Interestingly, SNTS (23rd) falls just below SPPI (22nd) on D&T rankings.
I like it! This is a great find! For this reason, I'm passing the info along to others. Charlie plans to cover the company in more depth in an article, which he intends to post here at SA.
- $221 million market cap
- $1 cash per share
- $140 million in annual revenue
Thank you, Martha. I’d like to add my welcome to everyone on the call this afternoon. We’re very pleased to report our strong financial performance for the third quarter. Total revenues reached $39.5 million and net income was $5.3 million, a significant improvement year-over-year from our loss of $4 million in 2008 third quarter and our third consecutive quarter of profitability.
ZEGERID revenues grew 12% over the prior year period and Glemetza contributed $6.8 million in promotion revenue, a 20% sequential increase from the second quarter of 2009. We’re taking this opportunity to increase our outlook for 2009. We now expect 2009 total revenues of at least $150 million and net income of at least $10 million, up significantly from our prior estimate of breakeven to net income of $1 million. Debbie Crawford will further discuss our 2009 outlook in her review of our financial results.
Turning to other business highlights, last month we entered into a license agreement with Norgine, a leading European specialty pharmaceutical company granting exclusive rights to develop manufacture and commercialize prescription immediate release ZEGERID products in specific markets in Western, Central and Eastern Europe.
We received $2.5 million upfront payment and we may be entitled to receive up to an additional $10 million in contingent milestone payments. We will also receive a tiered royalty ranging from the mid to high teens on net sales of any products sold under the license agreement. We believe that Norgine is an ideal as a European partner given its focus on GI products and its established commercial infrastructure in many European markets.
We are also very pleased to be ranked 23rd on Deloitte’s Annual Technology FAS 500 announced last month. This year’s technology FAS 500 ranks technology media, telecommunication, life sciences and cleaning technology companies in North America based on percentage revenue growth from 2004 to 2008.
Disclosure: No position.