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NeurogesX Reports First Quarter 2011 Results
Date:4/29/2011

grew to 60% of all institutional customers ordering in the first quarter 2011, up from 46% in fourth quarter 2010
  • The cumulative number of  private physician customers that have ordered Qutenza rose to 221 through March 31, 2011, up from 159 at December 31, 2010
  • Training activity continues with 1,535 physicians and institutions trained by March 31, 2011, up from 1,127 at December 31, 2010

  • First Quarter 2011 ResultsTotal revenue for the first quarter ended March 31, 2011 was $3.2 million, which consisted of $2.6 million in collaboration revenue, primarily from the amortization of upfront license fees received under the Astellas Agreement, and $0.6 million of Qutenza product sales.  

    During the three months ended March 31, 2011, the Company recorded sales of Qutenza to its specialty distribution and specialty pharmacy customers totaling $0.6 million. Under the Company's revenue recognition policy, the Company recognized revenue during the three months ended March 31, 2011 totaling $0.6 million.  

    Due to the limited history of product returns and cash collections, NeurogesX recognizes revenue at the later of the time the product is shipped by its customers to healthcare professionals and the date of cash collection.  As of March 31, 2011, the Company had $0.6 million of deferred product revenue.  Deferred revenue is reported net of associated cost of goods sold on the Company's balance sheet. Of the deferred revenue total, $0.4 million was sold through to end users (i.e., physicians, clinics and hospitals) and the deferral resulted from cash payments not yet being due under the payment terms, while $0.2 million represented deferral of sales into the Company's distribution channel, recognition of which will be based ultimately upon sales of those units to end users.

    Cost of goods sold for the first quarter 2011 totaled $0.1 million. Cost of goods sold includes product costs, fixed monthly cha
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    SOURCE NeurogesX, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

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