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"With our ongoing sales force expansion and recent DUEXIS U.S. co-promotion agreement with
Second Quarter Financial Results
For the second quarter ended
Net loss for the quarter ended
Research and development expenses increased
Sales and marketing expenses increased
General and administrative expenses increased
Interest expense, net was
Foreign exchange loss was
Year-to-Date Financial Results
For the six months ended
Research and development expenses increased
Sales and marketing expenses increased
General and administrative expenses increased
Interest expense, net increased
Foreign exchange loss was
Note Regarding Use of Non-GAAP Financial Measures
Horizon provides non-GAAP net income (loss) and net income (loss) per share financial measures that include adjustments to GAAP figures. These adjustments to GAAP exclude non-cash items such as stock compensation and depreciation and amortization, and other non-cash charges. Horizon believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon's financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of operational results and trends. In addition, these non-GAAP financial measures are among the indicators Horizon's management uses for planning and forecasting purposes and measuring the Company's performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the financial statements portion of this press release for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.
Conference Call
At
The live webcast and a replay may be accessed by visiting Horizon's website at http://ir.horizon-pharma.com. Please connect to the Company's website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call 1-888-338-8373 (U.S.) or 973-872-3000 (international) to listen to the conference call. The conference ID number for the live call is 96271110. Telephone replay will be available approximately two hours after the call. To access the replay, please call 1-855-859-2056 (U.S.) or 404-537-3406 (international). The conference ID number for the replay is 96271110.
About
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the on-going commercial launch of DUEXIS, the planned expansion of the Company's field sales force, the pursuit of regulatory approval for DUEXIS in
HORIZON PHARMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
As of
----------------------------
June 30, December 31,
2012 2011
------------- -------------
Assets (Unaudited)
Current assets
Cash and cash equivalents $ 63,460 $ 17,966
Restricted cash 750 750
Accounts receivable, net 622 2,372
Inventories, net 3,157 1,195
Prepaid expenses and other current assets 4,401 2,763
------------- -------------
Total current assets 72,390 25,046
Property and equipment, net 3,804 3,245
Developed technology, net 32,893 35,602
In-process research and development 35,586 36,638
Other assets 4,079 547
------------- -------------
Total assets $ 148,752 $ 101,078
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 7,890 $ 8,170
Accrued expenses 11,149 8,926
Deferred revenues - current portion 3,608 3,281
Notes payable - current portion 3,978 3,604
------------- -------------
Total current liabilities 26,625 23,981
Long-term liabilities
Notes payable, net of debt discount 47,141 15,834
Deferred revenues, net of current 8,044 5,666
Deferred tax liabilities, net 8,948 9,561
Other long term liabilities 121 124
------------- -------------
Total liabilities 90,879 55,166
------------- -------------
Commitments and Contingencies
Stockholders' equity
Common stock, $0.0001 par value per share;
200,000,000 shares authorized; 33,746,493
and 19,627,744 shares issued and
outstanding at June 30, 2012 and December
31, 2011 respectively. 3 2
Additional paid-in capital 329,315 270,015
Accumulated other comprehensive loss (4,620) (3,788)
Accumulated deficit (266,825) (220,317)
------------- -------------
Total stockholders' equity 57,873 45,912
------------- -------------
Total liabilities and stockholders' equity $ 148,752 $ 101,078
============= =============
HORIZON PHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
For the Three Months For the Six Months
Ended Ended
June 30, June 30,
----------------------- -----------------------
2012 2011 2012 2011
----------- ---------- ----------- ----------
(Unaudited) (Unaudited)
Revenues
Sales of goods $ 4,556 $ 1,294 $ 7,411 $ 3,057
Contract revenue 52 41 105 70
----------- ---------- ----------- ----------
Gross sales 4,608 1,335 7,516 3,127
Sales discounts and
allowances (767) - (1,152) -
----------- ---------- ----------- ----------
Net sales 3,841 1,335 6,364 3,127
----------- ---------- ----------- ----------
Cost of goods sold 2,855 2,104 4,922 3,943
