78 sales representatives in June 2012.

Research and development expense was $3.3 million for the first quarter of 2013 as compared to $3.5 million for the first quarter of 2012. 

Net loss for the first quarter of 2013 was ($5.5) million, or ($0.10) per share, compared to net loss of ($8.8) million, or ($0.16) per share for the first quarter of 2012.

Cash and marketable securities were $72.9 million as of March 31, 2013 as compared to $77.9 million as of December 31, 2012. 

2013 Financial OutlookDepomed is reaffirming the financial outlook previously given for the full year of 2013.

  • Total revenues of approximately $125 to $135 million, which includes approximately $6 million in anticipated milestones und
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  • SOURCE Depomed, Inc.
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