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Zogenix Announces Preliminary Fourth Quarter 2013 Gross Product Sales

Stocks in this article: ZGNX

SAN DIEGO, Jan. 13, 2014 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company developing and commercializing products for the treatment of central nervous system disorders and pain, announced today preliminary unaudited gross product sales on sales of SUMAVEL ® DosePro ® for the quarter ended December 31, 2013. Zogenix expects to report fourth quarter 2013 gross product sales of approximately $14 million on 141,780 units shipped, with unit volume up approximately 2.2% sequentially from third quarter 2013.

Zogenix announced preliminary unaudited net product revenue on sales of SUMAVEL DosePro for the fourth quarter 2013 of approximately $9 million, up approximately 30% sequentially from $6.9 million in the third quarter 2013, which included a $2.4 million increase to the Company's estimate of future product returns. This does not include other revenue related to the service fee received by the Company for its co-promotion of Migranal ® Nasal Spray.

Gross margin for the fourth quarter 2013 is expected to be impacted by a one-time charge of approximately $1.3M due to scrap and excess capacity. Preliminary unaudited cash and cash equivalents as of December 31, 2013 were approximately $72 million.

Roger Hawley, chief executive officer of Zogenix, stated, "We ended the year with positive momentum for SUMAVEL DosePro, with sequential unit growth demonstrating the ability of our sales team, which was reduced in June 2013, to continue driving product adoption among migraine specialists and patients. During the fourth quarter we also focused on preparing for the launch of our recently approved second product addressing the pain market."

The preliminary estimates discussed above are subject to the completion of financial closing procedures, including final adjustment of allowances for sales returns and discounts, and other developments that may arise between now and the time the financial results for the fourth quarter are finalized, as well as the completion of the audit of the 2013 financial statements. Therefore, actual results may differ materially from these estimates. In addition, the above estimates do not present all information necessary for an understanding of Zogenix's financial condition as of December 31, 2013. Zogenix expects to report full financial results for the fourth quarter and full year ended December 31, 2013 in early March 2014.

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