Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Bill LaRue - SVP and CFO

Ted Schroeder - President and CEO

Scott Byrd - SVP and CMO

Analysts

Eric Schmidt - Cowen & Co. LLC

Louise Chen - Guggenheim

Michael Schmidt - Leerink Swann LLC

Patti Banks - Discern Securities

Greg Fraser - Banc of America

Cadence Pharmaceuticals (CADX) Q4 2012 Earnings Call March 7, 2013 8:30 AM ET

Operator

Good morning and welcome to the Cadence Pharmaceuticals’ Fourth Quarter and Full Year 2012 Financial Results Conference Call. On the call today are Ted Schroeder, President and CEO; Bill LaRue, Senior Vice President and Chief Financial Officer; and Scott Byrd, Senior Vice President and Chief Commercial Officer.

At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers after the management presentation.

Our first speaker is Bill LaRue. Please go ahead, sir.

Bill LaRue

Thank you, good afternoon everyone. Before we begin, I would like to remind you that statements included in this conference call that are not a description of historical facts are forward-looking statements. Forward-looking statements include statements regarding cases expectations regarding the time when it will be able to offer OFIRMEV in flexible plastic bags and the market for that product, and the number of size participating in the clinic pediatric trial for OFIRMEV. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the day hereof.

Our actual future results may differ materially from our current expectations due into the risks and uncertainties inherent in our business. These risks are detailed under Risk Factors in our most recent Form 10-Q and upcoming form 10-K as well as elsewhere in our periodic reports and other filings made with the Securities and Exchange Commission from time-to-time. All forward-looking statements are qualified in their entirety by this cautionary statement which is made under the Safe Harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and we undertake no obligations to revise or update the information disclosed during this call to reflect events or circumstances after this call.

If anyone has not seen our press release issued today, you can access it on our website at www.cadencepharm.com. We also post and maintain the current version of our corporate presentation on the Investors portion of our website under events and presentations and then corporate overview. Additionally, this conference call is being webcast through our website and will be archived there for future reference. We use the Investors portion of our website as one means of disclosing material non-public information, so we encourage you to monitor our website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Ted?

Ted Schroeder

Thanks Bill. Good afternoon everyone and thank you for joining us today. I will open by providing a brief overview of our accomplishments for the fourth quarter and the full year 2012. Next, Scott will provide an update on our commercial activities and the progress with OFIRMEV and then Bill will discuss our financial results.

Following our prepared remarks, we will open the call to your questions. Cadence had a great year in 2012, culminated by an excellent fourth quarter. The metric that we track most closely is net product revenue and during the fourth quarter, our net product revenue increased to a record $17.1 million. This level represents an increase of 3.2 million or 23% from the 13.9 million in net product revenue generated during the third quarter of 2012.

Our fourth quarter 2012 revenue exceeded our guidance of 15.9 to 16.4 million as we ended the year with strong sales growth and momentum. We believe that these results demonstrate a consisting growth story for a firm ourselves.

For the full year, we achieved net product revenue of 50.1 million which was more than four times the 11.4 million in net product revenue generated during OFIRMEV launch year in 2011.

As we look back at what laid to these gains, we believe that our early strategy of creating access and obtaining formulary wins in 2011 set the stage for expansion during 2012.

Our enhanced relationships with doctors and pharmacists resulted in a broadening of the number of patients and varieties of procedures where OFIRMEV is utilized. As these healthcare professionals have positive patient outcomes and gains familiarity with the OFIRMEV, our experience is that the number of vials the use per patient as well as their utilization of the product across their patient population as a whole, increases.

We are pleased that we increased our efficiency during the fourth quarter of 2012 as evidenced by our gross margin on sales of the OFIRMEV improving to 58%. This represents an increase of 200 basis points from the third quarter.

We had two additional positive developments during the fourth quarter that strengthened our balance sheet. First, we entered into an agreement to wave our option to purchasing Incline therapeutics in order to allow Incline to be solid to a third party. Incline sale was completed until early January so this isn’t reflected in our year-end books but we were able to monetize our investment in Incline such that we received 13.1 million in cash for the waver of our option plus an additional 1.5 million in cash for the shares of Incline stock that we held.

