In This Article:
-
Net Revenue: $9.1 million for Q3 2024.
-
Product Revenue Breakdown: $3.6 million for Crystal Os, $2.6 million for Sancuso, $1.3 million for Cdor, $1 million for Vibativ.
-
Year-to-Date Net Revenue: $27 million.
-
Gross Margin: Improved to 85% during the quarter.
-
Total Operating Expenses: $10.8 million for Q3 2024, a $1 million improvement over the prior year.
-
Net Loss: $1.5 million for the quarter.
-
Adjusted Loss: $0.26 million or 2 per share.
-
Total Assets: $76.7 million as of September 30, 2024.
-
Cash and Cash Equivalents: $17.5 million.
-
Total Liabilities: $52.3 million.
-
Shareholders' Equity: $24.8 million.
-
Credit Facility: $16 million drawn from a $20 million line of credit.
-
Share Repurchase Program: 72,000 shares repurchased in Q3, 275,000 shares year-to-date.
-
Tax Net Operating Loss Carryforwards: Over $52 million.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Cumberland Pharmaceuticals Inc (NASDAQ:CPIX) reported $9.1 million in net revenue for the third quarter, with strong performances from Chrysos, Sancuso, and Vibativ.
-
The company has expanded Medicaid coverage for Chrysos in several states, which is expected to boost sales.
-
CPIX has introduced new patient-oriented programs for Sancuso, enhancing its market presence and patient support.
-
The company's balance sheet remains strong with $77 million in total assets and $17.5 million in cash and investments.
-
CPIX is actively pursuing new clinical data and international market opportunities for its products, including the approval of Vibativ in Saudi Arabia.
Negative Points
-
The company's sales were negatively impacted by product returns and shipment delays due to Hurricane Helene.
-
There is a shortage of IV fluids affecting the sales of Vibativ, which requires reconstitution with IV fluids.
-
CPIX faced a net loss of $1.5 million for the quarter, despite efforts to reduce costs.
-
CMS did not include Caldolor as a non-opioid product eligible for special Medicare reimbursement, which could impact its sales.
-
The efficacy results for the new delirium treatment were not statistically significant, indicating potential challenges in further development.
Q & A Highlights
Q: Can you provide an update on the impact of Hurricane Helene on your operations and sales? A: AJ Kazimi, CEO: The hurricane caused shipment delays and an unusual amount of product returns, impacting our sales in the third quarter. Two manufacturing facilities that supply much of our country's IV fluids were damaged, creating a fluid shortage that affected sales of our IV products. We believe our brand performance is best measured on an annual basis due to these disruptions.