Aytu sales up by 47% from September for first ever $1M-plus sales quarter. Reduces net loss

Aytu BioScience, a drugmaker focused on urology products, has increased gross product sales by 47% from the quarter ended September 30, 2016 to the quarter ended December 31, 2016, from $925,000 to $1,358,000, getting its first ever $1M-plus quarter sales. 

Product net sales have increased by 77%, from $448,000 in the quarter ended December 31, 2015 to $794,000 in the quarter ended December 31, 2016, and by 14% compared to $698,000 in the quarter ended September 30, 2016. The company has also decreased cash used in operations by 47%, to $2.8 million from $5.3 million in the quarter ended September 30, 2016.

According to the USA-based drugmaker, the loss from operations was $4.2 million, compared with $6.0 million for the first quarter of fiscal 2017. Total operating expenses were near $5million. The net loss was $4.8 million compared to a net loss of $5.7 million for the first quarter of fiscal 2017. Aytu had cash, cash equivalents and restricted cash of $5.3 million as of December 31, 2016. Cash used in operations decreased by 47% to $2.8 million in the second quarter from $5.3 million in the first quarter of fiscal 2017.

Josh Disbrow, Chairman and Chief Executive Officer of Aytu BioScience, sait that Natesto has continued to reach new highs with respect to both prescriptions filled and the number of prescribers, and at this very early stage, gross product sales have already reached an annualized run rate of nearly $1.6 million based on real prescription demand.

“We’re adding new Natesto prescribers every month and are building a diverse base of high-decile prescribers through the focused, efficient sales efforts of our 35-strong urology sales force.  With this continued prescription trajectory, supported by a growing base of prescribers, we expect to be generating approximately 100 prescriptions per week by midsummer and have full confidence that the Natesto launch will continue to unfold successfully.”

He added that this was the first quarter that MiOXSYS is a meaningful revenue generating product, and it will contribute more when it starts selling outside the US. The company will focus on boosting revenue by launching Natesto in the U.S.

“With the company’s product revenue up significantly, and our cash burn down substantially, we believe Aytu is well positioned for continued growth and is on a clear path toward profitability. If we continue our current trajectory, we expect to be operating at cash flow breakeven, or better, within approximately 18 months, as we advance our strategy of building a world-class specialty pharmaceutical company,” concluded Disbrow.