This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

6 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs