On November 2, 2017 Juniper Pharmaceuticals (Nasdaq: JNP), a diversified healthcare company focused on women’s health, reported financial results for the three-month period ended September 30, 2017 (Press release, Juniper Pharmaceuticals, NOV 2, 2017, View Source [SID1234521517]). Cash and cash equivalents were $22.1 million at September 30, 2017, an increase of 3% from June 30, 2017.
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“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.