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2 Crucial Q4 HALO Earnings Report Morsels You Need To Know- The Rest Was Boiler Plate

Helen Torley sounded so uninspired in comparison to Greg Frost, her CEO predecessor, as if she's got one foot in and one foot out ready to sell. She said PegpH20 is her Rx of interest, because it's the one that's going to lead to a buyout- to Celgene for Abraxane Pancreas-to Lilly for Ramucirumab for Breast and Lung Cancer -high hyaluronan NSCS- AND Ultrafast insulin (LLY dropped ADOC their previous partner in ultrafast when Yale chose Halo for artificial pancreas) or by Roche if the Herceptin SC and MabThera SC royalties add up and they decide to stop paying them.... SO, what are the 2 morsels?

1. Revenues- true earnings from sale of product were $8.3 M in Q4 2012 and $12.5 in Q4 2013- 50% HIGHER= the milestone treatment changed from 2012 to 2013. In 2012, Milestones were taken as revenue- $13.5M in Roche and Pfizer Milestone Payments added to the $8.3M - in 2013 these $13.5M would have been amortized over 14 yrs- as the Herceptin and HyQvia milestones were and the MabThera will be. So apples to apples- There was a 50% Year to YEar beat this Quarter.

2. HTI-501 was part of HALO's only foreign-Mexican- proprietary trials- no US regulatory IND filed. WELL NO MORE- the Cellulite Treatment- also for Peyronie's, Frozen Shoulder , and Dupuytren's Hand Contracture - Is crossing the Rio Grande- probably in preparation for Partnering after successful preclinical work by HALO to Pfizer (dropped Auxilium for same diagnoses last yr) or Allergan (home of Botox). Torley's quote tonight conveyed this move- "We will need additional chemistry, manufacturing and controls work prior to being able to file an IND in the U.S." (for HTI-501).

Torley is here to deal- not wow us with her presentation- she was part of the ONXX buyout by her company of 14 yrs AMGN- Her gravitas will be important next to Randall Kirk at the table across from CELG, LLY, or Roche

So, it while it was a boring rehashed call- except for these 2 morsels- boilerplate- BMO saw fit this AM to RAISE the PT on HALO to $24, while maintaining their OUTPERFORM Rating! They base this on growth both in the Partnered and Proprietary Products, but I believe there is some anticpated M&A in that number.

Please add some tidbits you found in the comments section.

Disclosure: I am long HALO.