BOSTON, Nov. 2, 2017 /PRNewswire/ -- Juniper
Pharmaceuticals (Nasdaq: JNP), a diversified healthcare company
focused on women's health, today announced financial results
for the three-month period ended September
30, 2017. Cash and cash equivalents were $22.1 million at September 30, 2017, an
increase of 3% from June 30, 2017.
"During the third quarter, we delivered robust revenue growth
for our core businesses, CRINONE® and Juniper Pharma
Services (JPS), which resulted in positive cash flow for the
quarter. Our third quarter G&A expense has decreased to align
closer to 2016 expenses," said Alicia
Secor, Chief Executive Officer. "The strength in our core
businesses provide a solid financial foundation and represents a
key near-term growth driver for Juniper. We will continue to focus
our resources in 2018 to maintain this momentum and drive further
growth in these businesses."
Corporate Update
- Juniper Pharma Services achieved record revenues this quarter,
reflecting the continued expansion of customers and service
offerings.
- Active discussions with partner Merck KGaA to extend the
CRINONE® Progesterone Gel agreement are progressing, and
the expansion of this relationship remains a strategic priority for
the Company.
- IND-enabling preclinical studies were initiated this quarter,
and results from these studies for Juniper's IVR formulations,
JNP-0101, JNP-0201 and JNP-0301, remain on track for topline
preclinical data by the end of 2017. At the completion of the in
vivo preclinical studies, the Company may decide to further
develop JNP-0201, a combination of Estradiol plus natural
progesterone IVR, for hormone replacement therapy (HRT) to address
symptoms of menopause.
- Partnering opportunities will be explored for JNP-0101, the
oxybutynin IVR for the treatment of overactive bladder (OAB), and
JNP-0301, a natural progesterone IVR for the prevention of pre-term
birth (PTB) in women with a short cervical length at
mid-pregnancy.
- Jennifer Good was appointed to
the Juniper Board of Directors, and will serve as a member of both
the Audit and Compensation Committees. Ms. Good brings to the board
proven executive operational experience and financial
leadership.
Third Quarter Financial Results
"We continued to see strong year-over-year growth in our core
business during the third quarter of 2017," said Jeff Young, Chief Financial Officer at Juniper.
"CRINONE® product revenues were up 19%,
and revenues from Juniper Pharma Services grew 38%,
compared to the third quarter of 2016."
Third quarter total revenues increased 12% to $13.0 million, compared with $11.6 million for the prior year
quarter.
Product revenues increased by $1.3
million to $8.4 million,
driven by continued in-market growth and new market sales of
CRINONE® by Merck KGaA, Darmstadt, Germany.
Service revenues from Juniper Pharma Services were $4.6 million, an increase
of $1.3 million, or 38%, versus the third quarter of
last year, driven by new and
existing customer growth.
Gross profit decreased to $5.3 million as compared to $5.9 million in the quarter ended September 30, 2016. Excluding the impact of
royalty revenue from the prior period, the gross profit for the
quarter ended September 30, 2016
would have been $4.7 million.
Total operating expenses were $6.8
million in the third quarter of 2017, a $1.1 million increase as compared to the
prior year period. This increase was primarily driven by the
approximately $0.8 million
restructuring charge recorded in September related to the Company's
reprioritization efforts.
Juniper's net loss was $1.4
million, or $(0.13) per
diluted share, in the third quarter of 2017, compared to a
net income of $0.2 million, or $0.2 per diluted share, in the third quarter
of 2016.
Liquidity
Cash and cash equivalents were $22.1 million as of September 30, 2017, versus $21.5 million at June
30, 2017.
Conference Call
As previously announced, Juniper's
management team will hold a conference call to discuss financial
results for the second quarter ended September 30, 2017, as follows:
Date:
|
November 2,
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,
November 9, 2017, at (877)
344-7529 (U.S.), (855) 669-9658 (Canada) or (412) 317-0088
(International). The replay access code is 10113476.
The archived webcast will be available for one year via the
aforementioned URLs.
