Correvio Pharma Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 07, 2018 at 02:30 am IST
Correvio Pharma Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported product and royalty revenues of $6,984,000 against $5,970,000 for the same period a year ago. The increase in revenue was primarily attributable to the commercial rollout of Xydalba(TM) and sales of Zevtera(R) /Mabelio(R), which Correvio acquired from Basilea Pharmaceutica International Ltd. in September 2017. Operating loss was $5,303,000 against $4,838,000 for the same period a year ago. Loss before income taxes was $7,066,000 against $6,549,000 for the same period a year ago. Net loss was $7,105,000 or $0.20 per basic and diluted share against $6,623,000 or $0.20 per basic and diluted share for the same period a year ago. Net cash used in operating was $7,460,000 against $5,276,000 for the same period a year ago. Purchase of property and equipment was $15,000 for the third quarter of 2018. Purchase of intangible assets was $18,000 against $5,206,000 for the same period a year ago.
For the nine months, the company reported product and royalty revenues of $19,657,000 against $16,828,000 for the same period a year ago. Operating loss was $22,550,000 against $16,715,000 for the same period a year ago. Loss before income taxes was $9,997,000 against $21,363,000 for the same period a year ago. Net loss was $10,137,000 or $0.29 per basic and diluted share against $21,468,000 or $0.66 per basic and diluted share for the same period a year ago. Net cash used in operating was $21,397,000 against $19,186,000 for the same period a year ago. Purchase of property and equipment was $281,000 against $5,000 for the same period a year ago. Purchase of intangible assets was $4,682,000 against $5,219,000 for the same period a year ago.