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.
"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: [email protected]
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; | ? | 55 | |||||
Successor common stock--$0.001 par value; 100,000,000 shares authorized; | 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) | |||||||||
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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