ACCESS Newswire
14 May 2019, 17:43 GMT+10
Company Posts Highest Ever Quarterly Revenue
ENGLEWOOD, CO / ACCESSWIRE / May 14, 2019 / Aytu BioScience, Inc. (NASDAQ: AYTU), a specialty pharmaceutical company focused on commercializing novel products that address significant patient needs, today will provide an overview of its business, including the company's operational and financial results for its third quarter of fiscal year 2019 that ended March 31, 2019. The company will host a live conference call and webcast today at 9:00 a.m. ET. Conference call details are provided at the end of this press release.
Q3 FY19 and Recent Operational Highlights
Josh Disbrow, CEO of Aytu BioScience commented, 'Fiscal Q3 2019 was another record quarter for Aytu, and our fourth sequential quarter of significant revenue growth. Revenue grew nearly 300%, over Q3 2018, to the highest level in company history. Importantly, we saw increased contribution across our newly diversified portfolio following the recent additions of ZolpiMist and Tuzistra XR, while continuing to drive Natesto prescriptions and revenue. The company has successfully transitioned over the last twelve months, now commercializing four products with a combined total addressable market of approximately $7 billion. While Natesto continues to be the biggest percentage of revenue, with another increase in revenue this quarter, we are excited by Tuzistra XR getting off to a good start, and the growing contribution from ZolpiMist and MiOXSYS.'
Mr. Disbrow continued, 'We also added several value drivers during the quarter, and subsequent to the close of Q3. We announced our partnership with SUDA, sublicensing the global distribution rights for ZolpiMist, for which they are already pursuing regulatory approval in Australia. Additionally, we continue to receive good news on the Natesto Spermatogenesis Study, which is investigating the impact of Natesto, the only FDA approved, nasally-administered testosterone treatment, on the preservation of fertility parameters. Interim results demonstrated preservation of semen parameters after six months of Natesto treatment. Of the 56 subjects enrolled to date, 43 subjects have completed one month of Natesto therapy, 23 subjects have completed three months, and 15 subjects have completed the full six-month treatment period equivalent to two cycles of spermatogenesis. The entire study group is expected to complete the full six-month treatment period during summer 2019, and the full data will be reported soon thereafter. Finally, MiOXSYS, our proprietary male infertility diagnostic platform that we market primarily overseas, continues to make outstanding progress in developing the global market for this one-of-kind clinical device and is contributing meaningful revenue to further broaden our revenue mix.'
Mr. Disbrow concluded, 'Taken as a whole, we are encouraged by the strong performance of our core product portfolio, the operational progress we've made across our key strategies, as well as the potential of our licensing and development initiatives.'
Q3 FY19 Financial Results
Conference Call Information
The company will host a live conference call at 9:00 AM ET today. The conference call can be accessed by dialing either:
1-844-369-8770 (toll-free)
1-862-298-0840 (international)
The webcast will be accessible live and archived on Aytu BioScience's website, within the Investors section under Events & Presentations, at aytubio.com, for 90 days.
A replay of the call will be available for fourteen days. Access the replay by calling 1-877-481-4010 (toll-free) or 1-919-882-2331 (international) and using the replay access code 48308.
About Aytu BioScience, Inc.
Aytu BioScience is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets Natesto®, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or 'Low T'). Aytu also has exclusive U.S. and Canadian rights to ZolpiMist™, an FDA-approved, commercial-stage prescription sleep aid indicated for the short-term treatment of insomnia characterized by difficulties with sleep initiation. Aytu recently acquired exclusive U.S. commercial rights to Tuzistra® XR, the only FDA-approved 12-hour codeine-based antitussive syrup. Tuzistra XR is a prescription antitussive consisting of codeine polistirex and chlorpheniramine polistirex in an extended-release oral suspension. Additionally, Aytu is developing MiOXSYS®, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside of the U.S. where it is a CE Marked, Health Canada cleared, Australian TGA approved, Mexican COFEPRAS approved product, and Aytu is planning U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu's strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large therapeutic markets. For more information visit aytubio.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical facts contained in this presentation are forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as ''may,'' ''will,'' ''should,'' ''forecast,'' ''could,'' ''expect,'' ''suggest,'' ''believe,'' ''estimate,'' ''continue,'' ''anticipate,'' ''intend,'' ''plan,'' or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the risks related to the company's operational results for the fiscal third quarter 2019 being presented on Tuesday, May 14, 2019, at 9:00 a.m. ET, our expectations related to coupon rates in subsequent quarters and the timing and results of the Natesto Spermatogenesis Study, risks relating to gaining market acceptance of our products, obtaining reimbursement by third-party payors, the potential future commercialization of our product candidates, the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing and future clinical trials, the anticipated designs of our future clinical trials, anticipated future regulatory submissions and events, our anticipated future revenue growth, our anticipated future cash position and future events under our current and potential future collaboration. We also refer you to the risks described in ''Risk Factors'' in Part I, Item 1A of Aytu BioScience, Inc.'s Annual Report on Form 10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.
