Zogenix Reports Second Quarter 2012 Financial Results

SUMAVEL ^®, DosePro ^®, Relday ^TM and Zohydro ^TM ER are trademarks of Zogenix, Inc.

*Wolters Kluwer Pharma Solutions, Source® PHAST Prescription Monthly (Retail + Mail), January 2012 – June 2012

Zogenix, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2012	2011	2012	2011
	(unaudited)		(unaudited)
Revenues:
Net product revenue	$ 8,030	$ 8,674	$ 17,915	$ 16,151
Contract revenue	--	1,563	8,462	3,126
Total revenues	8,030	10,237	26,377	19,277
Operating expenses:
Cost of sales	4,167	3,975	9,229	8,850
Royalty expense	315	333	672	630
Research and development	6,381	8,882	12,345	17,406
Selling, general & administrative	12,068	15,039	26,717	27,940
Total operating expenses	22,931	28,229	48,963	54,826
Loss from operations	(14,901)	(17,992)	(22,586)	(35,549)
Total other income (expense)	(2,268)	(1,179)	(4,870)	(2,599)
Loss before income taxes	(17,169)	(19,171)	(27,456)	(38,148)
Income tax	--	(6)	(5)	(13)
Net loss	$ (17,169)	$ (19,177)	$ (27,461)	$ (38,161)
Net loss per share, basic and diluted	$ (0.26)	$ (0.56)	$ (0.42)	$ (1.12)
Weighted average shares outstanding, basic and diluted	65,449	34,018	65,409	34,015

Zogenix, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
	June 30,	December 31,
	2012	2011
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$ 21,974	$ 56,525
Trade accounts receivable, net	4,894	4,913
Inventory, net	15,014	16,251
Prepaid expenses and other current assets	2,451	2,210
Total current assets	44,333	79,899
Property and equipment, net	14,091	14,590
Other assets	6,472	6,151
Total assets	$ 64,896	$ 100,640
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable	$ 4,733	$ 5,168
Accrued expenses	15,767	14,898
Revolving credit facility	4,694	5,081
Long-term debt, current portion	11,627	9,758
Deferred revenue	--	8,462
Total current liabilities	36,821	43,367
Long-term debt, less current portion	36,120	42,070
Other long-term liabilities	6,963	5,891
Stockholders' equity (deficit)
Common stock	66	65
Additional paid-in capital	294,392	291,252
Accumulated deficit	(309,466)	(282,005)
Total stockholders' equity (deficit)	(15,008)	9,312
Total liabilities and stockholders' equity (deficit)	$ 64,896	$ 100,640

Zogenix, Inc.
Net Product Revenue
($ in thousands)
	Three Months Ended	Six Months Ended
	June 30, 2012	June 30, 2012
U.S. Units Shipped	138,120	287,460
U.S. Gross Product Sales	$ 12,389	$ 25,785
Product Sales Allowances:
Allowance for Product Sales Discounts	3,006	6,390
Allowance for Product Returns	1,355	1,879
Total Product Sales Allowances	4,361	8,269
U.S. Net Product Revenue	8,028	17,516
EU Net Product Revenue	2	399
Total Net Product Revenue	$ 8,030	$ 17,915

 FPR

CONTACT: INVESTORS:
         Zack Kubow | The Ruth Group
         646.536.7020 | [e-mail]
         
         MEDIA:
         Victoria Aguiar | The Ruth Group
         646.536.7013 | [e-mail]

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