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IGI Laboratories Announces 2nd Quarter 2012 Results

IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights vs. 2011

  • Total revenues of $2.4 million for Q2 2012, an increase of 20% over same quarter in 2011
  • Total year to date revenues of $4.3 million, an increase of 19% over the same period in 2011
  • In Q2 2012, IGI submitted three additional abbreviated new drug applications (ANDAs) to the US FDA, bringing the company’s total number of submissions to eight
  • Gross margins improved to 31% in Q2 2012 as compared to 25% in Q1 2012, and were unchanged from Q2 2011
  • Gross margins year to date improved to 29% in 2012 as compared to 27% in 2011
  • Net loss was reduced by $0.4 million to $0.6 million in Q2 2012 as compared to $1.0 million in the same quarter in 2011
  • Net loss per share was $0.01 per share in the second quarter of 2012 as compared to $0.02 in 2011
  • Net loss included research and development costs of $0.6 million and $0.8 million in 2012 and 2011
  • IGI announced the appointment of Jason Grenfell-Gardner as President and CEO

IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “IGI completed its second quarter with total revenues of $2.4 million, which is a record quarter for IGI. IGI’s total cash used in operations was $0.9 million, therefore, excluding our $1.1 million of research and development costs year to date to develop our own portfolio of products, our contract formulation and manufacturing services business generated $0.2 million in cash. IGI’s continued improvement in our financial results and successful submission of three ANDAs in the second quarter is certainly a testament to the strong team in place at IGI and I look forward to working with the team to continue to execute on our business plan, to be a leading developer and manufacturer of generic topical prescription drug products.”

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