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ISTA Pharmaceuticals Reports Third Quarter 2010 Financial Results
Date:11/2/2010

year, plus promotional activities associated with the launch of BEPREVE.

Operating income for the quarter ended September 30, 2010, was $4.8 million, compared to an operating income of $5.2 million in the corresponding quarter of 2009, which included the license revenue of $2.9 million.

Other expense for the quarters ended September 30, 2010 and 2009, included non-cash valuation losses of $26.3 million and $3.4 million, respectively, as a result of marking common stock warrants to market.  Non-cash warrant valuation adjustments are driven primarily by the change in ISTA's stock price quarter over quarter.  The non-cash warrant valuation loss decreased reported net loss for the quarter ended September 30, 2010, to $23.5 million, or $0.70 per diluted share.  Without the non-cash warrant valuation loss, net income was $2.8 million, or $0.08 per diluted share.  In the third quarter of 2009, the non-cash warrant valuation loss for the third quarter 2009 decreased reported net loss to $917,000, or $0.03 per diluted share.  Without the non-cash warrant valuation loss, third quarter 2009 net income was $2.5 million, or $0.07 per diluted share.

At September 30, 2010, ISTA had cash of $67.2 million, which included $13 million borrowed under ISTA's revolving line of credit with Silicon Valley Bank.  Cash at September 30, 2010, included $16.7 million of reserved royalties on bromfenac.

ISTA Reaffirms 2010 Net Revenues and Net Income Guidance

  • ISTA expects its net revenues for 2010 will be approximately in the middle of the $147 million to $165 million range.  ISTA expects sales from XIBROM and BROMDAY combined will be at the higher end of the $95 million to $105 million range and anticipates sales from BEPREVE will be approximately $16 million to $20 million.

  • ISTA expects its gross margin will be at the higher end of the 74% to 76% range of net revenues.

  • ISTA expects R&D expenses
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  • SOURCE ISTA Pharmaceuticals, Inc.
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