Immunomedics Inc. (IMMU, Financial) filed Quarterly Report for the period ended 2010-09-30.
Immunomedics Inc. has a market cap of $289.3 million; its shares were traded at around $3.88 with a P/E ratio of 7.9 and P/S ratio of 4.8.
Total costs and expenses for the three-month period ended September 30, 2010 were $8.2 million as compared to $7.3 million for the same period in 2009, representing an increase of $0.9 million or 12%. Research and development expenses for the three-month period ended September 30, 2010 were $5.8 million as compared to $5.5 million for the same period in 2009, an increase of $0.3 million or 5%. The increase in research and development expenses resulted primarily from $0.4 million, net of reduced expense reimbursements from Nycomed.
Cost of goods sold for the three-month period ended September 30, 2010 was $109,000 as compared to $73,000 for the same period in 2009. Gross profit margins were 90% for both the first quarter of fiscal 2011 and 2010. Sales and marketing expenses for the three-month periods ended September 30, 2010 and 2009 were $0.2 million. General and administrative expenses were $2.1 million for the three-month period ended September 30, 2010 representing an increase
Interest and other income for the three-month periods ended September 30, 2010 and 2009 was $0.3 million and $0.2 million, respectively. Included in the interest and other income for the three-month periods ended September 30, 2010 and 2009 was $0.1 million each for the amortization of the discount for the auction rate securities. Also, during fiscal 2011, $0.1 million was recorded as a gain from an insurance claim for equipment failure.
Net loss for the three-month period ended September 30, 2010, was $6.5 million or $0.09 per basic share as compared to net income of $32.0 million or $0.43 per basic share, for the same period in 2009. The decline in profitability in fiscal 2011 as compared to the same period 2010 resulted primarily from the licensing fee revenues from the UCB and Nycomed Agreements recorded in fiscal 2010, which were not repeated in fiscal 2011.
At September 30, 2010, we had working capital of $22.7 million, representing a reduction of $5.9 million from the working capital of $28.6 million at June 30, 2010. This decrease in working capital is primarily a result of our use of $7.1 million of cash in operations, partially offset by the increase in other current assets.
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Immunomedics Inc. has a market cap of $289.3 million; its shares were traded at around $3.88 with a P/E ratio of 7.9 and P/S ratio of 4.8.
Highlight of Business Operations:
Revenues for the three-month period ended September 30, 2010 were $1.5 million as compared to $39.0 million for the same period in 2009, representing a decrease of $37.5 million, or 96%. The decrease for the three-month period ended September 30, 2010 is primarily the result of $37.9 million of deferred license fee recorded as revenue in fiscal year 2009 from the UCB Agreement ($31.2 million) and the Nycomed Agreement ($6.7 million). Due to the fact that we completed all of our obligations associated with the upfront fees under these agreements, no license fee revenue was recorded during the three-month period ended September 30, 2010. Product sales for the three-month period ended September 30, 2010 were $1.1 million, as compared to $0.8 million for the same period in 2009, representing an increase of $0.3 million, or 38%. This increase resulted primarily from increased sales volume of LeukoScan in Europe. Research and development revenues for the three-month periods ended September 30, 2010 and 2009 were $0.4 million for each period.Total costs and expenses for the three-month period ended September 30, 2010 were $8.2 million as compared to $7.3 million for the same period in 2009, representing an increase of $0.9 million or 12%. Research and development expenses for the three-month period ended September 30, 2010 were $5.8 million as compared to $5.5 million for the same period in 2009, an increase of $0.3 million or 5%. The increase in research and development expenses resulted primarily from $0.4 million, net of reduced expense reimbursements from Nycomed.
Cost of goods sold for the three-month period ended September 30, 2010 was $109,000 as compared to $73,000 for the same period in 2009. Gross profit margins were 90% for both the first quarter of fiscal 2011 and 2010. Sales and marketing expenses for the three-month periods ended September 30, 2010 and 2009 were $0.2 million. General and administrative expenses were $2.1 million for the three-month period ended September 30, 2010 representing an increase
Interest and other income for the three-month periods ended September 30, 2010 and 2009 was $0.3 million and $0.2 million, respectively. Included in the interest and other income for the three-month periods ended September 30, 2010 and 2009 was $0.1 million each for the amortization of the discount for the auction rate securities. Also, during fiscal 2011, $0.1 million was recorded as a gain from an insurance claim for equipment failure.
Net loss for the three-month period ended September 30, 2010, was $6.5 million or $0.09 per basic share as compared to net income of $32.0 million or $0.43 per basic share, for the same period in 2009. The decline in profitability in fiscal 2011 as compared to the same period 2010 resulted primarily from the licensing fee revenues from the UCB and Nycomed Agreements recorded in fiscal 2010, which were not repeated in fiscal 2011.
At September 30, 2010, we had working capital of $22.7 million, representing a reduction of $5.9 million from the working capital of $28.6 million at June 30, 2010. This decrease in working capital is primarily a result of our use of $7.1 million of cash in operations, partially offset by the increase in other current assets.
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