The Nashville-based specialty pharmaceutical
company issues first quarter 2022 financial results and
a company update
NASHVILLE, Tenn., May 10, 2022
/PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ:
CPIX), a specialty pharmaceutical company today announced that
the Company's product portfolio of FDA-approved brands delivered
combined revenues of $11.2 million
during the first quarter of 2022, - which is a 6% increase over the
prior year period. Adjusted earnings for the quarter were
$0.5 million, or $0.03 a share. The company ended the first
quarter with $96.7 million in total
assets, $55.9 million in total
liabilities, and $41.0 million of
shareholders' equity. Cumberland
will report its first quarter 2022 financial results and provide a
company update via a conference call and live internet webcast
today at 4:30 p.m. Eastern Time.
At the start of the first quarter, Cumberland announced its acquisition of the
oncology-supportive drug Sancuso® from the U.S.
subsidiary of Kyowa Kirin, Inc., a Japan-based specialty pharmaceutical company.
Sancuso is the first and only FDA-approved prescription patch that
prevents nausea and vomiting in cancer patients receiving certain
types of chemotherapy treatment. Through the acquisition,
Cumberland obtained full
commercial responsibility for Sancuso in the U.S., including its
marketing, promotion, distribution and manufacturing. Cumberland formed a new sales division,
Cumberland Oncology, to support the brand.
On Monday, May 9, 2022,
Cumberland announced that it has
entered into a co-promotion agreement with Verity Pharmaceuticals
to bring Sancuso to more patients across the U.S. Verity will
feature Sancuso through its national oncology sales organization,
covering a majority of the U.S. market for an initial three-year
term.
Cumberland also announced
several new partnerships for its Vibativ® product
during the first quarter. Vibativ is an antibiotic used to treat
patients with pneumonia and serious skin infections resulting from
gram-positive bacteria:
- In March of 2022, the company announced a new partnership with
Saudi Arabia-based Tabuk
Pharmaceutical Manufacturing Company to introduce Vibativ in the
Middle East. The arrangement
provided Tabuk exclusive rights to distribute Vibativ in
Saudi Arabia and Jordan, with the option to expand into other
countries in the region. Tabuk is a fully owned subsidiary of
publicly traded Astra Industrial Group, a leading industrial
conglomerate in Saudi Arabia.
Tabuk is a well-respected pharmaceutical company with a strong
distribution network throughout the Middle East.
- Cumberland also announced the
launch of Vibativ in Puerto Rico,
again through a partnership with Verity Pharmaceuticals, which has
a particular strength and experience in the Puerto Rican
market.
The company continues to enroll patients in the three Phase II
clinical programs that it is sponsoring. These studies are
evaluating its ifetroban product candidate for:
- Duchenne Muscular Dystrophy, a fatal, genetic
neuromuscular disease;
- Systemic Sclerosis, a debilitating autoimmune disorder;
and
- Aspirin-Exacerbated Respiratory Disease, a severe form
of asthma.
Cumberland is also designing a
Phase II study to evaluate the use of ifetroban to treat patients
with Progressive Fibrosing Interstitial Lung Diseases. The
company is currently preparing an application to the FDA to support
the new program.
"We continue to seek opportunities to expand the use of our
existing brands, while also building our portfolio of
differentiated products," said A.J. Kazimi, CEO of Cumberland
Pharmaceuticals. "We made significant progress toward that goal
during the first quarter and are particularly encouraged by the
addition of Sancuso. We believe in the product's potential to help
more cancer patients and expect it to be a meaningful
contributor to our business."
To participate in today's call, dial (877) 303-1298 (for U.S.
callers) or (253) 237-1032 (for international callers). A
rebroadcast of the teleconference will be available for one week
and can be accessed by dialing (855) 859-2056 (for U.S. callers) or
(404) 537-3406 (for international callers). The Conference ID for
the rebroadcast is 7574078. Both the live webcast and rebroadcast
can be accessed via Cumberland's
website at
https://investor.cumberlandpharma.com/events-calendar.
FINANCIAL RESULTS:
Net Revenue: For the three months ended March 31, 2022, net revenues from continuing
operations were $11.2 million.
