Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care, gastroenterology, and oncology supportive care today announced 1Q 2k19 financial results with net revenues of $11.9 M, up 38percent over the prior-year quarter. At the end of the 1Q, Cumberland had $115 M in total assets, including approximately $34 M in cash and marketable securities.
Net Revenue: For the three months ended March 31, 2k19, net revenues were $11.900 M, up 38. 00percent from $8.600 M the prior year period.
Net revenue by product for the three months ended March 31, 2k19, included $3.300 M for Kristalose® and $3.100 Mfor Ethyol®. Net revenue for the Company’s other brands included $2.100 M for Vibativ®, $1.300 M for Caldolor®, $0.8 00M for Acetadote® (including the brand and Company’s Authorized Generic), and $0.600 M for our other brands.
Operating Expenses: Total operating expenses for the three months ended March 31, 2k19 were $12.100 M, compared to $11.000 M during the prior year period. The primary drivers of this increase were the increase in sales, new cost of goods, and amortization expenses associated with the addition of Vibativ.
Earnings: Net income (loss) for the 1Q 2k19 was $(0.1) M or $(0.00) per diluted share, compared to $(2.400) M or $(0.1500) a share for the prior year period.
Adjusted Earnings (loss) for the 1Q were $1.800 M or $0.1100 per diluted share, up from a loss of $(1.400) M or $(0.0900) per diluted share for the prior year period. The definition and reconciliation of Adjusted Earnings to net income is provided in this release.
Balance Sheet: At March 31, 2k19, Cumberland had $34.300 M in cash and marketable securities, including approximately $24.600 M in cash and equivalents. Total assets at March 31, 2k19 were $114.60000 M. Total liabilities were $59.4 00M, including $20. 000 M outstanding on the Company’s revolving line of credit, resulting in Total shareholder’s equity of $55.400 M.
Cumberland also has approximately $44. 00 M in tax net operating loss carryforwards, resulting from the prior exercise of stock options.