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| 8-K - FORM 8-K - JUNIPER PHARMACEUTICALS INC | d435710d8k.htm |
Exhibit 99.1
Juniper Pharmaceuticals Reports Second Quarter 2017 Financial and Operating Results
CRINONE® Revenues Increased 30% and Juniper Pharma Services Revenues increase 30% Year-over-Year
BOSTON, August 3, 2017 — Juniper Pharmaceuticals (Nasdaq:JNP), a women’s health therapeutics company, today announced financial results for the three-month period ended June 30, 2017. Cash and cash equivalents were $21.5 million at June 30, 2017, a 1% decrease from March 31, 2017.
“We had a robust second quarter, marked by significant growth in both Crinone sales and JPS revenues on an annual basis. The continued strength in our core business allows us to maintain a solid financial position while advancing our long-term business objectives. We remain committed to a fiscally disciplined approach in developing and advancing our intravaginal ring (IVR) portfolio of differentiated women’s health therapeutics,” said Alicia Secor, Chief Executive Officer.
“IND-enabling activities are currently progressing in parallel for each of our IVR pipeline candidates and we anticipate results from key preclinical studies by year end. Following the results of these studies, we plan to prioritize our portfolio and selectively advance one or more candidates to IND filing with the U.S. Food and Drug Administration in the first half of 2018. Additionally, we will explore multiple opportunities that support the advancement of these candidates, including non-dilutive financing through partnerships, and we remain open to building our existing pipeline with the addition of external products,” added Ms. Secor.
Advancements on lead formulations for the Company’s pipeline of intravaginal ring (IVR) candidates continue as planned for the following:
| • | JNP-0101 (oxybutynin IVR) for overactive bladder; |
| • | JNP-0201 (estradiol + natural progesterone IVR) for symptoms of menopause; and |
| • | JNP-0301 (natural progesterone IVR) for the prevention of pre-term birth (PTB) in women with a short cervical length at mid-pregnancy. |
Second Quarter Financial Results
“We continued to see strong growth on an annual basis in our core business during the second quarter of 2017” said Jeff Young, Chief Financial Officer at Juniper. “CRINONE product revenues were up 30%, and revenues from Juniper Pharma Services exceeded projections, with approximately 46% growth on a local currency basis, compared to the second quarter of 2016.”
Second quarter total revenues increased 20% to $14 million, compared with $11.6 million for the quarter ended June 30, 2016.
Product revenues were $9.6 million, an increase of 30%, driven by continued in-market growth and new market sales of CRINONE® (progesterone gel) by Merck KGaA, Darmstadt, Germany.
Service revenues from Juniper Pharma Services were $4.4 million, an increase of $1.0 million, or 30%, versus the second quarter of last year, driven by new and existing customer growth.
Gross profit increased to $6.3 million as compared to $5.1 million in the prior year quarter.
Total operating expenses were $6.7 million in the second quarter of 2017, a $0.8 million decrease as compared to the prior year period.
Juniper’s net loss was $376 thousand, or $(0.03) per diluted share, in the second quarter of 2017, compared to a net loss of $2.3 million, or $(0.21) per diluted share, in the second quarter of 2016.
Liquidity
Cash and cash equivalents were $21.5 million as of June 30, 2017, versus $21.8 million at March 31, 2017.
Conference Call
As previously announced, Juniper’s management team will hold a conference call to discuss financial results for the second quarter ended June 30, 2017, as follows:
| Date: | August 3, 2017 | |
| Time: | 4:30 p.m. ET |
| Dial-in numbers: | Toll free: (866) 374-4635 (U.S.), (855) 669-9657 (Canada), or International: (412) 902-4218 |
Webcast (live and archive): www.juniperpharma.com, under “Investors” or click here.
The teleconference replay will be available approximately one hour after completion through Thursday, August 10, 2017, at (877) 344-7529 (U.S.), (855) 669-9658 (Canada) or (412) 317-0088 (International). The replay access code is 10110526.
The archived webcast will be available for one year via the aforementioned URLs.
About Juniper Pharmaceuticals
Juniper Pharmaceuticals, Inc. is focused on developing therapeutics that address unmet medical needs in women’s health. The Company is advancing a pipeline of proprietary product candidates that leverage its differentiated intravaginal ring technology and when appropriate the 505(b)(2) regulatory pathway. Targeted product development investments are enabled by Juniper’s core operating business: the Crinone® (progesterone gel) franchise and Juniper Pharma Services, which provides high-end fee-for-service pharmaceutical development and clinical trials manufacturing to clients. Please visit www.juniperpharma.com for more information.
Juniper Pharmaceuticals™ is a trademark of Juniper Pharmaceuticals, Inc., in the U.S. and EU.
