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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.