Gentium Reports Third Quarter 2010 Financial Results
- Profitability achieved for the second consecutive quarter.
- Cash flow positive for the fourth consecutive quarter.
- Total revenues and net income for the nine-month period ended September 30, 2010 were EUR 18.44 (US$25.17) million and EUR 3.44 (US$4.69) million, respectively.
VILLA GUARDIA (COMO), Italy, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Gentium S.p.A. (Nasdaq:GENT) (the "Company") today reported financial results for the quarter ended September 30, 2010. The Company reports its financial condition and operating results using U.S. Generally Accepted Accounting Principles (GAAP). The Company's financial statements are prepared using the Euro as its functional currency. On September 30, 2010, EUR 1.00 = $1.3648.
"We are pleased to report that for the second consecutive quarter the Company achieved profitability, posting net income of EUR 3.44 million (US$4.69 million) for the nine-month period ended September 30, 2010," stated Salvatore Calabrese, Senior Vice President, Finance of Gentium S.p.A. "The Company remains cash flow positive for the fourth consecutive quarter and has strengthened its cash position. We remain on target with our revised projected revenues of EUR 23-25 million for 2010."
"We are delighted that now more than 200 clinics worldwide are using the expanded access programs. In the previous quarters, we have seen a marked increase in the prophylactic use of Defibrotide for prevention of VOD, constituting some 25-30% of Defibrotide use in ex-U.S. clinics," stated Dr. Khalid Islam, Chairman and Chief Executive Officer of Gentium S.p.A. "We remain on track for the completion of the on-going preclinical and clinical studies and aim to file for marketing authorization with U.S. and European regulatory authorities by the end of the second quarter in 2011."Dr. Islam also provided an update on activities following the close of the quarter, "In the last month the company was present at two major conferences, International Society of Hematology (ISH) and Asia Pacific Blood and Marrow Transplant (APBMT). Results presented at the ISH meeting in Jerusalem demonstrated that prophylactic use of Defibrotide also significantly reduced the incidence (47% versus 65%; P=0.005) and severity (P=0.003) of acute graft-versus-host disease or acute GvHD by Day +100 in the allogeneic transplant patients. Acute GvHD is a frequent post-transplant complication and is associated with high morbidity and mortality. At the APBMT conference in Phuket, the Company collected information from clinicians on current trends in the Asia-Pacific region and key opinion leaders highlighted the results of the clinical trials and compassionate use programs with Defibrotide in VOD/GvHD at a symposium entitled " Defibrotide for the Prevention and Treatment of endothelial complications following Stem Cell Transplantation." Financial Highlights For the nine-months ended September 30, 2010 compared with the prior year's period:
- Total revenues increased 201% to EUR 18.44 million, compared with EUR 6.12 million.
- Operating costs and expenses, which include restructuring charges of EUR 0.95 million, were EUR 14.83 million, compared with EUR 10.66 million.
- Research and development expenses, which are included in operating costs and expenses, were EUR 4.63 million, compared with EUR 2.66 million. 2009 research and development expenses were net of EUR 0.76 million of government grants in the form of a tax credit, accrued as a reduction of expenses. Excluding such grants, 2009 research and development expenses would have been EUR 3.42 million.
- Operating income/(loss) was EUR 3.62 million, compared with EUR (4.54) million.
- Net income/(loss) was EUR 3.44 million, compared with EUR (4.48) million.
- Basic and diluted net income/(loss) per share was EUR 0.23, compared with EUR (0.30) per share.
- Total revenues were EUR 5.91 million, compared with EUR 2.50 million. Product sales for the three-month period ended September 30, 2010 increased 97% to EUR 4.85 million compared to EUR 2.46 million in the third quarter of 2009. Defibrotide net sales through named-patient and cost recovery programs were EUR 3.36 million, or 69% of total product sales, an increase of 142% compared to EUR 1.39 million for the same period in 2009. Sales of the Company's API amounted to 1.49 million, or 31% of total product sales, an increase of 39% compared to EUR 1.07 million for the same period in 2009.
- Operating costs and expenses were EUR 4.36 million, compared with EUR 3.49 million.
- Research and development expenses, which are included in operating costs and expenses, were EUR 1.17 million, compared with EUR 0.85 million.
- Operating income/(loss) was EUR 1.55 million, compared with EUR (0.99) million.
- Net income/(loss) was EUR 1.12 million, compared with EUR (1.02) million.
- Basic and diluted net income/(loss) per share was EUR 0.08, compared with EUR (0.07) per share.
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 + 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