Le Lézard
Classified in: Health, Business
Subjects: ERN, CCA

Zyla Life Sciences Reports Third Quarter 2019 Financial Results


WAYNE, Pa., Nov. 14, 2019 /PRNewswire/ -- Zyla Life Sciences (OTCQX: ZCOR) ("Zyla" or the "Company"), a commercial-stage life sciences company, today reported financial results for the third quarter ended September 30, 2019, including net sales from commercial products: SPRIX® (ketorolac tromethamine) Nasal Spray, the SoluMatrix® products, VIVLODEX® (meloxicam), TIVORBEX® (indomethacin) and ZORVOLEX® (diclofenac)), INDOCIN® (indomethacin) suppositories, INDOCIN® oral suspension and OXAYDO® (oxycodone HCI, USP) tablets for oral use only ?CII.    

Zyla Life Sciences Logo. (PRNewsFoto/Zyla Life Sciences) (PRNewsfoto/ZYLA LIFE SCIENCES )

"With our expanded product portfolio, we had third quarter net product sales of $22.4 million, almost three times net product sales for the same period in 2018," said Todd Smith, president and chief executive officer of Zyla. "In the third quarter, we generated $6.5 million in net cash due to our product portfolio expansion, while maintaining similar operating expenses and commercial infrastructure. We continue to identify areas to increase efficiencies and improve our commercial impact." 

Recent Event

2019 Third Quarter Financial Results

Earnings Conference Call Information

Zyla's management will host a conference call to discuss the third quarter 2019 financial results today:

Date:                                 

Thursday, November 14, 2019

Time:                                   

4:30 p.m. EST

Webcast (live and archive):  

zyla.com  (Events & Webcasts, Investor page)

Dial-in numbers:                    

1-888-346-2615 (domestic)


1-412-902-4253 (international)

Replay numbers:                   

1-877-344-7529 (domestic)


1-412-317-0088 (international)

Conference number:              

10136012

About Zyla Life Sciences
Zyla Life Sciences is a business committed to bringing important products to patients and healthcare providers. Zyla is focused on marketing its portfolio of medicines for pain and inflammation. The company portfolio includes six products: SPRIX® (ketorolac tromethamine) Nasal Spray, ZORVOLEX® (diclofenac), VIVLODEX® (meloxicam), INDOCIN® (indomethacin) suppositories, INDOCIN® oral suspension and OXAYDO® (oxycodone HCI, USP) tablets for oral use only ?CII.

For full prescribing information, boxed warnings and medication guides, please visit the following sites for each product: sprix.com, vivlodex.com, zorvolex.com and oxaydo.com. Prescribing information, the boxed warning and medication guide for INDOCIN suppositories and oral suspension can be found at dailymed.nlm.nih.gov.

Safe Harbor
Statements included in this press release that are not historical in nature and contain the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "suggest," "target," "potential," "will," "would," "could," "should," "continue," "look forward to" and other similar expressions are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to known and unknown uncertainties and risks. Actual results could differ materially from those discussed due to a number of factors, including, but not limited to: our ability to continue as a going concern; the impact of our bankruptcy on our business going forward, including with regard to relationships with vendors and customers, employee attrition, and the costs and expenses resulting from our bankruptcy; the impact of our acquisition of five products from Iroko Pharmaceuticals, Inc., including our assumption of related liabilities, potential exposure to successor liability and credit risk of Iroko and its affiliates; our estimates regarding expenses, future revenues, capital requirements and needs for additional financing; our current and future indebtedness; our ability to maintain compliance with the covenants in our debt documents; the level of commercial success of our products; coverage of our products by payors and pharmacy benefit managers; our ability to execute on our sales and marketing strategy, including developing relationships with customers, physicians, payors and other constituencies; the rate and degree of market acceptance of any of our products; the success of competing products that are or become available; the entry of any generic products for any of our products, or any delay in or inability to reformulate SPRIX; recently enacted and future legislation and regulations regarding the healthcare system; the accuracy of our estimates of the size and characteristics of the potential markets for our products and our ability to serve those markets; our failure to recruit or retain key personnel, including our executive officers; obtaining and maintaining intellectual property protection for our products; our ability to operate our business without infringing the intellectual property rights of others; our ability to integrate and grow any businesses or products that we may acquire; the outcome of any litigation in which we are or may be involved; general market conditions; and other risk factors set forth in Zyla's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the United States Securities and Exchange Commission (SEC) and in other filings Zyla makes with the SEC from time to time. While Zyla may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking-statements contained in this press release whether as a result of new information or future events, except as may be required by law.