As a reminder, we previously paid a total of $7 million to incline in connection with our option agreement. Second, we were able to refinance our credit facility to delay the repayment of principal by an additional 12 months to January 2014. This will differ approximately 11 million of principal payments originally scheduled for 2013.

Within the past two weeks, we have taken significant steps to fortify our supply chain for OFIRMEV. Scott will discuss this in greater detail but we extended our existing supply arrangement with Lawrence Laboratories, a Bristol-Myers Squibb affiliate and entered into an agreement with Laboratorios Grifols to supply us with OFIRMEV in inflexible plastic bags. These moves coincide with our mutual agreement with Baxter Healthcare to terminate our supply agreement.

At this point I would like to turn the call over to Scott who will discuss our commercial operations and sales performance during the fourth quarter.

Scott Byrd

Thank you, we sold approximately 1.7 million vials of OFIRMEV in the fourth quarter 2012. This represents an increase of approximately 300,000 vials or 22% as compared to the previous quarter. This level represents incremental market share gains and OFIRMEV’s quarterly IV analgesic unit market share was 2.52% in the fourth quarter versus 2.37% in the third quarter.

Since launched in January 2011 to the end of 2012, we sold more than $6 million vials of OFIRMEV. We estimate that during this period approximately 2.5 to 3 million patients have been treated with OFIRMEV using an estimated average of 2 to 2.5 vials per patient. I would like to update some of the factors that we believe are key drivers for the growing demand we see for OFIRMEV; growth in the number of new customers, increase in order frequency, and the increase in average quantities of product ordered by our customers.

We made improvement in each of these areas during the fourth quarter. The number of unique accounts that have ordered OFIRMEV as of December 31st of 2012 increased to 3,750 accounts, which is up approximately 80% from the end of the third quarter of 2012. This represents an increase of nearly 1500 new accounts over the course of 2012.

OFIRMEV is now been used in more than four out of five of the top 2,000 hospitals in the United States, when ranked by the quantity of IV analgesic products purchased. We believe this is indicative of physician demand for new methods to manage pain and the recognition of the role that OFIRMEV can play in acute pain management.

The number of our repeat customers is also increasing. As of December 31, over 3,100 accounts or approximately 82% of our customers have placed multiple order for OFIRMEV. This is an increase of almost 300 accounts more than that in the third quarter and an increase of nearly 1,500 repeat customers since the beginning of the year.

Average order frequency for all customers grew approximately to approximately 4.7 orders per quarter during the fourth quarter, an increase of more than 16% versus the previous year.

Finally, our average order size rose during the fourth quarter by approximately 7.3% as compared to the third quarter. During 2012, our average order size increased by approximately 40%. Three years into the launch we are pleased that we continue to fuel sales growth across multiple dimensions - a growing customer base, increasing order sizes and more frequent orders than in prior periods.

We believe that the breadth OFIRMEV adoption represented in these results provides further evidence that physicians and hospitals believe that they can approve acute pain management using OFIRMEV as the foundation of the multi-modal approach.

As we communicate with our customers, we are finding out that more and more of them are including OFIRMEV as part of a standard of care for patients who cannot take oral medications.

The results from our awareness trial and usage studies indicate that as physicians increase their utilization of OFIRMEV, their overall satisfaction and projected future use increases. For example and the most recent ATE study conducted in December of 2012, physicians' satisfaction and intense prescribed scores were the highest we have measured since launch. Anesthesiologists and surgeons indicated that they expect to treat up to 55% and 60 % of their patients respectively with OFIRMEV within the next three years. In that some study more than three out of four physicians indicated that they are very or extremely likely to recommend OFIRMEV to their colleagues.

On this dimension, OFIRMEV ranked first among the seven injectable analgesics included in the research including morphine, Sentinel, hydromorphone and Contralac. The continued improvement in our key sales metrics and the increasingly positive experience physicians are having with OFIRMEV give us confidence in the growth potential for the product.

Now I'd like to shift gears and highlight some of the strategic improvements we've made in the past two weeks and secured the long term manufacturing and supply of OFIRMEV. We amended our supply agreement with Lawrence Laboratories which is a member of the Bristol-Myers Squibb group of companies. They are currently acting as our sole supplier for OFIRMEV and among other things we've extended our agreement with them through December 2018, with the opportunity to extend by mutual agreement.

