Columbia Laboratories, Inc. (NasdaqCM: CBRX) today reported financial results for the three and six-month periods ended June 30, 2013. Highlights include:
- Total net revenues were $8.0 million in the second quarter of 2013, as compared to $8.2 million in the second quarter of 2012. A $1.6 million increase in net product revenues from Merck Serono S.A. (“Merck Serono”) and higher royalty revenues from Actavis, Inc. (“Actavis”) were offset by the absence of net product revenues from Actavis in the 2013 quarter.
- For the first half of 2013, total net revenues increased 18% to $14.3 million, as compared to $12.1 million in the first half of 2012. A $4.0 million increase in net product revenues from Merck Serono and higher royalty revenues from Actavis were offset by the absence of net product revenues from Actavis in the first half of 2013.
- Income from operations was $2.8 million in the second quarter of 2013, as compared to $1.7 million in the second quarter of 2012, reflecting higher gross margins in the 2013 quarter.
- For the first half of 2013, income from operations was $3.8 million, as compared to $0.4 million in the first half of 2012, reflecting increased revenues and higher gross margins in the 2013 period.
- Total cash and cash equivalents increased by $2.2 million in the quarter to $31.4 million at June 30, 2013.
- Agreement with Merck Serono for CRINONE ® (progesterone gel) extended through May 2020.
- Relocation of the Company to Boston completed.
“We are pleased to announce another consecutive quarter of profitability and positive operating cash flows, reflecting the ongoing promotion and growth of CRINONE by Actavis and Merck Serono in their respective territories,” said Frank Condella, Columbia's President and CEO. “We continue to strengthen our financial position, which we believe increases our capability to pursue strategic options to increase stockholder value.”
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