Contact for Investors:
James Carbonara
Hayden IR
(646)-755-7412
[email protected]
Aytu BioScience, Inc.
Consolidated Balance Sheets
Unaudited
March 31, | June 30, | |||||||
2019 | 2018 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 14,647,402 | $ | 7,012,527 | ||||
Restricted cash | 100,296 | 100,000 | ||||||
Accounts receivable, net | 1,376,358 | 578,782 | ||||||
Inventory, net | 1,530,083 | 1,338,973 | ||||||
Prepaid expenses and other | 804,840 | 440,009 | ||||||
Total current assets | 18,458,979 | 9,470,291 | ||||||
Fixed assets, net | 219,177 | 218,684 | ||||||
Licensed assets, net | 19,430,767 | 11,120,086 | ||||||
Patents, net | 226,944 | 245,944 | ||||||
Deposits | 2,200 | 5,088 | ||||||
Total long-term assets | 19,879,088 | 11,589,802 | ||||||
Total assets | $ | 38,338,067 | $ | 21,060,093 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable and other | $ | 2,131,251 | $ | 2,119,672 | ||||
Accrued liabilities | 772,140 | 185,882 | ||||||
Accrued compensation | 791,586 | 540,674 | ||||||
Current deferred rent | - | 1,450 | ||||||
Current contingent consideration | 808,779 | 547,100 | ||||||
Total current liabilities | 4,503,756 | 3,394,778 | ||||||
Long-term contingent consideration | 12,633,824 | 4,146,829 | ||||||
Long-term debt - related party | 5,134,795 | - | ||||||
Warrant derivative liability | 28,513 | 93,981 | ||||||
Total liabilities | 22,300,888 | 7,635,588 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; shares issued | ||||||||
and outstanding 2,335,665 and 0, respectively as of | ||||||||
March 31, 2019 and June 30, 2018 | 234 | - | ||||||
Common Stock, par value $.0001; 100,000,000 shares authorized; shares issued | ||||||||
and outstanding 12,848,499 and 1,794,762, respectively as of | ||||||||
March 31, 2019 and June 30, 2018 | 1,285 | 179 | ||||||
Additional paid-in capital | 107,893,259 | 92,681,918 | ||||||
Accumulated deficit | (91,857,599 | ) | (79,257,592 | ) | ||||
Total stockholders' equity | 16,037,179 | 13,424,505 | ||||||
Total liabilities and stockholders' equity | $ | 38,338,067 | $ | 21,060,093 |
Aytu BioScience, Inc.
Consolidated Statements of Operations
Unaudited
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Product revenue, net | $ | 2,372,016 | $ | 607,473 | $ | 5,598,836 | $ | 2,734,995 | ||||||||
License revenue, net | 5,776 | - | 5,776 | - | ||||||||||||
Total revenue | 2,377,792 | 607,473 | 5,604,612 | 2,734,995 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of sales | 616,853 | 1,136,833 | 1,552,950 | 1,809,445 | ||||||||||||
Research and development | 108,901 | 114,141 | 413,808 | (22,391 | ) | |||||||||||
Selling, general and administrative | 5,368,762 | 4,637,495 | 13,991,516 | 13,809,264 | ||||||||||||
Selling, general and administrative - related party | 6,797 | - | 351,843 | - | ||||||||||||
Impairment of intangible assets | - | 1,856,020 | - | 1,856,020 | ||||||||||||
Amortization of intangible assets | 575,117 | 387,606 | 1,561,137 | 1,156,258 | ||||||||||||
Total operating expenses |
Shares
Watch latest videosSubscribe and FollowGet a daily dose of Memphis Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. News RELEASESPublish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Memphis Sun. More Information
null in null
InternationalSectionSources: Meta won’t alter data model, faces fresh EU chargesBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges... Trump’s tariff push could push US rates above 20%, ICC saysLONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according... U.S. Urged to Investigate After Israeli Settlers Beat Palestinian-American to DeathThe family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West... New Hampshire federal court ruling defies Trump’s citizenship moveCONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive... Houthis attack cargo ship in Red Sea, raising maritime safety fearsDUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's... Trump administration restarts Ukraine arms deliveriesWASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials... BusinessSectionBitcoin soars to a record on Trump policies, institutional demandNEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto... Huawei eyes new buyers for AI chips amid U.S. export curbsSHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast... U.S. food prices at risk as Brazil tariff hits key importsLONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs... WK Kellogg sold to Ferrero as food giants chase shelf powerBATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero... Filmmaker joins biotech effort to bring back extinct giant birdWASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa... India seeks WTO nod for retaliatory tariffs on USNEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs... Movie Review |