Cell Therapeutics Q4 revenue soars due to Baxter license payment

|By:, SA News Editor

Cell Therapeutics (CTIC) Q4 revenue balloons to $32.9M versus $0 a year ago. Almost all of the revenue is due to Baxter's (BAX) upfront payment of $32.4M for the license to develop and commercialize pacritinib.

Product revenues for Q4 and FY13 were $.5M and $2.3M, respectively.

Net income for the quarter was $10.2M ($.08/share) due to the Baxter payment. Net loss for the year was $49.6M ($.43/share).

FY14 guidance projects a loss from operations of $45M - $50M.

Consensus estimate for Q1 is a loss of $.23/share on revenues of $1.3M.

Consensus estimate for 2014 is a loss of $.48/share on revenues of $23.9M.

Mutual fund ownership has increased from 30 to 85 the past 4 quarters.