Juniper Pharmaceuticals announced financial results for the second quarter ended June 30, 2015. Revenues were $10.2 million, an increase of 53% as compared to $6.7 million for the three-month period ended June 30, 2014.
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On a sequential basis, revenues rose 23% versus the first quarter of 2015.
Product revenues for the second quarter increased 89% to $6.6 million, compared with $3.5 million in the prior year period. The $3.1 million increase continues the return of normalized CRINONE® (progesterone gel) shipments beginning in the third quarter of 2014. On a sequential basis, product revenues rose 36% versus the first quarter of 2015.
On a U.S. dollar basis, second quarter service revenues increased 29% year-over-year to $2.7 million, primarily due to higher customer volumes across the Company's service offering. On a local currency basis, second quarter service revenues increased 41% year-over-year and 9% versus the first quarter of 2015.
Royalty revenues were $0.9 million in the quarter, compared with $1.0 million in the prior year period. The decrease largely reflects the monetization of a legacy product royalty stream in the third quarter of 2014, with no corresponding revenue in 2015.
Gross profit rose 67% to $4.6 million in the second quarter of 2015, as compared to $2.8 million in the prior year period. Gross profit as a percentage of total revenues was 45%, up from 42% in the prior year quarter.
Total operating expenses increased to $5.0 million in the second quarter, compared to $2.7 million in the prior year period. The increase was largely driven by $2.1 million of research and development (R&D) costs.
R&D costs during the quarter included expenses associated with the initiation of the Phase 2 study of COL-1077 in late May 2015. No R&D expenses were incurred in the second quarter of 2014.
The Company reported an operating loss of $0.3 million, compared with an operating profit of $0.1 million in the year-ago period.
The second quarter net loss was $0.3 million, or ($0.03) per diluted share. In the second quarter of 2014, the net loss was $10 thousand, or ($0.01) per diluted share. Adjusted EBITDA was $0.6 million in the second quarter of 2015 compared with $0.8 million in the second quarter of 2014.
Cash and cash equivalents were $16.1 million as of June 30, 2015. ■