Net revenue by product for the first quarter of 2022, included
$3.9 million for
Kristalose®, $3.4 million
for Sancuso®, $2.5 million for Vibativ®
and $1.0 million for
Caldolor®.
Operating Expenses: Total operating expenses for the
first quarter were $12.5 million.
Adjusted Earnings: Adjusted earnings for the first
quarter of 2022 was $0.5 million, or
$0.03 per share.
The adjusted earnings calculation does not include the benefit
of the $0.9 million of Vibativ cost
of goods, which were received with the product acquisition. It also
does not include the benefit of the $0.4
million of Sancuso cost of goods, which were received with
that product's acquisition.
Cash Flow: Cash flow from operations for the
quarter ended March 31, 2022 was
$(0.15) million.
Balance Sheet: At March 31,
2022, Cumberland had
$96.7 million in total assets
including $17.3 million in cash and
cash equivalents.
Total liabilities were $55.9
million, including $20 million
outstanding on the Company's revolving line of credit. Total
shareholders' equity was $41
million.
ABOUT CUMBERLAND
PHARMACEUTICALS:
Cumberland Pharmaceuticals Inc. is the largest
biopharmaceutical company founded and headquartered in the
Mid-South and is focused on the delivery of high-quality,
prescription brands designed to improve patient care. The company
develops, acquires, and commercializes products for the hospital
acute care, gastroenterology, rheumatology and oncology market
segments.
The Company's portfolio of FDA-approved brands includes:
- Acetadote® (acetylcysteine) injection,
for the treatment of acetaminophen poisoning;
- Caldolor® (ibuprofen) injection, for
the treatment of pain and fever;
- Kristalose® (lactulose) oral, a
prescription laxative, for the treatment of constipation;
- Omeclamox®-Pak, (omeprazole,
clarithromycin, amoxicillin) oral, for the treatment of
Helicobacter pylori (H. pylori) infection and related
duodenal ulcer disease;
- RediTrex® (methotrexate) injection,
for the treatment of active rheumatoid, juvenile idiopathic and
severe psoriatic arthritis, as well as disabling psoriasis;
- Sancuso® (granisetron)
transdermal, for the prevention of nausea and vomiting in patients
receiving certain types of chemotherapy treatment;
- Vaprisol® (conivaptan) injection, to
raise serum sodium levels in hospitalized patients with euvolemic
and hypervolemic hyponatremia; and
- Vibativ® (telavancin) injection, for
the treatment of certain serious bacterial infections including
hospital-acquired and ventilator-associated bacterial pneumonia, as
well as complicated skin and skin structure infections;
The Company also has a series of Phase II clinical
programs underway evaluating its ifetroban product
candidate in patients with cardiomyopathy associated
with Duchenne Muscular Dystrophy (DMD),
Systemic Sclerosis (SSc), and Aspirin-Exacerbated
Respiratory Disease (AERD).
For more information on Cumberland's approved products, including full
prescribing information, please visit links to the individual
product websites, which can be found on the Company's website
www.cumberlandpharma.com.
About Acetadote® (acetylcysteine)
Injection
Acetadote, administered intravenously within 8 to 10 hours after
ingestion of a potentially hepatotoxic quantity of acetaminophen,
is indicated to prevent or lessen hepatic injury. Used in the
emergency department, Acetadote is approved in the United States to treat overdose of
acetaminophen, a common ingredient in many over-the-counter
medications. Acetadote is contraindicated in patients with
hypersensitivity or previous anaphylactoid reactions to
acetylcysteine or any components of the preparation. For full
prescribing and safety information, visit www.acetadote.com.
About Caldolor® (ibuprofen) Injection
Caldolor is indicated in adults and pediatric patients for the
management of mild to moderate pain and management of moderate to
severe pain as an adjunct to opioid analgesics, as well as the
reduction of fever. It was the first FDA-approved intravenous
therapy for fever. Caldolor is contraindicated in patients with
known hypersensitivity to ibuprofen or other NSAIDs, patients with
a history of asthma or other allergic type reactions after taking
aspirin or other NSAIDs. Caldolor is contraindicated for use during
the peri-operative period in the setting of coronary artery bypass
graft (CABG) surgery. For full prescribing and safety information,
including boxed warning, visit www.caldolor.com.
About Kristalose® (lactulose) Oral
Solution
Kristalose is indicated for the treatment of acute and chronic
constipation. It is a unique, proprietary, crystalline form of
lactulose, with no restrictions on length of therapy or patient
age. Kristalose is contraindicated in patients who require a
low-galactose diet. Elderly, debilitated patients who receive
lactulose for more than six months should have serum electrolytes
(potassium, chloride, carbon dioxide) measured periodically. For
full prescribing and safety information, visit
www.kristalose.com.
About Omeclamox®-Pak (omeprazole, clarithromycin,
amoxicillin)
Omeprazole is an antisecretory drug, which works by decreasing
the amount of acid the stomach produces. Clarithromycin and
amoxicillin are antibacterial drugs, which inhibit the growth of
bacteria allowing the stomach lining to heal. Omeclamox-Pak is
contraindicated in patients with a history of hypersensitivity to
omeprazole, any macrolide antibiotic or penicillin. For full
prescribing and safety information, visit www.omeclamox.com.
About RediTrex® (methotrexate) Injection
RediTrex is a single-dose prefilled syringe containing
prescription methotrexate. RediTrex is used to treat adults with
severe, active rheumatoid arthritis and children with active
polyarticular juvenile idiopathic arthritis, after treatment with
other medicines including non-steroidal anti-inflammatory drugs
(NSAIDS) have been used and did not work well. Methotrexate can
control the symptoms of severe, resistant, disabling psoriasis in
adults when other types of treatment have failed. For full
prescribing and safety information, visit www.reditrex.com.
About Sancuso® (granisetron)
Transdermal System
Sancuso is the only skin patch approved by the U.S. Food and
Drug Administration for the prevention of chemotherapy-induced
nausea and vomiting (CINV) in patients receiving moderately and/or
highly emetogenic chemotherapy. When applied 24 to 48 hours before
receiving chemotherapy, the SANCUSO patch slowly and continuously
releases the medicine contained in the adhesive through clean and
intact skin areas into the patient's bloodstream. It can be worn
for up to seven days in a row for chemotherapy regimens of up to
five consecutive days. For full prescribing and safety information,
visit www.sancuso.com.
About Vaprisol® (conivaptan hydrochloride)
Injection
Vaprisol is an intravenous treatment for hyponatremia used in
the critical care setting. Hyponatremia is an electrolyte
disturbance in which sodium ion concentration in blood plasma is
lower than normal. This can be associated with a variety of
critical care conditions including congestive heart failure, liver
failure, kidney failure and pneumonia. The product is a
vasopressin receptor antagonist that raises serum sodium levels and
promotes free water secretion. Vaprisol is contraindicated in
patients with hypovolemic hyponatremia. The coadministration of
Vaprisol with potent CYP3A inhibitors, such as ketoconazole,
itraconazole, clarithromycin, ritonavir, and indinavir, is
contraindicated. For full prescribing and safety information,
including boxed warning, visit www.vaprisol.com.
About Vibativ® (telavancin) for Injection
Vibativ is a patented, FDA approved injectable anti-infective
for the treatment of certain serious bacterial infections including
hospital-acquired and ventilator-associated bacterial pneumonia and
complicated skin and skin structure infections. It addresses a
range of Gram-positive bacterial pathogens, including those that
are considered difficult-to-treat and multidrug-resistant.
Intravenous unfractionated heparin sodium is contraindicated with
Vibativ administration due to artificially prolonged activated
partial thromboplastin time (aPTT) test results for up to 18 hours
after Vibativ administration. Vibativ is contraindicated in
patients with a known hypersensitivity to telavancin. For more
information please visit www.vibativ.com.
About Cumberland Emerging Technologies (CET)
Cumberland Emerging Technologies, Inc. (www.cet-fund.com) is a
joint initiative between Cumberland Pharmaceuticals Inc.,
Vanderbilt University, LaunchTN, and
WinHealth. The mission of CET is to advance biomedical technologies
and products conceived at Vanderbilt
University and other regional research centers towards the
marketplace.
CET helps manage the development and commercialization process
for select projects, and provides expertise on intellectual
property, regulatory, manufacturing and marketing issues that are
critical to successful new biomedical products. CET's Life Sciences
Center provides laboratory space, equipment and infrastructure for
CET's activities and other early-stage life sciences ventures.
