DUSA Pharmaceuticals Inc. (DUSA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Dusa Pharmaceuticals Inc. has a market cap of $58.1 million; its shares were traded at around $2.4 with and P/S ratio of 2. DUSA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
For the three and six-month periods ended June 30, 2010, total PDT products revenues, comprised of revenues from our KerastickĀ® and BLU-UĀ® products, were $8,411,000 and $16,707,000, respectively. This represents an increase of $1,993,000, or 31%, and 3,570,000, or 27%, over the comparable 2009 totals of $6,418,000 and $13,137,000, respectively. The incremental revenue was driven primarily by increased KerastickĀ® revenues in the United States, partially offset by decreases in international KerastickĀ® revenues and BLU-UĀ® revenues. For the three and six-month periods ended June 30, 2010, KerastickĀ® revenues were $7,973,000, and $15,774,000, respectively, representing a $2,034,000, or 34%, and $3,758,000, or 31%, increase over the comparable 2009 totals of $5,939,000 and $12,016,000, respectively. KerastickĀ® unit sales to end-users were 61,778 and 123,200, for the three and six-month periods ended June 30, 2010, respectively, including on a year-to date basis 2,388 sold in Canada and 2,124 sold in Korea. This represents an increase from 49,815 and 101,762 LevulanĀ® KerastickĀ® units sold in the three and six-month periods ended June 30, 2009, respectively, including on a year-to date basis 2,700 sold in Canada and 3,726 sold in Korea. Our overall average net selling price for the KerastickĀ® increased to $125.87 per unit for the first six months of 2010 from $116.41 per unit for the first six months of 2009. In the United States, our average net selling price for the KerastickĀ® increased to $128.65 per unit in 2010 from $121.75 per unit in 2009. The increase in 2010 KerastickĀ® revenue was driven by increased sales volumes in the United States along with the increase in our overall average unit selling price.
For the three and six-month periods ended June 30, 2010, BLU-UĀ® revenues were $438,000 and $933,000, respectively, representing a $41,000, or 8%, and $188,000, or 17%, decrease over the comparable 2009 totals of $479,000 and $1,121,000, respectively. The decrease in year-to-date 2010 BLU-UĀ® revenues was driven primarily by a decrease in our average selling price. In the three and six-month periods ended June 30, 2010, there were 63 and 140 units sold, respectively, versus 58 and 139 units sold, respectively, in the comparable 2009 periods. All of the units sold in both years were sold in the United States, except for one unit sold in Canada in the first quarter of 2010. In 2010 on a year-to-date basis, our average net selling price for the BLU-UĀ® decreased to $6,438 from $7,637 in 2009. The average net selling price of the BLU-UĀ® decreased, in part, due to lower pricing offered to customers in an effort to sell our existing inventory in advance of the introduction of an upgraded design unit, which became available in April. Our BLU-UĀ® evaluation program allows customers to take delivery for a limited number of BLU-UĀ® units for a period of up to four months for private practitioners and up to one year for hospital clinics, before a purchase decision is required. At June 30, 2010 and December 31, 2009, there were approximately 12 units in the field pursuant to this evaluation program. The units are classified as inventory in the financial statements and are being amortized during the evaluation period to cost of goods sold using an estimated life for the equipment of three years.
Non-PDT product revenues reflect the revenues generated by the products acquired as part of our acquisition of Sirius. Total Non-PDT product revenues for the three and six-month periods ended June 30, 2010 were $290,000 and $708,000, respectively, compared to $548,000 and $967,000, respectively for the comparable 2009 periods. In 2010, the substantial majority of the Non-PDT product revenues were from sales of ClindaReachĀ® and royalties received from Rivers Edge from sales of the AVARĀ® product line. Royalties
COST OF PRODUCT REVENUES Cost of product revenues for the three and six-month periods ended June 30, 2010 were $1,782,000 and $3,600,000 as compared to $1,441,000 and $3,379,000 in the comparable periods in 2009. A summary of the components of cost of product revenues and royalties is provided below:
RESEARCH AND DEVELOPMENT COSTS Research and development costs for the three and six-month periods ended June 30, 2010 were $1,250,000 and $2,360,000 as compared to $1,077,000 and $2,262,000 in the comparable 2009 periods. The increase in 2010 compared to 2009 was due primarily to increased headcount. Our research and development project spending have been relatively flat year-over-year. These costs include those related to our solid organ transplant recipient, or SOTR, clinical study. This pilot Phase II clinical trial, for the treatment of actinic keratoses and reduction in the incidence of non-melanoma skin cancers in immunosuppressed SOTRs who have demonstrated that they are at risk of developing multiple squamous cell carcinomas is being conducted at seven clinical trial sites across the United States. The trial is sized to enroll up to 36 patients. We expect enrollment o
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Dusa Pharmaceuticals Inc. has a market cap of $58.1 million; its shares were traded at around $2.4 with and P/S ratio of 2. DUSA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
