BioSpecifics reported net income of $4.4 million for the first quarter 2019, compared to net income of $4.0 million, for the same period in 2018.
BioSpecifics’s first quarter of 2019 was an important time of internal execution as the company worked through its path forward under new leadership, with a focus on continued clinical and commercial advancements and driving long-term value, said Dr. Ron Law, Ph.D., J.D., Principal Executive Officer of BioSpecifics.
“Importantly, we reported the full positive Phase 1 uterine fibroids data and are now assessing next steps for this medically necessary indication in women’s health, by working with our clinical partners as we further analyze the data to inform a Phase 2 study. We are also pleased to see such encouraging increases in XIAFLEX net sales as well as improved patient access for both of our marketed indications and we look forward to the upcoming BLA filing of CCH for the treatment of cellulite, which is expected in the second half of 2019.” said Law.
First Quarter 2019 Financial Results
BioSpecifics reported net income of $4.4 million for the first quarter ended March 31, 2019, or $0.61 per basic share and $0.60 per share on a fully diluted basis, compared to net income of $4.0 million, or $0.55 per basic share and $0.54 per share on a fully diluted basis, for the same period in 2018.
Total revenue for the first quarter ended March 31, 2019 was $8.1 million, compared to $7.1 million for the same period in 2018. The increase in total revenues for the quarterly period was primarily due to royalties associated with higher net sales of XIAFLEX in Dupuytren’s contracture and Peyronie’s disease.
Research and development expenses for the first quarter ended March 31, 2019 were approximately $0.1 millioncompared to $0.2 million for the same period in 2018.
General and administrative expenses for the first quarter ended March 31, 2019 were $2.9 million, compared to $2.1 million for the same period in 2018.
Provision for income taxes for the first quarters ended March 31, 2019 and 2018 were $1.1 million, in each period.
As of March 31, 2019, BioSpecifics had cash and cash equivalents and investments of $88.1 million, compared to $82.0 million as of December 31, 2018.
As of March 31, 2019, BioSpecifics had 7.3 million shares of common stock outstanding.