FORWARD LOOKING STATEMENTS:
This press release contains forward-looking statements, which
are subject to certain risks and reflect Cumberland's current views on future events
based on what it believes are reasonable assumptions. No assurance
can be given that these events will occur. Forward-looking
statements include, among other things, statements regarding the
company's intent, belief or expectations, and can be identified by
the use of terminology such as "may," "will," "expect," "believe,"
"intend," "plan," "estimate," "should," "seek," "anticipate" and
other comparable terms or the negative thereof. As with any
business, all phases of Cumberland's operations are subject to factors
outside of its control, and any one or combination of these factors
could materially affect Cumberland's operation results. These factors
include market conditions, competition, an inability of
manufacturers to produce Cumberland's products on a timely basis,
failure of manufacturers to comply with regulations applicable to
pharmaceutical manufacturers, natural disasters, public health
epidemics, maintaining an effective sales and marketing
infrastructure, and other events beyond the company's control as
more fully discussed in its most recent 10-Q as filed with the SEC.
There can be no assurance that results anticipated by the company
will be realized or that they will have the expected effects.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
The company does not undertake any obligation to publicly revise
these statements to reflect events after the date hereof.
CUMBERLAND
PHARMACEUTICALS INC. AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
March 31, 2022
|
|
December 31, 2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$
17,266,785
|
|
$
27,040,816
|
Accounts receivable, net
|
14,635,435
|
|
6,877,346
|
Inventories
|
9,878,680
|
|
8,429,882
|
Prepaid and other current assets
|
3,561,027
|
|
3,339,969
|
Total current assets
|
45,341,927
|
|
45,688,013
|
Non-current
inventories
|
10,593,792
|
|
9,048,567
|
Property and equipment,
net
|
409,121
|
|
442,635
|
Intangible assets,
net
|
34,479,356
|
|
23,954,475
|
Goodwill
|
1,932,876
|
|
882,000
|
Operating lease
right-of-use assets
|
761,177
|
|
1,024,200
|
Other assets
|
3,178,857
|
|
3,419,908
|
Total assets
|
$
96,697,106
|
|
$
84,459,798
|
LIABILITIES AND EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
11,447,505
|
|
$
9,640,980
|
Operating lease current liabilities
|
766,488
|
|
969,677
|
Other current liabilities
|
12,343,405
|
|
8,668,303
|
Total current
liabilities
|
24,557,398
|
|
19,278,960
|
Revolving line of
credit
|
20,000,000
|
|
15,000,000
|
Operating lease
noncurrent liabilities
|
22,712
|
|
90,016
|
Other long-term
liabilities
|
11,323,593
|
|
7,488,844
|
Total liabilities
|
55,903,703
|
|
41,857,820
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Shareholders'
equity:
|
|
|
|
Common stock—no par value; 100,000,000 shares authorized;
14,730,760
and 14,742,754 shares issued and
outstanding as of March 31, 2022 and
December 31, 2021, respectively
|
48,046,764
|
|
48,452,906
|
Retained earnings (deficit)
|
(7,023,853)
|
|
(5,638,600)
|
Total shareholders'
equity
|
41,022,911
|
|
42,814,306
|
Noncontrolling
interests
|
(229,508)
|
|
(212,328)
|
Total equity
|
40,793,403
|
|
42,601,978
|
Total liabilities and
equity
|
$
96,697,106
|
|
$
84,459,798
|
CUMBERLAND
PHARMACEUTICALS INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three months ended March 31,
|
|
2022
|
|
2021
|
Net revenues
|
$ 11,175,045
|
|
$ 10,537,159
|
Costs and
expenses:
|
|
|
|
Cost of products sold
|
2,211,885
|
|
2,417,329
|
Selling and marketing
|
4,614,429
|
|
3,787,340
|
Research and development
|
1,745,136
|
|
1,257,367
|
General and administrative
|
2,302,349
|
|
2,230,509
|
Amortization
|
1,593,245
|
|
1,168,914
|
Total costs and
expenses
|
12,467,044
|
|
10,861,459
|
Operating income
(loss)
|
(1,291,999)
|
|
(324,300)
|
Interest
income
|
16,041
|
|
5,426
|
Interest
expense
|
(119,575)
|
|
(24,417)
|
Income (loss) from continuing operations before income
taxes
|
(1,395,533)
|
|
(343,291)
|
Income tax (expense)
benefit
|
(6,900)
|
|
(7,458)
|
Net
income (loss) from continuing operations
|
(1,402,433)
|
|
(350,749)
|
Discontinued
operations
|
—
|
|
495,410
|
Net
income (loss)
|
(1,402,433)
|
|
144,661
|
Net (income) loss at
subsidiary attributable to noncontrolling interests
|
17,180
|
|
22,167
|
Net
income (loss) attributable to common shareholders
|
$
(1,385,253)
|
|
$
166,828
|
Earnings (loss) per
share attributable to common shareholders
|
|
|
|
-
Continuing operations - basic
|
$
(0.09)
|
|
$
(0.02)
|
-
Discontinued operations - basic
|
—
|
|
0.03
|
|
$
(0.09)
|
|
$
0.01
|
|
|
|
|
-
Continuing operations - diluted
|
$
(0.09)
|
|
$
(0.02)
|
-
Discontinued operations - diluted
|
—
|
|
0.03
|
|
$
(0.09)
|
|
$
0.01
|
Weighted-average shares
outstanding
|
|
|
|
-
basic
|
14,691,623
|
|
14,974,663
|
-
diluted
|
14,691,623
|
|
15,244,146
|
CUMBERLAND
PHARMACEUTICALS INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
Three months ended March 31,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net
income (loss)
|
$
(1,402,433)
|
|
$
144,661
|
Discontinued operations
|
—
|
|
$
495,410
|
Net
income(loss) from continuing operations
|
(1,402,433)
|
|
$
(350,749)
|
Adjustments to reconcile net income (loss) from continuing
operations to net
cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and amortization
expense
|
1,653,746
|
|
1,227,607
|
Share-based
compensation
|
159,901
|
|
162,960
|
Decrease in non-cash contingent
consideration
|
370,464
|
|
(280,020)
|
Decrease (increase) in cash
surrender value of life insurance policies over
premiums
paid
|
222,209
|
|
(76,300)
|
Noncash interest
expense
|
2,183
|
|
13,833
|
Net changes in assets and
liabilities affecting operating activities:
|
|
|
|
Accounts
receivable
|
(7,758,089)
|
|
(171,584)
|
Inventories
|
2,271,484
|
|
1,868,350
|
Other current assets
and other assets
|
239,862
|
|
507,102
|
Accounts payable and
other current liabilities
|
4,461,389
|
|
(1,311,123)
|
Other long-term
liabilities
|
(371,214)
|
|
(299,937)
|
Net
cash provided by (used in) operating activities from continuing
operations
|
(150,498)
|
|
1,290,139
|
Discontinued operations
|
—
|
|
495,410
|
Net
cash provided by (used in) operating activities
|
(150,498)
|
|
1,785,549
|
Cash flows from
investing activities:
|
|
|
|
Additions to property and
equipment
|
(26,986)
|
|
(19,458)
|
Note receivable investment
funding
|
—
|
|
(200,000)
|
Cash paid for
acquisitions
|
(13,500,000)
|
|
—
|
Additions to
intangibles
|
(14,912)
|
|
(98,883)
|
Net
cash (used in) investing activities
|
(13,541,898)
|
|
(318,341)
|
Cash flows from
financing activities:
|
|
|
|
Borrowings on line of
credit
|
20,000,000
|
|
15,000,000
|
Repayments on line of
credit
|
(15,000,000)
|
|
(15,000,000)
|
Cash payment of contingent
consideration
|
(501,505)
|
|
(995,277)
|
Repurchase of common
shares
|
(580,130)
|
|
(302,802)
|
Net
cash provided by (used in) financing activities
|
3,918,365
|
|
(1,298,079)
|
Net
increase (decrease) in cash and cash equivalents
|
(9,774,031)
|
|
169,129
|
Cash and cash
equivalents at beginning of period
|
$
27,040,816
|
|
$
24,753,796
|
Cash and cash
equivalents at end of period
|
$
17,266,785
|
|
$
24,922,925
|
CUMBERLAND
PHARMACEUTICALS INC. AND SUBSIDIARIES
Reconciliation of Net
Income (loss) Attributable to Common Shareholders to Adjusted
Earnings (loss) and
Adjusted Diluted Earnings (loss) Per Share
(Unaudited)
|
|
|
|
Three months ended
March 31, 2022
|
|
Three months ended
March 31, 2021
|
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
|
Earnings
impact
|
|
Earnings per
share impact
|
|
Earnings
impact
|
|
Earnings per
share impact
|
Net income (loss) attributable to common
shareholders
|
|
$
(1,385,253)
|
|
$
(0.09)
|
|
$
166,828
|
|
$
0.01
|
Less: Net (income) loss
at subsidiary attributable to
noncontrolling interests
|
|
17,180
|
|
—
|
|
22,167
|
|
—
|
Net income
(loss)
|
|
(1,402,433)
|
|
(0.09)
|
|
144,661
|
|
0.01
|
Discontinued
operations
|
|
—
|
|
—
|
|
495,410
|
|
0.03
|
Net income (loss) from
continuing operations
|
|
(1,402,433)
|
|
(0.09)
|
|
(350,749)
|
|
(0.02)
|
Adjustments to net
income (loss) from continuing
operations
|
|
|
|
|
|
|
|
|
Income tax expense (benefit)
|
|
6,900
|
|
—
|
|
7,458
|
|
—
|
Depreciation and amortization
|
|
1,653,746
|
|
0.11
|
|
1,227,607
|
|
0.08
|
Share-based compensation (a)
|
|
159,901
|
|
0.01
|
|
162,960
|
|
0.01
|
Interest income
|
|
(16,041)
|
|
—
|
|
(5,426)
|
|
—
|
Interest expense
|
|
119,575
|
|
0.01
|
|
24,417
|
|
—
|
Adjusted Earnings (loss) from continuing
operations
and Adjusted Diluted Earnings (loss) from continuing
operations Per Share
|
|
$
521,648
|
|
$
0.03
|
|
$ 1,066,267
|
|
$
0.07
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding:
|
|
|
|
15,038,148
|
|
|
|
15,244,146
|
The Company provided the above adjusted supplemental financial
performance measures, which are considered "non-GAAP"
financial measures under applicable SEC rules and regulations.
These financial measures should be considered supplemental to, and
not as a substitute for, financial information prepared in
accordance with Generally Accepted Accounting Principles ("GAAP").
The definition of these supplemental measures may differ from
similarly titled measures used by others.
Because these supplemental financial measures exclude the effect
of items that will increase or decrease the Company's reported
results of operations, management encourages investors to review
the Company's consolidated financial statements and publicly filed
reports in their entirety. A reconciliation of the supplemental
financial measures to the most directly comparable GAAP financial
measures is included in the tables accompanying this release.
Cumberland's management
believes these supplemental financial performance measures are
important as they are used by management, along with financial
measures in accordance with GAAP, to evaluate the Company's
operating performance. In addition, Cumberland believes that they will be used by
certain investors to measure the Company's operating results.
Management believes that presenting these supplemental measures
provides useful information about the Company's underlying
performance across reporting periods on a consistent basis by
excluding items that Cumberland
does not believe are indicative of its core business performance or
reflect long-term strategic activities. Certain of these items are
not settled through cash payments and include: depreciation,
amortization, share-based compensation expense and income taxes.
Cumberland utilizes its net
operating loss carryforwards to pay minimal income taxes. In
addition, the use of these financial measures provides greater
transparency to investors of supplemental information used by
management in its financial and operational decision-making,
including the evaluation of the Company's operating
performance.
The Company defines these supplemental financial measures as
follows:
- Adjusted Earnings (loss): net income (loss) adjusted for
the impact of discontinued operations, income taxes, depreciation
and amortization expense, share-based compensation and interest
income and interest expense.
(a) Represents the share-based compensation of
Cumberland.
- Adjusted Diluted Earnings (loss) Per Share: Adjusted
Earnings (loss) divided by diluted weighted-average common shares
outstanding.
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SOURCE Cumberland Pharmaceuticals Inc.