REVENUES Total revenues for the three and six-month periods ended June 30, 2010 were $8,701,000 and $17,415,000, respectively, as compared to $6,966,000 and $14,104,000 in 2009, and were comprised of the following:For the three and six-month periods ended June 30, 2010, total PDT products revenues, comprised of revenues from our KerastickĀ® and BLU-UĀ® products, were $8,411,000 and $16,707,000, respectively. This represents an increase of $1,993,000, or 31%, and 3,570,000, or 27%, over the comparable 2009 totals of $6,418,000 and $13,137,000, respectively. The incremental revenue was driven primarily by increased KerastickĀ® revenues in the United States, partially offset by decreases in international KerastickĀ® revenues and BLU-UĀ® revenues. For the three and six-month periods ended June 30, 2010, KerastickĀ® revenues were $7,973,000, and $15,774,000, respectively, representing a $2,034,000, or 34%, and $3,758,000, or 31%, increase over the comparable 2009 totals of $5,939,000 and $12,016,000, respectively. KerastickĀ® unit sales to end-users were 61,778 and 123,200, for the three and six-month periods ended June 30, 2010, respectively, including on a year-to date basis 2,388 sold in Canada and 2,124 sold in Korea. This represents an increase from 49,815 and 101,762 LevulanĀ® KerastickĀ® units sold in the three and six-month periods ended June 30, 2009, respectively, including on a year-to date basis 2,700 sold in Canada and 3,726 sold in Korea. Our overall average net selling price for the KerastickĀ® increased to $125.87 per unit for the first six months of 2010 from $116.41 per unit for the first six months of 2009. In the United States, our average net selling price for the KerastickĀ® increased to $128.65 per unit in 2010 from $121.75 per unit in 2009. The increase in 2010 KerastickĀ® revenue was driven by increased sales volumes in the United States along with the increase in our overall average unit selling price.
For the three and six-month periods ended June 30, 2010, BLU-UĀ® revenues were $438,000 and $933,000, respectively, representing a $41,000, or 8%, and $188,000, or 17%, decrease over the comparable 2009 totals of $479,000 and $1,121,000, respectively. The decrease in year-to-date 2010 BLU-UĀ® revenues was driven primarily by a decrease in our average selling price. In the three and six-month periods ended June 30, 2010, there were 63 and 140 units sold, respectively, versus 58 and 139 units sold, respectively, in the comparable 2009 periods. All of the units sold in both years were sold in the United States, except for one unit sold in Canada in the first quarter of 2010. In 2010 on a year-to-date basis, our average net selling price for the BLU-UĀ® decreased to $6,438 from $7,637 in 2009. The average net selling price of the BLU-UĀ® decreased, in part, due to lower pricing offered to customers in an effort to sell our existing inventory in advance of the introduction of an upgraded design unit, which became available in April. Our BLU-UĀ® evaluation program allows customers to take delivery for a limited number of BLU-UĀ® units for a period of up to four months for private practitioners and up to one year for hospital clinics, before a purchase decision is required. At June 30, 2010 and December 31, 2009, there were approximately 12 units in the field pursuant to this evaluation program. The units are classified as inventory in the financial statements and are being amortized during the evaluation period to cost of goods sold using an estimated life for the equipment of three years.
Non-PDT product revenues reflect the revenues generated by the products acquired as part of our acquisition of Sirius. Total Non-PDT product revenues for the three and six-month periods ended June 30, 2010 were $290,000 and $708,000, respectively, compared to $548,000 and $967,000, respectively for the comparable 2009 periods. In 2010, the substantial majority of the Non-PDT product revenues were from sales of ClindaReachĀ® and royalties received from Rivers Edge from sales of the AVARĀ® product line. Royalties
COST OF PRODUCT REVENUES Cost of product revenues for the three and six-month periods ended June 30, 2010 were $1,782,000 and $3,600,000 as compared to $1,441,000 and $3,379,000 in the comparable periods in 2009. A summary of the components of cost of product revenues and royalties is provided below:
RESEARCH AND DEVELOPMENT COSTS Research and development costs for the three and six-month periods ended June 30, 2010 were $1,250,000 and $2,360,000 as compared to $1,077,000 and $2,262,000 in the comparable 2009 periods. The increase in 2010 compared to 2009 was due primarily to increased headcount. Our research and development project spending have been relatively flat year-over-year. These costs include those related to our solid organ transplant recipient, or SOTR, clinical study. This pilot Phase II clinical trial, for the treatment of actinic keratoses and reduction in the incidence of non-melanoma skin cancers in immunosuppressed SOTRs who have demonstrated that they are at risk of developing multiple squamous cell carcinomas is being conducted at seven clinical trial sites across the United States. The trial is sized to enroll up to 36 patients. We expect enrollment o
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