Antares Pharma Inc. (AIS) reported a loss of 2 cents per share in the third quarter 2010, in line with the Zacks Consensus Estimate and an improvement of 2 cents from the loss of 4 cents per share from the year-ago quarter.
Total revenue increased 89% from the previous year quarter to $3.1 million, ahead of the Zacks Consensus Estimate of $3.0 million.
Product sales increased 79% from the year-ago quarter to $1.7 million. The increase was primarily attributed to the increase in sales of ZomaJet and TJet devices and disposables to Ferring Pharmaceuticals and Teva Pharmaceuticals.
Licensing and development revenue increased from $0.7 million in the year-ago quarter to $1.0 million. Revenues for the segment was positively impacted by the development and supply agreement of auto injector development work for an epinephrine product under a license with Teva along with a revenue from an exclusive license agreement with Ferring.
Revenue from royalty was $ 0.5 million, an increase of $ 0.4 million from the previous year quarter. The increase was due to royalties received from Teva.
Gross profit increased 122.2% from the previous year quarter to $2.0 million. Gross margin increased from 52.9% to 64.5%.
Operating loss for the company was scaled down from $2.5 million in the year ago quarter to $1.7 million.
As on September 30, 2010, Antares had $10.2 million in cash.
Estimates for the quarter had been stable in the run-up to the earnings release, with no analysts raising or lowering their estimates in the last 30 days. The full-year estimate for next year has been stable in recent days. The Zacks Consensus Estimate for 2010 is a loss of 7 cents per share.
We currently have a Zacks # 3 rank for Antares Pharma which translates to a Hold rating in the short term.
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