BioTech

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) Reports $29.7 Million Q1 Net Revenue

Pernix Therapeutics Holdings Inc (NASDAQ:PTX)

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) has announced the financial results for the first quarter of 2017 financial year. Pernix Therapeutics is a specialty pharmaceutical company and some of its products include Treximet, Zohydro ER and Silenor.

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) reported $29.7 million in net revenue representing a 9% decrease from the $32.5 million that was reported in Q1 of the 2016 financial year. Revenue from Treximet went down by 15% or $2.5 million in Q1 of 2017 as compared to the same period of the previous financial year. The decrease is as a result of shrinking sales volumes plus some pricing compression. Zohydro ER recorded a 5%, or $0.3 million, drop in net revenue in Q1of 2017 compared to Q1 of 2016. Finally, Silenor reported a 3% or $0.1 drop in revenue in Q1 of 2017 compared to Q1 of 2016. The decrease is attributed to a lower sales price.

Pernix Therapeutics Holdings Inc (NASDAQ:PTX)’s net product revenue rose by around 1% or $0.1 million in Q1 compared to the same period the previous financial year. The increase was as a result of good gross-to-nets from the company’s generic products.

The company reported an 11% or $1.2 million drop in cost of product sales in Q1 of 2017 compared to Q1 of 2016. This reduction is a result of a drop in costs of inventory plus decreased royalty expenses. There was a 22% or $5.7 million reduction in selling, general, and administrative expenses in Q1 of 2017 compared to the same period of 2016.  The decrease is a result of lower marketing and selling expenses due to the company’s program to restructure its sales operations in Q2 of 2016.

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) reported $0.4 million in research and development expenses in Q1 of 2017 compared to the same period of 2016. The drop is attributed to lower expenditures on Treximet. There was a 22% or $5.1 million drop in amortization and depreciation expenses in Q1 of 2017 compared to Q1 of 2016 as a result of impairments in intangible assets.

Pernix Therapeutics Holdings Inc (NASDAQ:PTX) reported $29.5 million in net loss for Q1 of 2017 compared to the $25.9 million reported in Q1 of 2016. The company reported $0.3 million in adjusted EBITDA in Q1 of 2017 compared to $4.5 million reported in Q1 of 2016. At the close of the quarter, the company had $22.7 million in cash.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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