Crescita Therapeutics Reports Fourth Quarter and Fiscal 2018 Results

Crescita Therapeutics (TSX:CTX) has announced its financial results for the fourth quarter and year ended December 31, 2018.

As quoted in the press release:

Financial Highlights

Q4-F2018

• Revenue of $6.2 million, up $3.8 million or 163.3% versus Q4-F2017;
• Revenue includes $1.4 million of royalties on the U.S. net sales of Pliaglis and $2.0 million in sales and development milestones;
• Adjusted EBITDA¹ of $1.8 million, up $3.8 million versus Q4-F2017;
• Ending cash position of $8.6 million versus $7.0 million as at December 31, 2017;

F2018

• Revenue of $16.6 million, up $4.6 million or 38.4% versus F2017;
• Revenue includes $4.1 million of royalties on the U.S. net sales of Pliaglis and $3.3 million in sales and development milestones;
• Operating expenses of $16.7 million, down $1.6 million or 8.6% versus F2017;
• Adjusted EBITDA¹ of $1.5 million, an improvement of $5.9 million versus F2017;

Operational and Corporate Developments of F2018

• Announced the U.S. launch of Pliaglis in Q1, by our partner Taro Pharmaceutical Inc. (“Taro”);
• Recognized two out of four sales milestones, totaling $2.6 million (US$2.0 million) following the achievement by Taro of cumulative sales targets;
• Announced the U.S. FDA’s approval to remove the “Not for Home Use” label restriction on Pliaglis, triggering a $0.7 million (US$0.5 million) milestone;
• Successfully completed a Rights Offering on March 9, 2018, raising $3.5 million in net equity financing;
• Reported favourable results from a skin permeation study using our patented technologies, MMPE™ and DuraPeel™, demonstrating significantly increased transdermal permeation of CBD over the control formulation by up to 14- and 6-fold, respectively;
• Launched five product innovations in our non-Rx business, leveraging our MMPE technology;

Click here to read the full press release.