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VIVUS Reports 2012 Fourth Quarter And Full-Year Financial Results

Stocks in this article: VVUS

 

         
VIVUS, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
         
  Three Months Ended Years Ended
  December 31 December 31 December 31 December 31
  2012 2011 2012 2011*
  (unaudited) (unaudited) (unaudited)  
Revenue:        
Net product revenue  $ 1,971  $ --  $ 2,012  $ --
         
Operating expenses:        
Cost of goods sold 183  -- 187  --
Research and development  7,758  5,351  32,065  24,604
Selling, general and administrative  50,314  6,538  109,665  22,472
         
Total operating expenses  58,255  11,889  141,917  47,076
         
Loss from operations  (56,284)  (11,889)  (139,905)  (47,076)
         
Interest and other income, net  69  30  199  240
         
Loss from continuing operations before income taxes  (56,215)  (11,859)  (139,706)  (46,836)
         
Provision for income taxes  (14)  (184)  (27)  (190)
         
Loss from continuing operations  (56,229)  (12,043)  (139,733)  (47,026)
         
(Loss) income from discontinued operations  (430)  580  (148)  886
         
Net loss  $ (56,659)  $ (11,463)  $ (139,881)  $ (46,140)
         
Basic and diluted net income (loss) per share:        
Continuing operations  $ (0.56)  $ (0.14)  $ (1.42)  $ (0.56)
Discontinued operations  (0.00)  0.01  (0.00)  0.01
Net loss per share  $ (0.56)  $ (0.13)  $ (1.42)  $ (0.55)
         
Shares used in per share computation:        
Basic and diluted 100,626 88,921 98,289 84,392
         
*The Condensed Consolidated Statement of Operations at December 31, 2011 has been derived from the Company's audited financial statements at that date.
     
VIVUS, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value amount)
     
  December 31 December 31
  2012 2011*
  (unaudited)  
Current assets:    
Cash and cash equivalents  $ 58,605  $ 39,554
Available-for-sale securities  155,981  107,282
Accounts receivable, net  2,778  --
Inventories  25,353  3,107
Prepaid expenses and other assets  19,446  1,793
Total current assets  262,163  151,736
Property and equipment, net  1,951  320
Total assets  $ 264,114  $ 152,056
     
Current liabilities:    
Accounts payable  $ 25,375  $ 2,940
Accrued and other liabilities  13,777  6,392
Deferred revenue  1,150  --
Current liabilities of discontinued operations  903  1,640
Total current liabilities  41,205  10,972
     
Commitments and contingencies    
     
Stockholders' equity:    
Common stock and additional paid-in capital  709,022  487,324
Accumulated other comprehensive income  33  25
Accumulated deficit  (486,146)  (346,265)
Total stockholders' equity  222,909  141,084
Total liabilities and stockholders' equity  $ 264,114  $ 152,056
 
*The Condensed Consolidated Balance Sheet at December 31, 2011 has been derived from the Company's audited financial statements at that date.
CONTACT: Financial Media Relations:
         Joele Frank, Wilkinson Brimmer Katcher
         Eric Bonach
         ebonach@joelefrank.com
         212-355-4449
         
         Investor Relations:
         The Trout Group
         Brian Korb
         bkorb@troutgroup.com
         646-378-2923

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