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Cardiome Pharma released their financial results for their first quarter of 2017.
Cardiome Pharma (NASDAQ:CRME, TSX:COM) released their financial results for their first quarter of 2017.
As quoted in the press release:
Commenting on Cardiome’s achievements during the quarter, William Hunter, MD, CEO and President of Cardiome, said “The first quarter of 2017 was a quarter of achievement for Cardiome on many important fronts: we are very proud to now have BRINAVESS approved for sale in Canada and, as a result, we have built a new commercial footprint in Canada with an initial focus on selling BRINAVESS and AGGRASTAT. We expect that additional products will be made available to our Canadian sales force over time as we anticipate to file NDS’s for both TREVYENT and XYDALBA in 2017 and we are currently negotiating for compelling new medicines for all of our territories, including Canada. We continue to be pleased with our XYDALBA launch across major European markets, with the most recent being our commercial launch in France, and look forward to seeing the uptake of XYDALBA sales in the latter half of 2017. The first quarter of 2017 unfolded as we expected and we are guiding to meet our annual revenue target of approximately $28 to $30 million. We believe that 2017 will be a pivotal year for Cardiome.”
Summary Results
Cardiome recorded a net loss of $6.3 million (basic loss per share of $0.20) for the three months ended March 31, 2017, compared to a net loss of $1.2 million (basic loss per share of $0.06) for the three months ended March 31, 2016. The increase in net loss was primarily due to a decrease in revenue and an increase in selling, general and administration (“SG&A”) expense.
Revenue for the three months ended March 31, 2017 was $5.2 million compared to revenue of $7.1 million for the three months ended March 31, 2016. The decrease was due to the timing of distributor sales. During the three months ended March 31, 2016, Cardiome recorded revenue of $1.7 million from an annual order to a distributor. The annual order for 2017 from that distributor will be split into two orders and the Company expects both to be shipped and recorded by the third quarter of this year.
Click here to read the full press release.
Source: www.newswire.ca
