Boston, MA 03/04/2014 (wallstreetpr) – Dendreon Corporation (NASDAQ:DNDN) stock surged in Monday trading session after the company reported impressive results for its fourth quarter that beat analysts’ estimates. The strong results for the fourth quarter were driven by strong growth in oncology accounts as well as impressive growth in Urology and academic accounts. Dendreon Corporation plans to bolster its results in the current quarter and the entire fiscal year by improving its top line as well as focusing more on improving commercial effectiveness.
Profitability remains the key goal for Dendreon Corporation (NASDAQ:DNDN) according to its Chief Executive officer Mr. John H Johnson. Costs of goods sold for the fourth quarter were extensively reduced by 51%, positively impacting the fourth quarter earnings.
Fourth quarter report
Dendreon Corporation (NASDAQ:DNDN) net revenue for full year dropped from highs of $325.3 million in F2012 to lows of $283.7 as of December 31, 2013. Net product revenue for the fourth quarter also dropped to $74.8 million from $81.6 million reported for the same quarter a year ago.
Dendreon Corporation (NASDAQ:DNDN) was buoyed by the reduction in the company’s net loss from highs of $393.6 million in 2012 to lows of $296.8 million in 2013, this was a result of effective cost cutting measures. Dendreon Corporation community urology grew by 2% in the fourth quarter with community accounts accounting to 72% of the total sales.
Dendreon Corporation cash and cash equivalent as of December 31 2013 stood at $199.4 million a massive drop from highs of 429.8 million in 2012. Dendreon Corporation expects total revenue for the first quarter of 2014 to be in line with those of F2013 Q1 as the company tries to focus more on restructuring and cost reduction.
Dendreon Corporation (NASDAQ:DNDN) was one of the Top gainers at the opening of business on Monday trading session, its shares were up by 14.93% closing the day at a high of $3.31.
