This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Sagent Pharmaceuticals Reports Third Quarter 2013 Financial Results

SCHAUMBURG, Ill., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT) today announced financial results for the quarter ended September 30, 2013.

Third Quarter 2013 Highlights

  • Revenue increased 23% to $60.8 million driven by products launched in the last twelve months;
  • Reported gross profit increased 157% to $18.6 million, or 31% of net revenue, inclusive of $1.1 million of incremental expense due to unabsorbed manufacturing costs at our SCP facility;
  • Adjusted Gross Profit 1 increased 102% to $19.1 million, or 31% of net revenue;
  • Net income of $2.8 million, or diluted earnings per share of $0.10, and
  • Completed secondary offering of 3,542,470 new shares of common stock receiving $70.6 million of net proceeds to support continued investment in product pipeline and SCP.

"Our third quarter results reflect another solid quarter of financial performance driven by balanced demand across our diverse product portfolio. The continued strong earnings performance, and related cash flow, has enabled intensified investment in our product portfolio through both external development partners and through SCP, our wholly owned venture in China," said Jeffrey M. Yordon, chief executive officer, and chairman of the board of Sagent. "In addition to the positive earnings and cash flow contributions, the success of our recently completed secondary offering bolsters our resources for long-term investment in SCP, development of our product portfolio and pursuit of strategic growth drivers."

Financial Results for the quarter ended September 30, 2013

Net revenue for the third quarter of 2013 was $60.8 million, an increase of $11.4 million, or 23%, compared to $49.4 million in the third quarter of 2012. The increase was driven by $17.5 million in revenue from the launch of 23 new codes or presentations of 10 new products since September 30, 2012, including Zolodronic Acid at market formation, partially offset by reductions in demand driven by the abatement of market shortages and increased competitive pricing pressures. Gross profit for the third quarter of 2013 was $18.6 million, or 30.5% of net revenue, inclusive of $1.1 million of incremental expense due to unabsorbed manufacturing costs at our SCP facility, compared to $7.2 million, or 14.6% of net revenue, in the third quarter of 2012. Adjusted Gross Profit for the third quarter of 2013 was $19.1 million, or 31.5% of net revenue, compared to $9.5 million, or 19.2% of net revenue in the third quarter of 2012.

1 of 5

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs