Adamis Pharmaceuticals Corp (NASDAQ:ADMP)
Adamis Pharmaceuticals Corp (NASDAQ:ADMP) has announced financial results for the first quarter ended March 31, 2017. The company reported $3 million in revenue representing a 100% gain from what the company reported the three months ended March 31, 2016. The increase is attributed to sales revenue from the company’s pharmaceutical drugs which were spearheaded by U.S. Compounding, Inc., (USC), the company’s subsidiary acquired in April of last year.
During the quarter, total sales had $1.6 million in expenses. This represents a 100% increase from what the company reported in the three months ended March 31, 2017. Adamis Pharmaceuticals Corp (NASDAQ:ADMP) did not report any cost on sales in the previous year as it completed the acquisition of USC in April 2016.
During the quarter ended March 31, 2017, Adamis Pharmaceuticals Corp (NASDAQ:ADMP) reported R&D expenses of around $1,510,000 compared to around $3,401,000 reported in the first quarter of 2017. The reduction resulted from the $2,168,000 reduction in cost of development of the company’s product candidates including Epinephrine PFS, Dry Powder Inhaler (DPI) products, APC 100, APC 2000, and TeloBVax. The amount was offset by around $198,000 increase in costs of development related to APC 1000 product candidate and a $9,000 increase in research and development expenses related to regulatory, consulting, and compounded formulation drug expenses. Expenses towards compensation increased to around $70,000 in the first quarter of 2017 compared to what the company reported in the first quarter of 2016.
Adamis Pharmaceuticals Corp (NASDAQ:ADMP) reported around $5.6 million in general and administrative expenses. This is an increase from the $2.6 million reported in the first quarter of 2016. The increase resulted from the $3 million in expenses related to the acquisition of USC. The company reported a $208,000 decrease in expenses incurred towards the commercialization of Epinephrine PFS. In addition, the company reported a $164,000 increase towards compensation of its general and administrative employees. The increase is attributed to increase in salaries, granting of stock options as well as monthly bonuses. There was also $93,000 in expenses towards insurance.
Adamis Pharmaceuticals Corp (NASDAQ:ADMP) incurred losses amounting to (-$5.8) million in the quarter ended March 31, 2017 compared to (-$6.5) million that was incurred in the three months ended March 31, 2016.
At the close of the quarter, the company had $33.7 million in total assets compared to $37.8 million that the company had at the close of the quarter ended March 31, 2016.
Adamis Pharmaceuticals Corp (NASDAQ:ADMP) was up by 1.28% in Monday trading session ending the day at $3.95 a share.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.