This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dyax Corp. Q2 2010 Earnings Call Transcript

I will now turn the call over to Gustav Christensen, our President and CEO. Gustav?

Gustav Christensen

Thank you, Nicole. Good morning and thank you for joining Dyax’s second quarter earnings conference call. Joining me today are George Migausky, EVP and Chief Financial Officer; Ivana Magovcevic-Liebisch, EVP Corporate Development and General Counsel; and Bill Pullman, EVP and Chief Development Officer.

We are pleased with the positive progress made during our first full quarter of US commercial launch of KALBITOR. And we’ll turn to those updates and other company news shortly. However, before doing so, George will go through the financial highlights of the second quarter. George?

George Migausky

Thank you, Gustav, and good morning to all. This morning’s press release contains the full financial results for the second quarter. So let me begin by highlighting some of the noteworthy financial events of the quarter. This was the first full quarter of the US commercial launch of KALBITOR and cumulative net sales have now reached $3.2 million, which reflects a 55% increase over Q1. Operating costs in the first half of 2010 were reduced by 25% to $32.9 million despite adding all of the new KALBITOR commercial launch expenses.

In the second quarter of 2010, our net operating cash burn was reduced to $11.4 million and our cash balance at June 30, 2010, which includes a cash equivalents and investments totaled $94.4 million. As reported earlier today, for the second quarter of 2010, total revenues increased to $15.1 million as compared to $4.8 million in the same quarter last year. And for the six-month period, revenues increased to $35.2 million from $10.8 million in the prior year. The higher revenue in the second quarter was primarily due to two factors. First, net product sales of KALBITOR, which were 1.9 million and second, $9.8 million of revenue recognized from the sale of our rights to royalties and other payments related to the commercialization of Xyntha by Pfizer.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
DYAX $23.89 3.15%
AAPL $112.92 2.94%
FB $89.73 2.91%
GOOG $637.61 1.43%
TSLA $242.99 8.07%

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs