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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neos Therapeutics Inc | NASDAQ:NEOS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.15 | 1.10 | 1.11 | 0 | 01:00:00 |
“We’ve launched three ADHD products in the last two years and are very pleased with our product portfolio, which we believe reflects both the strength of our unique technology platform as well as our ability to develop, manufacture and commercialize products,” said Vipin K. Garg, Ph.D., President and CEO of Neos Therapeutics. “Our second product, Cotempla XR-ODT™, is new to the market but already seeing strong adoption. We believe this is, in part, the result of our established relationships with nearly 11,000 healthcare professionals, their awareness of our XR-ODT technology and their interest in using our innovative products. With three synergistic Attention Deficit/Hyperactivity Disorder (ADHD) products on the market, we expect to see continued commercial growth and a significant improvement in gross profit.”
Neos’ three commercial products are Adzenys XR-ODT®, Cotempla XR-ODT™ and Adzenys ER™ which launched in May 2016, October 2017 and February 2018, respectively.
Commercial Product Highlights as Reported by IQVIA (formerly called IMS Health)
Cumulative total EUTRx* (4Q17) | Cumulative total EUTRx (4Q16) | Year-over-year increase | Cumulative total EUTRx since launch(as of 3.2.18) | Patients switching from another medication (as of 2.23.18) | |
Adzenys XR-ODT® | 62,737 | 20,330 | 208.6% | 260,767 | 71% |
Cotempla XR-ODT™ | 12,073 | N/A | N/A | 37,168 | 79% |
TOTAL | 74,810 | 20,330 | 268.0% | 297,935 | N/A |
*EUTRx = Equivalent Unit TRx
Additional Commercial Product Highlights as Reported by IQVIA
Recent Announcements
Select Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2017
Net product sales (in $millions) | ||||||||||||
Q4 2017 | Q4 2016 | Change % | FY 2017 | FY 2016 | Change % | |||||||
Adzenys XR-ODT | $6.3 | $2.2 | 186.4% | $19.0 | $3.0 | 533.3% | ||||||
Cotempla XR-ODT | $0.9 | N/A | N/A | $0.9 | N/A | N/A | ||||||
Generic Tussionex | $0.6 | $1.3 | -53.8% | $5.1 | $6.2 | -17.7% | ||||||
Total | $7.8 | $3.5 | 122.9% | $25.0 | $9.2 | 171.7% |
Conference Call Details Neos management will host a conference call and live audio webcast to discuss results and provide a company update at 8:30 a.m. ET today. The live call may be accessed by dialing (877) 388-8985 for domestic calls, or +1 (562) 912-2654 for international callers, and referencing conference ID number 5653457. A live audio webcast for the conference call will be available on the Investor Relations page of the Company’s website at http://investors.neostx.com/.
About Neos TherapeuticsNeos Therapeutics, Inc. (NASDAQ:NEOS) is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platforms. Adzenys XR-ODT® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), Cotempla XR-ODT™ (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), and Adzenys-ER™ (amphetamine) extended-release oral suspension (see Full Prescribing Information, including Boxed WARNING), all for the treatment of ADHD, are the first three approved products using the Company’s extended-release technology platform. In addition, Neos manufactures and markets its generic version of the branded product Tussionex®1, an extended-release oral suspension of hydrocodone and chlorpheniramine for the relief of cough and upper respiratory symptoms of a cold (see Full Prescribing Information, including Boxed WARNING). Additional information about Neos is available at www.neostx.com.