The product is manufactured by a BMS affiliate located in Anoni, Italy which has manufactured intravenous acetaminophen for more than 10 years for sale and distribution by BMS and its affiliates in a number of countries outside of the U.S. and Canada. They have been a strong partner for us and we are pleased to extend our relationship with them.

We have entered into an agreement with Grifols to supply us with OFIRMEV in flexible plastic bags. We believe there is a space in the market for IV analgesic products in flexible bags and we think that the new packaging configuration for the product would complement our sales of OFIRMEV in glass vials.

We are planning to submit a supplemental NDA to the FDA, seeking approval for the product we manufacture by Grifols in the second half of 2013. Pending review with subsequent approval of the submission by the FDA, we anticipate the availability of the bag presentation in the second half of 2014. This supply arrangement is for a six-year term following the receipt of FDA approval. Grifols has been manufacturing the product in flexible plastic bags for BMS for the distribution in certain markets outside of the U.S. and Canada since 2010.

So we expect that this will be another valuable relationship for us and will provide us with the strategic second supply source. Recently we also made a mutual decision with Baxter to terminate our development supply agreement for a OFIRMEV in glass vials. I would like to take this time to thank our sales force and commercial team for their excellent work that led to significant sales growth in 2012 and great progress towards establishing OFIRMEV as a standard of care in acute pain management. We will strive to continue to grow our business in 2013.

I will now turn the call over to Bill who will review the financial results.

Bill LaRue

Thanks Scott. As Ted mentioned, during the fourth quarter of 2012 we achieved net product revenue of $17.1 million, and for the full year our net product revenue was $50.1 million. For the fourth quarter of 2012 we reported a net loss of $21.4 million, or $0.25 per share, compared to net loss of $27.6 million or $0.37 per share for the fourth quarter of 2011. For the 12 months ended December 31, 2012, we reported a net loss of $81 million or $0.95 per share, compared to a net loss of $93 million or $1.41 per share for 2011.

The net loss for each of these three and 12 months periods ended December 31st, 2012 includes impairment charges and a loss on the sale of equipment totaling $8.6 million pertaining to certain manufacturing assets involved with the manufacturer of OFIRMEV under our terminated development and supply agreement with Baxter.

Additionally we recognized disposal cost of approximately $300,000 during the fourth quarter of 2012 for the inventory held during the suspension of manufacturing by Baxter. Excluding these onetime charges, our net loss would have been 12.5 million or $0.15 per share for the three months ended December 31, 2012 and $72.1 million or $0.84 per share for the 12 months ended December 31, 2012.

Our cost of product sales for the three months ended December 31, 2012 was approximately 42% of net product revenue and for the year ended December 31, 2012, it was approximately 46% of net product revenue. So reduction in cost for the fourth quarter of 2012, relative to the full year was primarily attributable to the expedited freight costs and an inventory write-down that occurred during first quarter of 2012.

We also improved efficiencies in 2012 as a result of higher production volumes and we are benefiting from a higher net product selling price as a result of the July 2012 price increase. Our cost of product sales improved over the year despite the negative impact of unabsorbed manufacturing cost, incurred as a result of ideal manufacturing assets located at the facility of one of our third party manufactures.

Our research and development expenses were $1.1 million for the three months ended December 31, 2012, which was a decrease of $800,000 as compared to $1.9 million for the same period of 2011. For the 12 ended December 31, 2012, our research and development expenses were $6.5 million which represented a decrease of $2.4 million from the $8.9 million for 2011. These reductions were primarily attributable to a workforce restructuring implemented in the fourth quarter 2011 but was partially offset in 2012 by pediatric clinical trial expenses and severance obligations related to the departure of two of our officers.

Our selling general and administrative expenses for the three months ended December 31, 2012 were $20 million which was a decrease of $500,000 from the $20.5 million for the three months ended December 31, 2011. For the 12 months ended December 31, 2012, our selling general and administrative expenses increased by $5.3 million to $86.8 million as compared to $81.5 million for 2011. The year-over-year increase was mostly attributable to additional legal cost associated or incurred in 2012 for our ongoing intellectual property litigation, increased commissions earned by a hospitals sales specialist and additional cost incurred for our third part logistic provider. These increases were partially offset by lower medical affairs in marketing cost.

