Neoprobe Announces Third Quarter 2011 Results
Neoprobe Corporation (NYSE Amex: NEOP), a developer of innovative precision diagnostics products, today announced consolidated results for the third quarter of 2011 and for the nine-month period ended September 30, 2011.
During the quarter, the Company sold its neoprobe ® GDS line of gamma detection device systems to Devicor Medical Products, Inc. As such, results of operations related to the GDS business previously reported in various individual financial statement line items (i.e., revenues, research and development expenses) have been reclassified to discontinued operations for all periods presented. The Company recorded a net gain on the sale of the GDS business of approximately $25 million during the third quarter of 2011 and ended the quarter with cash of $31.8 million.
Neoprobe’s non-GDS revenues for both the third quarters of 2011 and 2010 relate to grants received in support of the Company’s drug development activities. Neoprobe’s grant revenues for the third quarter of 2011 were $256,000 compared to $150,000 for the third quarter of 2010. Grant revenues for the nine-month period ended September 30, 2011 were $598,000 compared to $150,000 for the same period in 2010. Costs related to these grants received in support of development activities are accordingly recorded in research and development expenses.
Third quarter 2011 operating expenses were $6.7 million compared to $3.8 million for the third quarter of 2010. Operating expenses for the nine-month period ended September 30, 2011 were $15.7 million compared to $9.7 million for the same period of 2010. Of the $15.7 million in operating expenses incurred on a year-to-date basis in 2011, over $4 million related to non-recurring items such as the Lymphoseek ® New Drug Application (NDA) filing fee and separation costs related to our former CEO. Excluding the NDA filing fee, research and development costs increased $110,000 during the first nine months of 2011 over the same period in 2010 related to increased headcount and other consulting costs incurred in support of the NDA offset by decreased clinical trial costs as well as decreased costs related to chemistry, manufacturing and control validation activities. Excluding the separation costs related to our former CEO, selling, general and administrative expenses for the year-to-date period in 2011 increased $1.8 million over 2010 related to increased headcount and related costs devoted to marketing and business development, increased investor relations and professional services, and increased compensation costs for our Board of Directors.Neoprobe’s loss from operations for the third quarter of 2011 was $6.5 million compared to $3.6 million for the third quarter of 2010. Neoprobe’s loss from operations for the nine-month period ended September 30, 2011 was $15.1 million compared to $9.6 million for the same period of 2010. For the third quarter of 2011, Neoprobe reported income attributable to common stockholders of $19.8 million, or $0.21 per share, compared to a loss attributable to common stockholders of $2.4 million, or $0.03 per share, for the third quarter of 2010. For the nine-month period ended September 30, 2011, Neoprobe reported income attributable to common stockholders of $13.1 million, or $0.15 per share, compared to a loss attributable to common stockholders of $56.1 million, or $0.70 per share, for the same period in 2010.
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