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NPS Pharmaceuticals Reports Third Quarter 2012 Financial Results And Reiterates Year-end Cash Guidance

     

 

NPS PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

                         
Three Months Ended Nine months ended
September 30, September 30,
2012 2011 2012 2011
 
Revenues:
Royalties $ 27,012 $ 24,483 $ 78,453 $ 70,244
Sale of royalty rights -- -- 25,000 --
Milestones and license fees 7 19 7 5,044
Product sales   --     99     --     99  
Total revenues   27,019     24,601     103,460     75,387  
 
Costs and expenses:
Cost of royalties -- -- -- 500
Cost of license fees -- 2 -- 2,540
Research and development 17,957 20,227 70,797 52,267
General and administrative   8,329     6,413     25,769     17,028  
Total operating expenses   26,286     26,642     96,566     72,335  
Operating income (loss) 733 (2,041 ) 6,894 3,052
Other (expense) income:
Interest income, net 64 70 224 260
Interest expense (4,444 ) (10,589 ) (14,445 ) (31,150 )
Other   323     211     795     225  
Total other expense, net   (4,057 )   (10,308 )   (13,426 )   (30,665 )
Loss before income tax expense (3,324 ) (12,349 ) (6,532 ) (27,613 )
 
Income tax expense   --     --     --     18  
Net loss   ($3,324 )   ($12,349 )   ($6,532 )   ($27,631 )

Net loss per common and potential common share:

Basic   ($0.04 )   ($0.14 )   ($0.08 )   ($0.35 )
Diluted   ($0.04 )   ($0.14 )   ($0.08 )   ($0.35 )
Weighted average common and potential common share:  
Basic   86,947     86,749     86,910     79,417  
Diluted   86,947     86,749     86,910     79,417  
 

 
NPS PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

          September 30,2012         December 31,2011
Assets:
Cash, cash equivalents and marketable investment securities $118,723 $162,233
Account receivable 28,074 29,532
Other current assets 4,681 7,863
Property and equipment, net 4,097 4,346
Goodwill 9,429 9,429
Debt issuance costs, net 462 577
Total assets $165,466 $213,980
 
Liabilities and Stockholders’ Deficit:
Current liabilities $29,567 $43,603
Convertible notes 16,545 16,545
Non-recourse debt, less current portion* 159,400 192,085
Other long-term liabilities 6,695 7,863
Total liabilities 212,207 260,096
 
Common stock and additional paid-in capital 950,212 944,430
Accumulated other comprehensive income 29 (96)
Accumulated deficit (996,982) (990,450)
Total stockholders' deficit (46,741) (46,116)
Total liabilities and stockholders' deficit $165,466 $213,980
 
* Non-recourse debt secured by Sensipar ®/Mimpara ®, Preotact ® and REGPARA ® royalty revenue
 




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