About Juniper Pharmaceuticals
Juniper Pharmaceuticals, Inc. core businesses include its
CRINONE® (progesterone gel) franchise and Juniper Pharma
Services, which provides high-end fee-for-service pharmaceutical
development and clinical trials manufacturing to clients. The
Company is also leveraging its differentiated intravaginal ring
technology, which offers the potential to address unmet needs in
women's health. 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 plc 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 the corporate
reprioritization, reduction in force and restructuring charges, the
potential cost savings resulting from these changes and the ability
to achieve at least a cash flow neutral position in 2018, the
timing of an IND for JNP-201, the potential to partner Juniper's
other product candidates, the potential to complete a contract
extension under Juniper's CRINONE® supply
contract with Merck, the ability to continue to grow the JPS
business, the strength of Juniper's core business, product
candidates and future results. 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 potential employee
retention challenges following our restructuring; risks associated
with the drug development process generally, including the outcomes
of planned clinical trials and the regulatory review process; 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; risk 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, particularly with respect to JPS and
CRINONE®. 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 for the period ended
December 31, 2016 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)
|
|
September
30,
|
|
December 31,
|
2017
|
2016
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
22,106
|
|
$
|
20,994
|
Accounts receivable,
net
|
|
6,521
|
|
|
6,573
|
Inventories
|
|
5,897
|
|
|
5,621
|
Prepaid expenses and
other current assets
|
|
2,152
|
|
|
1,539
|
|
|
|
|
|
|
Total current
assets
|
|
36,676
|
|
|
34,727
|
Property and
equipment, net
|
|
15,127
|
|
|
13,366
|
Intangible assets,
net
|
|
817
|
|
|
969
|
Goodwill
|
|
9,056
|
|
|
8,342
|
Other
assets
|
|
79
|
|
|
167
|
|
|
|
|
|
|
Total
Assets
|
$
|
61,755
|
|
$
|
57,571
|
|
|
|
|
|
|
|
|
|
Liabilities,
contingently redeemable preferred stock, and stockholders'
equity:
|
|
|
|
|
|
Accounts
payable
|
$
|
4,607
|
|
$
|
3,893
|
Accrued expenses and
other
|
|
5,739
|
|
|
5,271
|
Deferred
revenue
|
|
7,444
|
|
|
5,624
|
Current portion of
long-term debt
|
|
535
|
|
|
204
|
|
|
|
|
|
|
Total current
liabilities
|
|
18,325
|
|
|
14,992
|
Long-term debt, net
of current portion
|
|
3,369
|
|
|
2,203
|
Other noncurrent
liabilities
|
|
148
|
|
|
56
|
|
|
|
|
|
|
Total
Liabilities
|
|
21,842
|
|
|
17,251
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
Series C preferred
stock
|
|
-
|
|
|
550
|
|
|
|
Total stockholders'
equity
|
|
39,913
|
|
|
39,770
|
|
|
|
|
|
|
Total liabilities,
contingently redeemable preferred stock, and stockholders'
equity
|
$
|
61,755
|
|
$
|
57,571
|
JUNIPER
PHARMACEUTICALS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30,
|
|
Nine Months Ended September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenues
|
$
|
8,389
|
|
$
|
7,057
|
|
$
|
25,684
|
|
$
|
20,716
|
Service
revenues
|
|
4,597
|
|
|
3,337
|
|
|
12,505
|
|
|
9,964
|
Royalties
|
|
-
|
|
|
1,162
|
|
|
-
|
|
|
2,963
|
Total net
revenues
|
|
12,986
|
|
|
11,556
|
|
|
38,189
|
|
|
33,643
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenues
|
|
5,160
|
|
|
3,683
|
|
|
14,776
|
|
|
11,892
|
Cost of service
revenues
|
|
2,559
|
|
|
2,022
|
|
|
7,149
|
|
|
6,630
|
Total cost of
revenues
|
|
7,719
|
|
|
5,705
|
|
|
21,925
|
|
|
18,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
5,267
|
|
|
5,851
|
|
|
16,264
|
|
|
15,121
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
517
|
|
|
259
|
|
|
1,306
|
|
|
910
|
Research and
development
|
|
2,291
|
|
|
2,304
|
|
|
5,285
|
|
|
8,234
|
General and
administrative
|
|
3,238
|
|
|
3,111
|
|
|
12,263
|
|
|
9,815
|
Restructuring
charge
|
|
756
|
|
|
-
|
|
|
756
|
|
|
-
|
Total operating
expenses
|
|
6,802
|
|
|
5,674
|
|
|
19,610
|
|
|
18,959
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(1,535)
|
|
|
177
|
|
|
(3,346)
|
|
|
(3,838)
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(47)
|
|
|
(24)
|
|
|
(105)
|
|
|
(74)
|
Other income,
net
|
|
127
|
|
|
90
|
|
|
179
|
|
|
296
|
(Loss) income
before income taxes
|
|
(1,455)
|
|
|
243
|
|
|
(3,272)
|
|
|
(3,616)
|
Income tax (benefit)
expense
|
|
(45)
|
|
|
(5)
|
|
|
(45)
|
|
|
47
|
Net (loss)
income
|
$
|
(1,410)
|
|
$
|
248
|
|
$
|
(3,227)
|
|
$
|
(3,663)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss)
income per share
|
$
|
(0.13)
|
|
$
|
0.02
|
|
$
|
(0.26)
|
|
$
|
(0.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
10,844
|
|
|
11,060
|
|
|
10,817
|
|
|
10,791
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share
|
$
|
(0.13)
|
|
$
|
0.02
|
|
$
|
(0.26)
|
|
$
|
(0.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
10,844
|
|
|
10,799
|
|
|
10,817
|
|
|
10,791
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Juniper Pharmaceuticals, Inc.