1Tussionex® is a registered trademark of the UCB Group of Companies.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the commercialization of Adzenys XR-ODT, Cotempla XR-ODT™ and Adzenys ER, our marketing plans, and the therapeutic potential of our products. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements reflect our current views about our expectations, strategy, plans, prospects or intentions, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our ability to market and sell our products and other risks set forth under the caption “Risk Factors” in our most recently filed Annual Report on Form 10-K as updated by our subsequently filed other SEC filings, including our Quarterly Report(s) on Form 10-Q. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Neos Therapeutics, Inc. and Subsidiaries | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands, except share and per share data) | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
ASSETSCurrent Assets: | |||||||
Cash and cash equivalents | $ | 31,969 | $ | 24,352 | |||
Short‑term investments | 18,448 | 15,430 | |||||
Accounts receivable, net of allowances for chargebacks and cash discounts of $1,154 and $950, respectively | 13,671 | 6,135 | |||||
Inventories | 13,459 | 5,767 | |||||
Deferred contract sales organization fees | — | 720 | |||||
Other current assets | 5,093 | 2,865 | |||||
Total current assets | 82,640 | 55,269 | |||||
Property and equipment, net | 8,203 | 7,076 | |||||
Intangible assets, net | 16,348 | 17,647 | |||||
Other assets | 162 | 150 | |||||
Total assets | $ | 107,353 | $ | 80,142 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 11,460 | $ | 7,798 | |||
Accrued expenses | 10,570 | 5,264 | |||||
Deferred revenue | 14,676 | 3,662 | |||||
Current portion of long‑term debt | 896 | 4,921 | |||||
Total current liabilities | 37,602 | 21,645 | |||||
Long‑Term Liabilities: | |||||||
Long‑term debt, net of current portion | 58,938 | 58,599 | |||||
Derivative liability | 1,660 | — | |||||
Deferred rent | 1,083 | 1,174 | |||||
Other long-term liabilities | 180 | 272 | |||||
Total long‑term liabilities | 61,861 | 60,045 | |||||
Stockholders’ Equity (Deficit): | |||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 and December 31, 2016 | — | — | |||||
Common stock, $0.001 par value, 100,000,000 authorized at December 31, 2017 and December 31, 2016; 29,030,757 and 28,996,956 issued and outstanding, respectively, at December 31, 2017; 16,079,902 and 16,060,996 issued and outstanding, respectively, at December 31, 2016 | 29 | 16 | |||||
Treasury stock, at cost, 33,801 shares at December 31, 2017 and 18,906 shares at December 31, 2016 | (352 | ) | (232 | ) | |||
Additional paid‑in capital | 274,584 | 198,787 | |||||
Accumulated deficit | (266,365 | ) | (200,118 | ) | |||
Accumulated other comprehensive loss | (6 | ) | (1 | ) | |||
Total stockholders’ equity (deficit) | 7,890 | (1,548 | ) | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 107,353 | $ | 80,142 | |||
Neos Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Net product sales | $ | 7,787 | $ | 3,503 | $ | 25,018 | $ | 9,154 | ||||||||
Cost of goods sold | 2,778 | 4,020 | 12,391 | 11,437 | ||||||||||||
Gross profit (loss) | 5,009 | (517 | ) | 12,627 | (2,283 | ) | ||||||||||
Research and development expenses | 1,784 | 3,602 | 8,957 | 12,207 | ||||||||||||
Selling and marketing expenses | 11,851 | 9,661 | 46,881 | 49,291 | ||||||||||||
General and administrative expenses | 3,039 | 3,025 | 13,805 | 12,625 | ||||||||||||
Loss from operations | (11,665 | ) | (16,805 | ) | (57,016 | ) | (76,406 | ) | ||||||||
Interest expense | (2,836 | ) | (2,191 | ) | (10,085 | ) | (6,937 | ) | ||||||||
Loss on debt extinguishment | — | — | — | (1,187 | ) | |||||||||||
Other income, net | 276 | 622 | 854 | 1,197 | ||||||||||||
Net loss | $ | (14,225 | ) | $ | (18,374 | ) | $ | (66,247 | ) | $ | (83,333 | ) | ||||
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | 28,746,608 | 16,062,685 | 24,751,091 | 16,052,390 | ||||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.49 | ) | $ | (1.14 | ) | $ | (2.68 | ) | $ | (5.19 | ) | ||||
Contacts:
Richard EisenstadtChief Financial OfficerNeos Therapeutics(972) 408-1389reisenstadt@neostx.com
Sarah McCabeStern Investor Relations, Inc.(212) 362-1200sarah@sternir.com
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