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United Therapeutics Reports First Quarter 2009 Financial Results
- Revenues of $79.7 Million, Increase of 29% over First Quarter 2008
SILVER SPRING, Md., May 1 /PRNewswire-FirstCall/ -- United Therapeutics Corporation (NASDAQ:UTHR) today announced its results of operations for the quarter ended March 31, 2009. Total revenues for the first quarter of 2009 were $79.7 million, up from $62.0 million for the first quarter of 2008. Net income for the first quarter of 2009 was $13.2 million, or $0.50 per basic share, compared to $9.9 million, or $0.44 per basic share, for the first quarter of 2008. Gross margins from sales were $70.4 million for the first quarter of 2009, compared to $54.5 million for the first quarter of 2008. Earnings before non-cash charges, defined as net income before non-cash interest and income taxes, depreciation, amortization, impairment charges and share-based compensation (stock option and share tracking award expense), were $37.1 million for the first quarter of 2009, up 44% from $25.8 million for the first quarter of 2008.
Results for the first quarter of 2008 have been adjusted for the retrospective adoption of Financial Accounting Standards Board Staff Position No. APB 14-1 (FSP APB 14-1), which became effective January 1, 2009. The retrospective adoption of FSP APB 14-1 resulted in the recognition of additional non-cash interest expense of approximately $2.7 million. Also, net income was reduced by approximately $(1.5) million, representing a reduction in earnings per share of $(0.07) per basic share and $(0.06) per diluted share, from what was previously reported.
"I am pleased that we started the year with an extremely strong first quarter," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Chief Executive Officer. "Our core Remodulin franchise continues to grow and is now the preferred form of prostacyclin in North America."
Research and Development Expenses
The table below summarizes research and development expenses by major project and non-project components (dollars in thousands):
Three Months Ended March 31, Percentage 2009 2008 Change Program: Cardiovascular $11,418 $14,485 (21.2)% Other 4,885 3,324 47.0% Share-based compensation 4,656 3,267 42.5% Total research and development expense $20,959 $21,076 (0.6)%
Cardiovascular. Cardiovascular expenses for the three months ended March 31, 2008, included a $3.0 million milestone payment made in connection with the development of a modified release version of the oral prostacyclin analogue, beraprost, under our amended agreement with Toray Industries, Inc. (Toray). There were no milestone payments made to Toray during the three months ended March 31, 2009.
Selling, General and Administrative Expenses
The table below summarizes selling, general and administrative expenses by major category (dollars in thousands):
Three Months Ended March 31, Percentage 2009 2008 Change Category: General and administrative $11,383 $8,839 28.8% Sales and marketing 8,459 6,884 22.9% Share-based compensation 9,376 3,608 159.9% Total selling, general and administrative expense $29,218 $19,331 51.2%
General and administrative. During the three months ended March 31, 2009, professional fees incurred related to follow-up services on the transactions we completed in the fourth quarter of 2008 were approximately $2.1 million higher than those for the three months ended March 31, 2008.
Share-based compensation. Share-based compensation increased for the three months ended March 31, 2009, compared to the three months ended March 31, 2008, as the result of the recognition of an estimated expense for anticipated stock option grants and the expense incurred for outstanding and unvested grants of stock options and share tracking awards.
Earnings Before Non-Cash Charges
The following table provides a reconciliation of net income to earnings before non-cash charges for the three-month periods ending March 31, 2009 and 2008 (in thousands, except per share data):
Three Months Ended March 31, 2009 2008 (as adjusted)(1)
Net income, as reported $13,197 $9,936 Add back: Amortization of debt discount 2,637 2,684 Income tax expense 5,401 5,337 Depreciation and amortization 1,765 974 Impairment charges - - Share-based compensation 14,055 6,891 Earnings before non-cash charges $37,055 $25,822 Earnings before non-cash charges per share(2): Basic $1.40 $1.16 Diluted $1.36 $1.07
(1) Adjusted for the retrospective adoption of FSP APB 14-1.
(2) Calculated by dividing earnings before non-cash charges by the weighted average number of common shares outstanding, as reported below in our Consolidated Statements of Operations.
Conference Call
United Therapeutics will host a half-hour teleconference on Friday, May 1, 2009, at 9:00 a.m. Eastern Time. The teleconference is accessible by dialing 877-718-5092, with international callers dialing 719-325-4795. A rebroadcast of the teleconference will be available for one week and can be accessed by dialing 888-203-1112, with international callers dialing 719-457-0820, and using passcode: 9448698.
This teleconference is also being webcast and can be accessed via United Therapeutics' website at http://ir.unither.com/events.cfm.
About United Therapeutics
United Therapeutics is a biotechnology company focused on the development and commercialization of unique products to address the unmet medical needs of patients with chronic and life-threatening cardiovascular and infectious diseases and cancer.
Non-GAAP Financial Information
This press release contains a financial measure that does not comply with U.S. generally accepted accounting principals (GAAP). This measure supplements our financial results prepared in accordance with GAAP as reported below.
We use earnings before non-cash charges, a financial non-GAAP measure, internally for operating, budgeting and financial planning purposes and as a metric to determine the efficiency of our operations and in calculating our employees' bonus compensation. We believe this measure enhances our investors' understanding of our performance. The presentation of this non-GAAP financial measure is not to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.
Forward-looking Statements
Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, our expectations and intentions related to financial performance and results, including the growth and market prominence of our Remodulin business and our belief about the future prospects for Remodulin. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 1, 2009, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason.
Remodulin is a registered trademark of United Therapeutics Corporation. [uthr-g]
UNITED THERAPEUTICS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)
Three Months Ended March 31, 2009 2008 (as adjusted)(1) (unaudited) Revenues: Net product sales $76,858 $59,153 Service sales 2,530 2,227 License fees 342 667 Total revenues 79,730 62,047
Operating expenses: Research and development 20,959 21,076 Selling, general and administrative 29,218 19,331 Cost of product sales 8,066 6,175 Cost of service sales 920 711 Total operating expenses 59,163 47,293
Income from operations 20,567 14,754
Other income (expense): Interest income 1,721 3,716 Interest expense (2,637) (2,792) Equity loss in affiliate (19) (113) Other, net 364 (292) Total other income (expense), net (571) 519
Income before income tax 19,996 15,273
Income tax expense (6,799) (5,337)
Net income $13,197 $9,936
Net income per common share: Basic $0.50 $0.44 Diluted $0.49 $0.41
Weighted average number of common shares outstanding: Basic 26,440 22,333 Diluted 27,152 24,076
(1) Adjusted for the retrospective adoption of FSP APB 14-1.
CONSOLIDATED BALANCE SHEET DATA As of March 31, 2009 (unaudited, in thousands)
Cash, cash equivalents and marketable investments (excluding restricted amounts of $45,945) $319,365 Total assets $902,813 Total liabilities & common stock subject to repurchase $325,531 Total stockholders' equity $577,282
DATASOURCE: United Therapeutics Corporation
CONTACT: Andrew Fisher, +1-202-483-7000,
Web Site: http://www.unither.com/
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