May 28, 2020

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Earnings Roundup: Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX)

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Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX) moved with change of -4.10% to $5.61 with the total traded volume of 4121 shares in recent session versus to an average volume of 12.77K. The stock was down in the 5 days activity -2.43%. The one month performance of stock was -9.15%. CPIX shares are at -5.24% for the quarter and driving a -15.77% return over the course of the past year and is now at -23.78% since this point in 2018.  Right now CPIX beta is 0.47. The average volatility for the week and month was at 7.09% 5.31% respectively. There are 15.63M shares outstanding and 9.10M shares are floated in market.

Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care, gastroenterology, and oncology supportive care today announced second quarter 2018 financial results and Company update. Cumberland has a portfolio of seven U.S. Food and Drug Administration (FDA) approved brands. Net revenues for the quarter were $10.2 million, an increase of 17% over the prior year period and an 18% increase over the first quarter of this year.  At the end of the second quarter, Cumberland had $90 million in total assets, including approximately $51 million in cash and marketable securities.

QUARTER HIGHLIGHTS:

New supplies of Vaprisol® replenished nationwide supply of that critical care product designed to treat hyponatremia – the most common electrolyte imbalance found in hospitalized patients.

Reached an agreement with Gastro-Entero-Logic, LLC (GEL) to acquire the assets associated with Omeclamox®-Pak

Completed patient enrollment in the initial Phase II clinical study for Portaban® – the Company’s product candidate for the treatment of Portal Hypertension

Caldolor® approved for sale in India with product launch preparations underway

“I am pleased to report several positive developments during the second quarter, with the most significant being the overall growth generated from our diversified portfolio of seven FDA approved brands,” said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. “Furthermore, we continue to advance on our robust clinical pipeline, highlighted by the expected near-term NDA filing for our new methotrexate product line. We believe there is significant potential value in our clinical pipeline and its development remains a top priority for the company.”

FINANCIAL RESULTS:

Net Revenue:  For the three months ended June 30, 2018, net revenues were $10.2 million, compared to $8.7 million for the prior year period.  Net revenue by product for the three months ended June 30, 2018 included $3.2 million for Kristalose® and $2.8 million for Ethyol®. Net revenue for the Company’s other brands were $1.7 million for Vaprisol®, $1.1 million for Caldolor®, $0.8 million for Acetadote® (including the brand and Company’s Authorized Generic), $0.3 million for Totect®, and $0.1 million for Omeclamox®-Pak.

For the six months ended June 30, 2018, net revenues were $18.8 million compared to $18.3 millionfor the six months ended June 30, 2017.

Operating Expenses:  Total operating expenses for the three months ended June 30, 2018 were $11.0 million, compared to $10.3 million during the prior year period. The primary reason for this increase is costs associated with the Company’s Phase II clinical programs as well as royalties related to increased product sales.

Total operating expenses for the first six months of 2018 were $22.1 million compared to $20.6 million for 2017.

Earnings:  Net income (loss) for the second quarter 2018 was $(0.7) million or $(0.05) per diluted share, compared to $(5.2) million or $(0.32) a share for the prior year period.

Adjusted Earnings for the second quarter were $0.2 million or $0.01 per diluted share, compared to a loss of $(0.7) million or $(0.05) per diluted share for the prior year period. The definition and reconciliation of Adjusted Earnings to net income is provided in this release.

Balance Sheet:  At June 30, 2018, Cumberland had $50.7 million in cash and marketable securities, including approximately $35.9 million in cash and equivalents. Total assets at June 30, 2018 were $90.4 million.  Total liabilities were $30.8 million, including $12.0 million outstanding on the Company’s revolving line of credit, resulting in Total shareholder’s equity of $59.9 million.

Cumberland also has approximately $44 million in tax net operating loss carryforwards, resulting from the prior exercise of stock options.

Shares of Cumberland Pharmaceuticals Inc. have been recently spotted trading -29.52% off of the 52-week high price. On the other end, the stock has been noted 1.81% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 5.51 – 7.96. Switching over to some distances from popular moving averages, we see that the stock has been recorded -7.46% away from the 50 day moving average and -16.06% away from the 200 day moving average. Moving closer, we can see that shares have been trading -6.85% off of the 20-day moving average. 84 employees work in the Company. It has market cap of $87.68M.

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