As of December 31, 2012, we held cash, cash equivalence, and short term investments of 62.1 million and net accounts receivable of 6.2 million.

The cash figure does not include the additional 14.6 million of cash we received in connection with the sale of incline in early January 2013. I’ll now turn the call back to Ted.

Ted Schroeder

Thank you, Bill. Last year was a great year for Cadence which was made possible by the hard work of all of our employees that showed their commitment to establishing the OFIRMEV as a foundation of a multi model approach to acute pain management.

Our sales are up to a great start this year and the closing of the inclined sale has provided us with additional non-dilutive cash. As we continue to grow, we will seek business development opportunities that are strategic fit with our company and we aim to continue to expand our sales of OFIRMEV.

We are reaffirming our guidance from January and we expect that net product revenue from sales of OFIRMEV for the full year 2013 will range from 94 million to 100 million. We will now open the call to your questions, Operator?

Question-and-Answer Session

Operator

Thank you, Mr. Schroeder. The question and answer session will begin at this time. (Operator Instructions). Our first question comes from Eric Schmidt from Cowen & Co. LLC.

Eric Schmidt - Cowen & Co. LLC

Scott, I apologize, I just missed what you said about the increase in average over size on a quarter-on-quarter basis.

Scott Byrd

Yes, so, we had some very nice increases in the average order frequency. You will see it Eric in our corporate presentation. I will go back and pull up the numbers for you here in a second, but if you have another question on quarter, I think we averaged in Q4 about 92 vials per order over the course of the quarter which was up from about 85 vials per order in Q3.

Eric Schmidt - Cowen & Co. LLC

Unfortunately, my next question is also for you and it pertains to the opportunity for IV bags, is that a substantial portion of the market and once you have such a product, you think that’s going to be a meaningful additional lever for growth?

Scott Byrd

Well we certainly think it’s going to be a growth lever for us. We'll have more to share as we get closer to the launch of the product next year around the magnitude that that represents. We’re still of course in the middle of the development as well as some of our marketing planning for it but there is absolutely no question that this will be a very nice add for many customers out there.

Eric Schmidt - Cowen & Co. LLC

And in terms of some of the changes you have got on the manufacturing side Bill, should we expect much gross margin impact and with those changes and the close of the Incline transaction coming up here, still no changes to your guidance for being profitable with current cash?

Bill LaRue

Absolutely correct, Eric. We are rock solid in terms of our cash position and resources to get to breakeven so yes we really did strengthen the balance sheet with those transactions that Ted had mentioned and with respect to the margins, we will continue to see improvement in our margins so this will not have any negative impact, it will just continuing positive impact and just as to note, without the unabsorbed cost associated with the manufacturing at the Baxter, that equipment, our margins would have been approximately 60% for the fourth quarter so as you know that’s been solid continuing improvement over the year and across the year.

Operator

The next question comes from Louise Chen from Guggenheim.

Louise Chen - Guggenheim

Thank you for taking my question. I had a few; my first question is if you could provide an update on your move into the non-operative pain segment, may be any metrics you could provide along that opportunity.

And then secondly as you get closer to profitability, have you completed your NOL analysis yet and if so we able to draw some of the numbers from that and if not when do you expect to have that.

And then lastly any update on your partnership opportunity in Canada for OFIRMEV, thank you.

Bill LaRue

Let me take the NOL first because that’s kind of the shortest answer of your questions. We are finishing the analysis on our NOLs. We should have that completed within the next three months and so as we complete that analysis we will make the appropriate disclosures so that’s about what I can say at this point in terms of the NOL Louise but we'll have that shortly.

Scott Byrd

I will answer your questions related to the pursuit of the opportunity in non-operative pain. We feel like we still have significant market opportunity, penetration opportunity in the post-op pain space. So at least for the short to medium term, we are going to continue to focus on deepening our penetration with our surgical customers. As I mentioned, we're at roughly about 2.5% unit market share, we are just around probably the 10% penetration on surgical procedures as we've talked about before and we have in our slide deck, that is relatively modest in comparison to what physicians are indicating that their future utilization is going to reach. They are estimating they will treat, north of 50% of their patients sometime over the next three years. So we want to continue to use there. We will be pursuing the non-operative pain market. As we get closer to that, we will share some of those details. Just to give you a sense of the size of that opportunity as best we can tell, the IV analgesic market opportunity for non-operative pain is probably around 30% to 40% of the whole market so in other words it’s about half the size of the post-op pain opportunity. Does that help?

