Boston, MA 08/12/2014 (wallstreetpr) – CARDIOME PHARMA CORP (NASDAQ:CRME) posted the record revenues in its second-quarter results. The stock posted gains of more than 6% on Monday’s trading session. It posted the net loss of $4.2 million in the second-quarter as compared to the net loss of $2.8 million in 2Q2013. It accounts for the net loss of $0.26 per common share as compared to $0.22 per common share in the prior-year period.
The detailed figures
CARDIOME PHARMA CORP (NASDAQ:CRME) reported the revenue of $7.7 million comparable to the revenue of $0.1 million in Q2-2013. The revenue jump in the second-quarter 2014 came from the sale of AGGRASTAT® and BRINAVESS™. The two products led to the total sale of $6.5 million. The royalty, licensing and the other fees amounted to $1.2 million. Talking about revenues in second-quarter of 2013, it included the licensing and other fees coming from the Merck & Co., Inc. (NYSE:MRK). Merck is the former collaborative partner of CARDIOME PHARMA.
Sales and expenses
CARDIOME PHARMA CORP (NASDAQ:CRME) posted cost of goods sold figure at $2.2 million. There was no comparable figure of the cost of goods sold as the company didn’t have any product sales in the second-quarter of 2013. The general, selling and administration expenses came at $8.8 million which was much higher than the $3.0 million figure in second-quarter of 2013.
The higher costs were a result of the expenses incurred in the sales and marketing efforts for the commercialization of BRINAVESSTM. Certain efforts were planned to support the sales of AGGRASTAT®. However, the costs paid up as the revenues came at record levels in the second-quarter 2014. The costs figure also included certain one-time costs. The cash and cash equivalents of CARDIOME PHARMA CORP (NASDAQ:CRME) stands at $9.4 million at the close of 2Q2014.
Management View
M.D., President and CEO, William Hunter calls the results in line with the expectation. The sales of Brinavess matched the marketing and promotional efforts. The only disappointing part was the sales decline of Aggrastat due to the generic competition. However, the coming quarters are going to be much better as the growth benefits of Brinavess will outpace the loss of declining sales of Aggrastat.
