Dyax Corp. Q2 2010 Earnings Call Transcript
I will now turn the call over to Gustav Christensen, our President and CEO. Gustav?
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 MigauskyThank 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV