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Immunomedics Inc. Reports Operating Results (10-Q)

February 08, 2013 | About:
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10qk

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Immunomedics Inc. (IMMU) filed Quarterly Report for the period ended 2012-12-31.

Immunomedics, Inc. has a market cap of $222.558 million; its shares were traded at around $2.93 with and P/S ratio of 58.8235.

Highlight of Business Operations:

Revenues for the three-month period ended December 31, 2012 were $0.8 million, as compared to $29.7 million for the same period in 2011, representing a decrease of $28.9 million or 97%. The decrease was due to $28.4 million of license fee revenue earned in the three-month period ended December 31, 2011 under the terms of the Amendment Agreement with UCB. There was no similar license fee revenue earned during the three-month period December 31, 2012. Product sales for the three-month period ended December 31, 2012 were $0.7 million, as compared to $1.1 million for the same period in 2011, representing a decrease of $0.4 million or

Total costs and expenses for the three-month period ended December 31, 2012 were $8.6 million, as compared to $8.5 million for the same period in 2011, representing an increase of $0.1 million or 1%. Research and development expenses for the three-month period ended December 31, 2012 were $6.7 million as compared to $6.4 million for the same period in 2011, an increase of $0.3 million or 5%. The increase in research and development expenses resulted primarily from an increase of $0.8 million of clinical trial related expenses partially offset by the deferral of manufacturing expenses incurred for inventory production in 2012. Cost of goods sold for the three-month periods ended December 31, 2012 and 2011 was $0.1 million for both periods with gross profit margins at 87%, for both periods. General and administrative costs were $1.7 million for both the three-month periods ended December 31, 2012 and 2011, respectively.

Net loss for the three-month period ended December 31, 2012 was $5.4 million, or $0.07 per basic share, as compared to net income of $20.7 million, or $0.27 per basic share, for the same period in 2011 representing a decrease of $26.1 million. The decrease in net income reported in fiscal 2013 as compared to fiscal 2012 resulted primarily from the decrease of $28.4 million of license fee revenues recorded from the Amendment Agreement entered into with UCB during the second quarter of fiscal 2012, partially offset by $2.5 million of insurance proceeds received in fiscal 2013.

or 94%. The decrease was primarily due to $28.4 million of license fee revenue earned in the previous year under the terms of the Amendment Agreement with UCB. Product sales for the six-month periods ended December 31, 2012 and 2011 were $1.5 million and $1.9 million, respectively, representing a decrease of $0.4 million or 21% as sales volume of LeukoScan in Europe have declined from the prior year primarily as a result of regulatory delays that we are working to resolve . Research and development revenues for the six-month period ended December 31, 2012 were $0.4 million as compared to $0.5 million for the previous year, a decrease of $0.1 million or 20% due to the timing of program spending and the number of grant programs in place during each period.

Total costs and expenses for the six-month period ended December 31, 2012 were $17.3 million, as compared to $14.8 million for the same period in 2011, representing an increase of $2.5 million or 17%. Research and development expenses for the six-month period ended December 31, 2012 were $13.7 million as compared to $11.2 million for the same period in 2011, an increase of $2.5 million or 22%. The increase in research and development expenses resulted primarily from $1.6 million of lower expense reimbursements than received in the prior year, and $0.9 million of increased clinical trial activities. Cost of goods sold for each of the six-month periods ended December 31, 2012 and 2011 was $0.2 million. Gross profit margins were 87% and 88%, respectively, for the first six months of fiscal 2013 and fiscal 2012. General and administrative costs were $3.0 million for the six-month period ended December 31, 2012, and $2.9 million for the same period in 2011, an increase of $0.1 million or 3%.

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