Immunomedics Inc. (IMMU, Financial) filed Quarterly Report for the period ended 2010-12-31.
Immunomedics has a market cap of $247.8 million; its shares were traded at around $3.29 with and P/S ratio of 4.1. Hedge Fund Gurus that owns IMMU: Paul Tudor Jones of The Tudor Group.
Total costs and expenses for the three-month period ended December 31, 2010 were $7.5 million, as compared to $4.5 million for the same period in 2009, representing an increase of $3.0 million or 67%. Research and development expenses for the three-month period ended December 31, 2010 were $5.8 million as compared to $2.9 million for the same period in 2009, an increase of $2.9 million or 100%. The increase in research and development expenses resulted primarily from a decrease of $1.6 million of research & development expense reimbursements from the previous year and increased clinical trial ($0.5 million), patent ($0.2 million) and employee ($0.2 million) related expenses. Cost of goods sold for the three-month period ended December 31, 2010 was $0.1 million for both periods. Gross profit margins were 85% and 91%, respectively, for the three-month periods ended December 31, 2010 and 2009. General and administrative costs increased to $1.5 million or 15% for the three-month period ended December 31, 2010, from $1.3 million for the same period of 2009, due primarily to increased legal expenses of $0.2 million pertaining to the FINRA arbitration hearing.
Net (loss) for the three-month period ended December 31, 2010 was $3.4 million or $0.05 per share as compared to a net income of $0.8 million or $0.01 per share, for the same period in 2009 representing a decline of $4.2 million. The decline in net income reported in fiscal 2011 as compared to fiscal 2010 resulted primarily from the $3.9 million of lower license fee revenue recorded from the Nycomed Agreement during the second quarter. The $2.9 million of increased research and development expenses was offset by the $2.9 million of grants under the Federal QTDP Program.
Product sales for the six-month period ended December 31, 2010 were $1.9 million as compared to $1.7 million for the same period in 2009, representing an increase of $0.2 million or 12% due to higher sales volume of LeukoScan in Europe over the previous year. Research and development revenues for the six-month period ended December 31, 2010 were $0.6 million as compared to $0.7 million for the previous year, a decrease of $0.1 million or 14% due to the timing and number of the grant programs in place during each period.
Total costs and expenses for the six-month period ended December 31, 2010 were $15.7 million, as compared to $11.7 million for the same period in 2009, representing an increase of $4.0 million or 34%. Research and development expenses for the six-month period ended December 31, 2010 were $11.6 million as compared to $8.4 million for the same period in 2009, an increase of $3.2 million or 38%. The increase in research and development expenses resulted primarily from a decrease of $2.4 million of research and development expense reimbursement, $0.4 million of higher spending for clinical trials and $0.3 million for higher patent-related expenses. Cost of goods sold for each of the six-month periods ended December 31, 2010 and 2009 was $0.2 million. Gross profit margins were 88% for the first six months of fiscal 2011 as compared to 91% for the same period in fiscal 2010. General and administrative costs were $3.5 million for the six-month period ended December 31, 2010, and $2.7 million for the same period in 2009, an increase of $0.8 million or 30%. This increase is primarily attributable to increased legal expenses of $1.0 million pertaining to the FINRA arbitration hearing. This was partially offset by the recognition in fiscal year 2010 of $0.5 million of additional incentive compensation to our Chairman in accordance with his employment agreement, resulting from the expectation of the Companys profitability for the 2010 fiscal year.
Our cash and cash equivalents amounted to $21.3 million at December 31, 2010, representing a decrease of $8.2 million from $29.5 million at June 30, 2010. The decrease was primarily attributable to the $8.9 million of cash used in operations during the six-month period ended December 31, 2010, offset in part by the $1.0 million in proceeds from the sale of ARS. Further, subsequent to December 31, 2010, we received an additional $8.6 million in proceeds from the sale of the remaining two ARS.
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Immunomedics has a market cap of $247.8 million; its shares were traded at around $3.29 with and P/S ratio of 4.1. Hedge Fund Gurus that owns IMMU: Paul Tudor Jones of The Tudor Group.
Highlight of Business Operations:
Revenues for the three-month period ended December 31, 2010 were $1.0 million, as compared to $5.1 million for the same period in 2009, representing a decrease of $4.1 million or 80%. The decrease was due to a reduction in deferred license fees revenue. The current fiscal period does not reflect any deferred license fees revenues from the Nycomed Agreement, which had amounted to $3.9 million in the three month period ended December 31, 2009, as we had completed amortization of the upfront fees deferred under this agreement in fiscal year 2010. Product sales for the three-month period ended December 31, 2010 were $0.7 million, as compared to $0.9 million for the same period in 2009, representing a decrease of $0.2 million or 22%. This decrease resulted from lower sales volume for sales of LeukoScan in Europe. Research and development revenues for the three-month period ended December 31, 2010 were $0.2 million as compared to $0.3 million for the same period in 2009, due to the timing and number of the grant programs in place during each period.Total costs and expenses for the three-month period ended December 31, 2010 were $7.5 million, as compared to $4.5 million for the same period in 2009, representing an increase of $3.0 million or 67%. Research and development expenses for the three-month period ended December 31, 2010 were $5.8 million as compared to $2.9 million for the same period in 2009, an increase of $2.9 million or 100%. The increase in research and development expenses resulted primarily from a decrease of $1.6 million of research & development expense reimbursements from the previous year and increased clinical trial ($0.5 million), patent ($0.2 million) and employee ($0.2 million) related expenses. Cost of goods sold for the three-month period ended December 31, 2010 was $0.1 million for both periods. Gross profit margins were 85% and 91%, respectively, for the three-month periods ended December 31, 2010 and 2009. General and administrative costs increased to $1.5 million or 15% for the three-month period ended December 31, 2010, from $1.3 million for the same period of 2009, due primarily to increased legal expenses of $0.2 million pertaining to the FINRA arbitration hearing.
Net (loss) for the three-month period ended December 31, 2010 was $3.4 million or $0.05 per share as compared to a net income of $0.8 million or $0.01 per share, for the same period in 2009 representing a decline of $4.2 million. The decline in net income reported in fiscal 2011 as compared to fiscal 2010 resulted primarily from the $3.9 million of lower license fee revenue recorded from the Nycomed Agreement during the second quarter. The $2.9 million of increased research and development expenses was offset by the $2.9 million of grants under the Federal QTDP Program.
Product sales for the six-month period ended December 31, 2010 were $1.9 million as compared to $1.7 million for the same period in 2009, representing an increase of $0.2 million or 12% due to higher sales volume of LeukoScan in Europe over the previous year. Research and development revenues for the six-month period ended December 31, 2010 were $0.6 million as compared to $0.7 million for the previous year, a decrease of $0.1 million or 14% due to the timing and number of the grant programs in place during each period.
Total costs and expenses for the six-month period ended December 31, 2010 were $15.7 million, as compared to $11.7 million for the same period in 2009, representing an increase of $4.0 million or 34%. Research and development expenses for the six-month period ended December 31, 2010 were $11.6 million as compared to $8.4 million for the same period in 2009, an increase of $3.2 million or 38%. The increase in research and development expenses resulted primarily from a decrease of $2.4 million of research and development expense reimbursement, $0.4 million of higher spending for clinical trials and $0.3 million for higher patent-related expenses. Cost of goods sold for each of the six-month periods ended December 31, 2010 and 2009 was $0.2 million. Gross profit margins were 88% for the first six months of fiscal 2011 as compared to 91% for the same period in fiscal 2010. General and administrative costs were $3.5 million for the six-month period ended December 31, 2010, and $2.7 million for the same period in 2009, an increase of $0.8 million or 30%. This increase is primarily attributable to increased legal expenses of $1.0 million pertaining to the FINRA arbitration hearing. This was partially offset by the recognition in fiscal year 2010 of $0.5 million of additional incentive compensation to our Chairman in accordance with his employment agreement, resulting from the expectation of the Companys profitability for the 2010 fiscal year.
Our cash and cash equivalents amounted to $21.3 million at December 31, 2010, representing a decrease of $8.2 million from $29.5 million at June 30, 2010. The decrease was primarily attributable to the $8.9 million of cash used in operations during the six-month period ended December 31, 2010, offset in part by the $1.0 million in proceeds from the sale of ARS. Further, subsequent to December 31, 2010, we received an additional $8.6 million in proceeds from the sale of the remaining two ARS.
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