Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today reported financial results for the second quarter and six months ended June 30, 2014. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP). All share and per share amounts reflect the one-for-five share consolidation that occurred on April 12, 2013.
"Cardiome's financial results for the second quarter and first six months of 2014 are on track with our plan," stated William Hunter, M.D., Cardiome's president and CEO. "Sales for Brinavess continued to advance in response to our marketing and promotional efforts, but, as expected, were offset by the gradual sales decline for Aggrastat in the face of generic competition. In future quarters, we expect sales for Cardiome overall will increase as growth for Brinavess exceeds the erosion for Aggrastat."
Summary Results
Cardiome recorded a net loss of $4.2 million ($0.26 per common share) for the three months ended June 30, 2014 (Q2-2014), compared to a net loss of $2.8 million ($0.22 per common share) for the three months ended June 30, 2013 (Q2-2013).
Total revenue for Q2-2014 was $7.7 million compared to $0.1 million in Q2-2013. In Q2-2014, revenues from the sale of BRINAVESS™ and AGGRASTAT® were $6.5 million, and licensing, royalty and other fees were $1.2 million. In Q2-2013, revenue was comprised of licensing and other fees received from Merck, our former collaborative partner.
Cost of goods sold for Q2-2014 was $2.2 million. No cost of goods sold was recorded for Q2-2013, as Cardiome did not have any product sales in Q2-2013.
Selling, general and administration expenditures for Q2-2014 were $8.8 million compared to $3.0 million for Q2-2013. The increase was primarily due to higher costs associated with sales and marketing efforts to support the commercialization of BRINAVESSTM and the continued sales of AGGRASTAT®, and certain one-time costs.
Liquidity and Outstanding Share Capital
At June 30, 2014, Cardiome had cash and cash equivalents of $9.4 million. As of August 7, 2014, the company had 16,520,072 common shares issued and outstanding and 1,138,312 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD $4.42 per share.
Conference Call
Cardiome will hold a teleconference and webcast on Monday, August 11, 2014 at 8:00 a.m. Eastern (5:00 a.m. Pacific).
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