Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Cangene Reports First Quarter 2013 Results

Published: Monday, December 17, 2012
Last Updated: Monday, December 17, 2012
Bookmark and Share
Earnings of 7 Cents per share.

Cangene Corporation reports financial results for the first quarter of 2013, which ended on October 31, 2012.

Revenues for the quarter were $36.5 million, compared with $21.5 million in the same quarter last year.

The 70% increase in revenue is largely attributable to revenue from U.S. government stockpiling contracts that was $12.2 million in the current-year quarter, compared with $4.8 million in the prior year.

Commercial contract-manufacturing and product sales also increased by a combined $6.6 million in the quarter.

Product-sales revenues include net sales of $0.4 million from the newly launched episil® product.

Net income of $4.5 million for the current-year quarter compares with a net loss of $4.4 million in the same quarter last year. The net income in the current-year quarter results from a combination of factors, including a higher gross margin in the contract-manufacturing services segment, lower independent R&D expense because of the cancellation of IGIV development at the end of fiscal 2012, and a $2.5-million pre-tax gain on the sale of the three U.S.-based plasma centres.

Earnings per share of $0.07 for the first quarter of 2013 compares with a loss per share of $0.07 in the same quarter last year.

"Our solid financial results this quarter reflect progress in our refocused strategy that's aimed at streamlining our operation and growing our commercial business," says John Sedor, President and Chief Executive Officer of Cangene.

Sedor continued, "We launched episil® in the U.S. during the quarter, and it's already showing promise as a revenue generator. We are encouraged by the positive response to that product as well as some growth in WinRho® SDF sales," he added. "We will continue to work hard to increase commercial product sales and generate returns for our stakeholders."

As at October 31, 2012, Cangene has a cash balance of $36.2 million and no debt. Excluding changes in working capital, cash provided by operations was $2.8 million for the current-year quarter, compared with cash used of $5.6 million in the same quarter last year.

The current period includes a $4.6-million increase in working capital that resulted primarily from a $9.8-million increase in accounts receivable, although this was partially offset by a $3.1-million decrease in inventory.

As a result, cash used in operations in the quarter was $1.8 million, compared with $5.7 million in the first quarter last year. A significant portion of the outstanding balances contributing to the increase in accounts receivable was collected in the first week of the second quarter of 2013.

Highlights

• Earned net income of $4.5 million for the quarter
• Maintained strong balance sheet with a cash position of $36.2 million as at October 31, 2012, and no debt
• Launched episil® in the United States for the management and relief of pain associated with oral lesions, including oral mucositis that results from cancer therapy and other causes
• Posted strong commercial product sales and contract-manufacturing revenues
• Submitted Biologic License Application with the United States Food and Drug Administration for H-BAT™ [Botulism Antitoxin Heptavalent (A, B, C, D, E, F, G)(Equine)]
• Announced new biodefence-related contract with U.S. government related to supply of Vaccinia Immune Globulin Intravenous™ (Human), and expanded existing contract related to Anthrax Immune Globulin Intravenous (Human)
• Sold U.S.-based plasma centres to Grifols, through its wholly owned Biomat USA, Inc. subsidiary, in a transaction that closed on October 22, 2012.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,900+ scientific posters on ePosters
  • More Than 4,200+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Cangene to be Acquired by Emergent BioSolutions for US$222 Million
Cangene shareholders to receive US$3.24 per share (C$3.44 per share) in cash.
Friday, December 13, 2013
Cangene Announces Extension of VIGIV Biodefence Contract with U.S. Government
Contract with CDC for the supply of VIGIV extended by 18 months.
Friday, September 27, 2013
Cangene Advances Alzheimer's Disease Research with Technology Developed at UBC
New technology targeting Alzheimer's Disease licensed to Cangene Corporation.
Monday, September 16, 2013
FDA Lifts Clinical Hold on Cangene's Hemophilia Compound IB1001
Cangene will begin new studies in adult and pediatric patients.
Tuesday, July 30, 2013
Cangene Announces FDA Approval of Botulism Antitoxin
Licensure of BAT™ is key milestone in highly successful collaboration with BARDA to ensure U.S. preparedness against potential botulism-related public health risks.
Thursday, July 25, 2013
Cangene Announces Agreement to Acquire Late Stage Hemophilia B Product
Cangene will pay approximately $5.9 million upfront for IB1001.
Thursday, February 07, 2013
Scientific News
Criminal Justice Alcohol Program Linked to Decreased Mortality
Institute has announced that in the criminal justice alcohol program deaths dropped by 4.2 percent over six years.
Charting Kidney Cancer Metabolism
Changes in cell metabolism are increasingly recognized as an important way tumors develop and progress, yet these changes are hard to measure and interpret. A new tool designed by MSK scientists allows users to identify metabolic changes in kidney cancer tumors that may one day be targets for therapy.
Improving Regenerative Medicine
Lab-created stem cells may lack key characteristics, UCLA research finds.
Tick Genome Reveals Secrets of a Successful Bloodsucker
NIH has announced that decipher the genome of the blacklegged tick which could lead to new tick control methods.
Head Injury Patients have Protein Clumps Associated with Alzheimer’s Disease
Scientists have revealed that protein clumps associated with Alzheimer's disease are also found in the brains of people who have had a head injury.
Exposure to Air Pollution 30 Years Ago Associated with Increased Risk of Death
Exposure to air pollution more than 30 years ago may still affect an individual's mortality risk today, according to new research from Imperial College London.
More Then 1 in 20 U.S. Children have Dizziness and Balance Problems
Researchers at NIH have found that girls have a higher prevalence of dizziness and balance problems compared to boys, 5.7 percent and 5.0 percent.
Biosensors on Demand
New strategy results in custom "designer proteins" for sensing a variety of molecules.
Low-Cost, Portable NQR Spectroscopy
A researcher at Case Western Reserve University is developing a low-cost, portable prototype designed to detect tainted medicines and food supplements that otherwise can make their way to consumers. The technology can authenticate good medicines and supplements.
Structure of Brain Plaques in Huntington's
Researchers at the University of Pittsburgh School of Medicine have shown that the core of the protein clumps found in the brains of people with Huntington's disease have a distinctive structure, a finding that could shed light on the molecular mechanisms underlying the neurodegenerative disorder.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,900+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,200+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!