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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 | zkubow@theruthgroup.com
         
         MEDIA:
         Victoria Aguiar | The Ruth Group
         646.536.7013 | vaguiar@theruthgroup.com

Stock quotes in this article: ZGNX 

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