Imprimis Pharmaceuticals shares rally after record 2Q results, posting first profitable quarter
Shares of Imprimis Pharmaceuticals Inc (NASDAQ:IMMY) shot up in premarket trade Tuesday after the San Diego pharmaceutical company handily beat second-quarter profit and revenue estimates.
For the quarter ended June 2018, the ophthalmology-focused pharmaceutical company posted earnings of US$0.12 per share on revenue of US$10.4mln. The results topped more conservative Wall Street revenue expectations of US$6.86mln.
Revenue grew 51.4% on a year-over-year basis.
Shares in Imprimis Pharmaceuticals Inc shot up nearly 14% to US$2.80.
“Building on our momentum from Q1, the second quarter of 2018 was the best quarter in our company’s history. Revenues hit record highs, gross margins were the highest in the company’s history, our operating business is cash flowing and we achieved our first profitable quarter on an adjusted EBITDA basis,” said Imprimis CEO Mark L. Baum in a statement.
The CEO said the company was “well positioned” in Eton Pharmaceuticals, Surface Pharmaceuticals and Melt Pharmaceuticals, with significant equity positions and royalty rights to a total of five active drug candidate programs they were developing.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202379/imprimis-pharmaceuticals-shares-rally-after-record-2q-results-posting-first-profitable-quarter-202379.html
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