IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the first quarter ended March 31, 2012.
First Quarter 2012 Highlights vs. 2011
- Total revenues of $1.8 million for Q1 2012, an increase of 16% over same quarter in 2011
- IGI executed two new customer contracts in the first quarter of 2012.
- Successful Pre-Approval Inspection by USFDA in the first quarter of 2012
- Gross margins improved to 25% in Q1 2012 as compared to 21% in Q1 2011.
- Net loss improved by $0.3 million to $0.7 million in Q1 2012 as compared to $1.0 million in the same quarter in 2011.
- Net loss per share was $0.02 per share in the first quarter of 2012 as compared to $0.03 in 2011
- Net loss included research and development costs of $0.5 million and $0.4 million in 2012 and 2011
IGI’s President and Chief Executive Officer, Charlie Moore, stated, “Historically, the first quarter of each year is a challenging one for IGI. We did have a slow start to 2012, but we had a strong finish to the quarter which resulted in a marked improvement over the first quarter of last year. We improved revenues from both our contract manufacturing business as well as revenue from our research and development work. Our increased revenues, improved product mix and our continual focus on cost control allowed us to improve margins over last year as well.”
IGI entered into supply agreements with two new customers. Both agreements call for IGI to manufacture and package topical pharmaceutical products.The first agreement is with a brand pharmaceutical company and provides for the site transfer of a well-recognized branded topical drug product to IGI’s facility in Buena, NJ. IGI will be the sole manufacturing and packaging site for the product.