Media and Investor Contact:
E. Blair Clark-Schoeb
Email: ir@zyla.com
Tel: 484-259-7370

Consolidated Balance Sheets

(in thousands, except share and per share data)









Successor



Predecessor



September 30, 2019



December 31, 2018



(unaudited)





Assets








Current assets:








Cash and cash equivalents


$

18,594



$

35,323

Marketable securities, available for sale



?




4,988

Accounts receivable, net



26,578




8,006

Inventory



9,538




2,639

Prepaid expenses and other current assets



1,571




2,715

Other receivables



?




846

Total current assets



56,281




54,517

Intangible assets, net



113,980




4,281

Restricted cash



400




400

Property and equipment, net



3,513




1,059

Right of use assets, net



2,885




?

Goodwill



58,747




?

Deposits and other assets



3,242




1,676

Total assets


$

239,048



$

61,933

Liabilities and stockholders' equity








Current liabilities:








Accounts payable


$

15,807



$

8,561

Accrued expenses



49,625




24,584

Debt - current, net



6,990




?

Acquisition-related contingent consideration



2,700




?

Other current liabilities



976




?

Total current liabilities



76,098




33,145

Debt - non-current portion, net



92,630




?

Acquisition-related contingent consideration



15,600




?

Deferred income tax liability



23




24

Credit agreement



3,965




?

Other liabilities



2,329




536

Total liabilities not subject to compromise



190,645




33,705









Liabilities subject to compromise



?




139,588

















Stockholders' equity (deficit):








Predecessor common stock--$0.001 par value; 275,000,000 shares authorized;
56,547,101 shares issued and outstanding at December 31, 2018



?




55

Successor common stock--$0.001 par value; 100,000,000 shares authorized;
9,360,968 shares issued and outstanding at September 30, 2019



9




?

Additional paid-in capital



88,817




276,569

Accumulated other comprehensive (loss) income



(7)




869

Accumulated deficit



(40,416)




(388,853)

Total stockholders' equity (deficit)



48,403




(111,360)

Total liabilities and stockholders' equity


$

239,048



$

61,933

 

 

Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)






Three months ended



September 30, 



2019


2018


Change

Revenue










Net product sales


$

22,386


$

8,153


$

14,233

Total revenue



22,386



8,153



14,233











Costs and Expenses










Cost of sales (excluding amortization of product rights)


10,394



1,773



8,621

Amortization of product rights



3,497



526



2,971

General and administrative



6,044



5,556



488

Sales and marketing



9,316



7,932



1,384

Research and development 



3



956



(953)

Restructuring & other charges



-



13,864



(13,864)

Change in fair value of contingent consideration payable


795



-



795

Total costs and expenses 



30,049



30,607



(558)

Loss from operations



(7,663)



(22,454)



14,791











Other (income) expense:










Change in fair value of warrant and derivative liability


-



(3,986)



3,986

Interest expense, net



3,749



32,891



(29,142)

Other gain



(1,122)



(132)



(990)

Total other expense



2,627



28,773



(26,146)

Loss before provision (benefit) for income taxes


(10,290)



(51,227)



40,937

Provision (benefit) for income taxes



-



-



-

Net loss


$

(10,290)


$

(51,227)


$

40,937











 

SOURCE Zyla Life Sciences


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News published on 14 november 2019 at 16:02 and distributed by: