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IGI Laboratories Announces Third Quarter 2013 Results
Date:10/29/2013

BUENA, N.J., Oct. 29, 2013 /PRNewswire/ -- IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the third quarter ended September 30, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130827/MM70487LOGO)

Third Quarter and Year to Date 2013 Highlights

  • Total revenues of $4.0 million in the third quarter of 2013, an increase of 100% over the same quarter in 2012
  • Total revenues of $11.5 million for the nine months ended September 30, 2013, an increase of 84% over the same period in 2012
  • Total net revenues generated from the sale of IGI label generic topical pharmaceutical products for the three and nine months ended September 30, 2013 were $1.4 million, and $4.2 million, respectively
  • Gross profit remained consistent year over year, equaling 31.0% for the nine months ended September 30, 2013 from 31.7% in the same period of 2012
  • IGI filed its eleventh and twelfth Abbreviated Drug Application, or ANDA, with the U.S. Food and Drug Administration (FDA) on July 24, 2013 and September 18, 2013 respectively
  • Net loss was $0.1 million and $1.4 million in the third quarter of 2013 and 2012, respectively
  • Net loss included research and development costs of $0.7 million and $0.6 million in the third quarter of 2013 and 2012, respectively
  • Net loss was $0.8 million and $2.7 million for the nine months ended September 30, 2013 and 2012, respectively
  • IGI's President and Chief Executive Officer, Jason Grenfell-Gardner, stated, "Our team has done a tremendous job this quarter.  This quarter marks the fifth consecutive quarter of top line growth.  Our net loss is rapidly approaching break even for the first time at IGI in over twenty-two quarters.  We have solidified our market position in our first
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    SOURCE IGI Laboratories, Inc.
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