Louise Chen - Guggenheim

It does. And then just on the Canadian partner for OFIRMEV?

Scott Byrd

Yes, we filed that as you may recall; we filed the NDS last year, so that process is moving forward. The Canadian process is a little different than the U.S., but they are actively working on the file. We have received some questions. So, we really won't have any clarity on what our plan will be in Canada until we have approval and can apply for pricing. So, our go forward strategy really relies on the pricing we receive in Canada and then we will make a decision whether we launch it with Cadence or we seek a partner for distribution in Canada.

Operator

The next question comes from Michael Schmidt from Leerink Swann.

Michael Schmidt - Leerink Swann LLC

I just had a follow up on the product in flexible IV bags. I think you said the products has been on the market in Europe for some time now; how did the product fare on that market or that just to be the traditional product maybe there is something that we could learn in terms of the U.S. opportunity, and then is there anything you'd have to do in terms of development or is it just a regulatory filing in the US this year?

Scott Byrd

Yes sure Michael, I will answer your last question first. It is essentially a regulatory filing. The development was actually put in place, or it was conducted by Pharmatop, the inventors of IV acetaminophen, so it is really just getting into shape for the U.S. A GAAP analysis to see if there is anything US or required that’s different than Europe but it's essentially a regulatory filing in the U.S. As far as market opportunity, flexible bags are, there are a lot of different products that come in flexible IV bags, it does seem, in some customers is a preferred way they get their products. Clearly have fewer problems with breakage and things like that with flexible IV bags. So there is a market for it, our view is that we actually think glass vials will continue to be the dominant product form in the U.S. and that flexible plastic bags will be available for those institutions that prefer the bag and it's a nice line extension to provide some flexibility for customers in the form of the product that they handle. Other than that, there's no difference between the products it's just the container.

Operator

The next question comes from Patti Bank from Discern Securities.

Patti Banks - Discern Securities

First for Scott, I got in a little bit late, did you talk about the type of surgeries that you are seeing the most use out of OFIRMEV.

Scott Byrd

I did not Patti, but we don't have hard data on this, it's mostly experiential but what we have seen from our field sales force is utilization that very closely matches the distribution of surgical procedures in the U.S. there are some surgical specialties where we think that garner a greater portion of our overall sales because they tend to use more vials per patient. For example, any open abdominal procedures, cardiothoracic procedures, for example they tend to use significantly more vials per patient than certainly day procedures or even orthopedics. So, on a patient penetration, I think we are pretty well distributed across all of the surgical procedures. On the business side, as you might expect, those types of procedures, where patients are NPO or can't take oral medications for a number of days and are hospitalized for an extended period of time tend to drive the most vials for us.

Patti Banks - Discern Securities

Okay and then I also want to ask, in terms of upcoming medical meetings and kind of just data news flow, can you give us an idea of what to expect, I think there's orthopedic surgeons meeting coming up in a couple of weeks and I think American Pain meeting is in early May. Just wanted to get a feel for the presence of OFIRMEV at these meetings and others.

Scott Byrd

Yes, well, we'll have presence at mostly all those meeting as well as a number of surgical meetings. We're spending a lot more time at meetings for what we would describe as the mid-level healthcare practitioners and especially the nurses that both support the physicians as nurse practitioners, the PACU nursing communities; so you will see more of a presence for us there.

In terms of the news flow, not necessarily any major new presentation of studies at these meetings. Most of our presence will be through satellite symposium presentations but there will be, I think continued progress over the course of the year with publications of new data. Our medical affairs team has been phenomenal with the publication flow for acetaminophen over the last two years and we're expecting that to continue. I don’t have any specific studies to alert you to at this point.

Patti Banks - Discern Securities

Okay so just a follow up on that so, nothings specific, in terms of like cutting down on length of stay whether it is investigator sponsored or?