----------- ---------- ----------- ----------
Gross profit (loss) 986 (769) 1,442 (816)
Operating Expenses
Research and development 4,233 3,462 8,302 6,190
Sales and marketing 10,543 1,169 21,515 2,285
General and
administrative 4,555 3,348 9,758 6,449
----------- ---------- ----------- ----------
Total operating
expenses 19,331 7,979 39,575 14,924
----------- ---------- ----------- ----------
Operating loss (18,345) (8,748) (38,133) (15,740)
Interest expense, net (3,191) (3,185) (7,742) (4,469)
Other expense (4) - (56) -
Foreign exchange (loss)
gain (1,401) 110 (900) 532
----------- ---------- ----------- ----------
Loss before benefit for
income taxes (22,941) (11,823) (46,831) (19,677)
Income tax benefit (159) (186) (323) (368)
----------- ---------- ----------- ----------
Net loss $ (22,782) $ (11,637) $ (46,508) $ (19,309)
=========== ========== =========== ==========
Net loss per share - basic
and diluted $ (0.68) $ (7.78) $ (1.61) $ (12.91)
----------- ---------- ----------- ----------
Weighted average shares
outstanding used in
calculating net loss per
share - basic and diluted 33,715,703 1,496,278 28,909,080 1,495,126
----------- ---------- ----------- ----------
HORIZON PHARMA, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
(in thousands, except share and per share data)
Three Months Ended June Six Months Ended June
30, 30,
----------------------- -----------------------
2012 2011 2012 2011
----------- ---------- ----------- ----------
(Unaudited) (Unaudited)
GAAP Net Loss $ (22,782) $ (11,637) $ (46,508) $ (19,309)
Non-GAAP Adjustments (net
of tax effect):
Amortization of
developed technology 684 777 1,397 1,518
Stock-based compensation 731 628 2,490 1,225
Non-cash interest
expense 576 2,170 1,169 2,401
Depreciation expense 208 101 392 201
Amortization of deferred
revenue (52) (41) (105) (70)
----------- ---------- ----------- ----------
Total of non-GAAP
adjustments 2,147 3,635 5,343 5,275
----------- ---------- ----------- ----------
Non-GAAP Net Loss $ (20,635) $ (8,002) $ (41,165) $ (14,034)
=========== ========== =========== ==========
Weighted average shares -
basic and diluted 33,715,703 1,496,278 28,909,080 1,495,126
GAAP net loss per common
share - basic and diluted $ (0.68) $ (7.78) $ (1.61) $ (12.91)
Non-GAAP adjustments
detailed above 0.06 2.43 0.18 3.53
----------- ---------- ----------- ----------
Non-GAAP net loss per
common share - basic and
diluted $ (0.62) $ (5.35) $ (1.43) $ (9.38)
=========== ========== =========== ==========
HORIZON PHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended June 30,
--------------------------
2012 2011
------------ ------------
(Unaudited)
Cash flows from operating activities
Net loss $ (46,508) $ (19,309)
Adjustments to reconcile net loss to net cash
used in operating activities
Depreciation and amortization 2,140 2,043
Stock-based compensation 2,490 1,225
Non-cash interest expense 1,169 2,401
Paid in kind interest expense 1,079 -
Loss on disposal of assets 68 -
Foreign exchange loss (gain) 900 (532)
Changes in operating assets and liabilities:
Accounts receivable 1,751 595
Inventories, net (2,001) (194)
Prepaid expenses and other current assets (1,631) 655
Accounts payable (255) 2,456
Accrued expenses 1,527 (597)
Deferred revenues 2,973 989
Deferred tax liabilities (349) (378)
------------ ------------
Net cash used in operating activities (36,647) (10,646)
------------ ------------
Cash flows from investing activities
Purchase of property and equipment (1,043) (36)
------------ ------------
Net cash used in investing activities (1,043) (36)
------------ ------------
Cash flows from financing activities
Proceeds from issuance of notes payable, net of
issuance costs 55,578 16,651
Repayment of notes payable (19,814) (12,365)
Proceeds from private equity offering, net of
offering costs 47,475 -
Proceeds from the issuance of common stock 147 -
Deferred financing expenses - (237)
Proceeds from issuance of bridge notes payable
to related parties - 6,766
Proceeds from stock option exercises - 42
------------ ------------
Net cash provided by financing activities 83,386 10,857
------------ ------------
Effect of exchange rate changes on cash and cash
equivalents (202) 213
Net increase in cash and cash equivalents 45,494 388
Cash and cash equivalents
Beginning of period 17,966 5,384
------------ ------------
End of period $ 63,460 $ 5,772
============ ============
ContactsRobert J. De Vaere Executive Vice President and Chief Financial Officer Email Contact InvestorsKathy Galante Burns McClellan, Inc. 212-213-0006 Email Contact MediaGeoff Curtis DJE Science 312-550-8138 Email Contact
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