Crinone® is a registered trademark of Merck KGaA, Darmstadt, Germany, outside the U.S. and of Allergan, Inc. in the U.S.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to anticipated future financial performance; the number and timing of Investigational New Drug (“IND”) application filings and potential clinical trials for Juniper’s product candidates and the announcement of results from these trials; the potential of Juniper’s Intravaginal Ring (“IVR”) technology to improve the delivery of therapeutics to women; Juniper’s
ability to leverage the 505(b)(2) pathway for product candidates; Juniper’s ability to complete business development transactions, including new product acquisitions and/or new collaborations regarding Juniper’s IVR technology; and, the expectation that the core operating business will enable targeted product development investments. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the drug development process generally, including the timely completion of prototype development and planned IND-enabling and sheep studies; risks associated with the outcomes of the prototype formulation development efforts and planned IND-enabling and sheep studies and whether they support further development of our product candidates; risks associated with the regulatory review process, including the risk that the FDA does not ultimately accept our proposed clinical program for JNP-0301; the risk that the results of previously conducted studies involving our product candidates will not be repeated or observed in ongoing or future studies or following commercial launch, if such product candidates are approved; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Juniper Pharmaceuticals’ ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from currently approved therapies and from other companies developing products for similar uses; risks associated with Juniper Pharmaceuticals’ ability to manage operating expenses and/or obtain additional funding to support its business activities; and risks associated with Juniper Pharmaceuticals’ dependence on third parties. For a discussion of certain risks and uncertainties associated with Juniper Pharmaceuticals’ forward-looking statements, please review the Company’s reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K and subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. These statements are based on management’s current expectations and Juniper Pharmaceuticals does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law.
Investor Contact:
Argot Partners
Laura Perry or Heather Savelle
212-600-1902
laura@argotpartners.com
heather@argotpartners.com
To receive Juniper’s press releases, SEC filings or calendar alerts by email click here.
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JUNIPER PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| June 30, 2017 |
December 31, 2016 |
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| Assets: |
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| Cash and cash equivalents |
$ | 21,464 | $ | 20,994 | ||||
| Accounts receivable, net |
6,900 | 6,573 | ||||||
| Inventories |
5,212 | 5,621 | ||||||
| Prepaid expenses and other current assets |
1,812 | 1,539 | ||||||
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| Total current assets |
35,388 | 34,727 | ||||||
| Property and equipment, net |
14,811 | 13,366 | ||||||
| Intangible assets, net |
869 | 969 | ||||||
| Goodwill |
8,793 | 8,342 | ||||||
| Other assets |
167 | 167 | ||||||
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| Total Assets |
$ | 60,028 | $ | 57,571 | ||||
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| Liabilities, contingently redeemable preferred stock, and stockholders’ equity: |
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| Accounts payable |
$ | 3,461 | $ | 3,893 | ||||
| Accrued expenses and other |
5,134 | 5,271 | ||||||
| Deferred revenue |
7,191 | 5,624 | ||||||
| Current portion of long-term debt |
516 | 204 | ||||||
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| Total current liabilities |
16,302 | 14,992 | ||||||
| Long-term debt, net of current portion |
3,398 | 2,203 | ||||||
| Other noncurrent liabilities |
32 | 56 | ||||||
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| Total Liabilities |
19,732 | 17,251 | ||||||
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| Commitments and Contingencies |
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| Series C preferred stock |
— | 550 | ||||||
| Total stockholders’ equity |
40,296 | 39,770 | ||||||
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| Total liabilities, contingently redeemable preferred stock, and stockholders’ equity |
$ | 60,028 | $ | 57,571 | ||||
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JUNIPER PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Revenues |
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| Product revenues |
$ | 9,569 | $ | 7,334 | $ | 17,295 | $ | 13,659 | ||||||||
| Service revenues |
4,387 | 3,374 | 7,908 | 6,627 | ||||||||||||
| Royalties |
— | 902 | — | 1,801 | ||||||||||||
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| Total net revenues |
13,956 | 11,610 | 25,203 | 22,087 | ||||||||||||
| Cost of product revenues |
5,303 | 4,182 | 9,617 | 8,209 | ||||||||||||
| Cost of service revenues |
2,347 | 2,285 | 4,590 | 4,608 | ||||||||||||
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| Total cost of revenues |
7,650 | 6,467 | 14,207 | 12,817 | ||||||||||||
| Gross profit |
6,306 | 5,143 | 10,996 | 9,270 | ||||||||||||
| Operating expenses |
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| Sales and marketing |
410 | 379 | 788 | 651 | ||||||||||||
| Research and development |
1,648 | 3,797 | 2,994 | 5,930 | ||||||||||||
| General and administrative |
4,604 | 3,244 | 9,025 | 6,704 | ||||||||||||
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| Total operating expenses |
6,662 | 7,420 | 12,807 | 13,285 | ||||||||||||
| Loss from operations |
(356 | ) | (2,277 | ) | (1,811 | ) | (4,015 | ) | ||||||||
| Interest expense, net |
(30 | ) | (24 | ) | (58 | ) | (50 | ) | ||||||||
| Other income, net |
10 | 81 | 52 | 206 | ||||||||||||
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| Loss before income taxes |
(376 | ) | (2,220 | ) | (1,817 | ) | (3,859 | ) | ||||||||
| Provision for income taxes |
— | 48 | — | 52 | ||||||||||||
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| Net loss |
$ | (376 | ) | $ | (2,268 | ) | $ | (1,817 | ) | $ | (3,911 | ) | ||||
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| Diluted net loss per share |
$ | (0.03 | ) | $ | (0.21 | ) | $ | (0.13 | ) | $ | (0.36 | ) | ||||
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| Diluted weighted average shares outstanding |
10,954 | 10,789 | 10,803 | 10,789 | ||||||||||||
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| Basic net income (loss) per share |
$ | 0.01 | $ | (0.21 | ) | $ | (0.13 | ) | $ | (0.36 | ) | |||||
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| Basic weighted average shares outstanding |
10,803 | 10,789 | 10,803 | 10,789 | ||||||||||||
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