Scott Byrd

Well, on almost every meeting, particularly the pharmacy meetings Patti, is where you will see folks presenting on their institutional experience. There will be some investigator initiated studies finishing up this year. Because they are run by the investigators, I can't really, and shouldn’t probably give you predictions on when those are going to be completed or presented but we have got hundreds, if not thousands of hospitals that have done reviews of the product in their institution. Most often the clinical pharmacy colleagues tend to present that information coming out of the medical utilization review. So we have seen those at some of the pain meetings, but they tend to be more common at the pharmacy meeting. So, many-many of those are showing reductions, I believe to say if not most of them, so I think you should expect to continue to see that.

Patti Banks - Discern Securities

A real quick one for Bill; did you mention about the gross margins on the bags, is it similar to the glass vials or is there a difference?

Bill LaRue

We think that the margins, when everything sells out, we don’t expect a material difference in the margins, Patti, both consideration of prices as well as cost. We think it to be in the same range.

Operator

The next question comes from Ami Fadia from UBS

Ami Fadia - UBS

Most of my questions have been answered. The one that I do have is, if you could give us some clarity on how we should think about R&D and SG&A spending in 2013, and any sort of quarter over quarter variation in that, that would be helpful.

Bill LaRue

Sure Ami, this is Bill. I think that 2012 operating expending in those categories is pretty representative of what you can expect in the 2013. We have the commercial infrastructure in place, it may move a little bit in terms of categories. We would expect to spend less in G&A with respect to some of the litigation cost and we have associated with the paragraph four. We have the pediatric trial which is increasing enrollment and that’s a kind of $5 million investment over a two-year period time. But overall, I think if you look at ’12, it’s pretty reflective of what you’ll see in '13.

Operator

(Operator Instructions). The next question comes from Greg Fraser from Banc of America.

Greg Fraser - Banc of America

What was market growth in 4Q, based on your seals and your market share looks like growth for the market may have turn positive in the quarter?

Scott Byrd

Good question, Greg. It was the largest quarter for the market basket of injectable analgesics except we’ve seen since 2011. It was almost 65 million units for the quarter which is pretty substantial growth over the previous quarters for the year. It was up about 15% for example over Q3. So, that serves to kind of depress our share unit share penetration but I don’t really think it’s tribally relevant to OFIRMEV adoption rate.

The reason is because most of that variation in the market baskets driven by opioid manufacturing, generic manufacturing availability, there were number of shortages during the first part of the year which most hospitals can manage through that by switching from product to product but as the issues get resolved they tend to load back and make sure they’ve got sufficient stock. So, we’ll see some variability over time with that but nothing that I think is terribly relevant for the adoption of OFIRMEV.

Greg Fraser - Banc of America

And what are your assumptions for market growth and market share that underlay your OFIRMEV sales target for 2013?

Scott Byrd

Well, our expectation is that the overall market for analgesics will remain pretty flat, we talked about before launch that over the course OFIRMEV adoption in the 3 to 5 years the market will grow it will grow it will likely grow at the rate of adoption of OFIRMEV that’s what we saw in Europe that’s what we’re anticipating here and the reason is because so many of the opioid products are available in multi-dose vials or packaging that you will tend not to see despite hospital using that’s opioid you’ll tend not see a significant decrease in the market units.

They still got to crack that vial. They still got to treat that patient typically with at least one dose somewhere during the stay, so I would expect that’s remained pretty flat say for example any changes to manufacturing problems that the generic manufactures might have.

Greg Fraser - Banc of America

Got it and then the last question is on the pattern case. The case is currently scheduled to go trial in May, is anything that you would point to that could delay the trail, I’m not trying to ask you about the settlement but more just about the nuts and bolts of litigation and I guess whether you think the case will be ready for trial in May, thank you?

Scott Byrd

I can say this will be ready for trial in May. We’ll be ready to have the bench trial and maybe front of judge in May, so – the reason anything that I’m aware of that would change that this point.

Operator

At this time, there are no further questions. So, I will turn the conference back to Mr. Schroeder.

Ted Schroeder

Well, thank you very much everyone for join us on the call today. As you can tell, we’re excited about the growth of OFIRMEV in the progress making as company and appreciate your support and we look forward to providing updates on our commercial progress in the months to come. Thanks everyone.

Operator

Ladies and gentlemen, this concludes our conference call. All parties may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Cadence Pharmaceuticals CEO Discusses Q4 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts