Second-quarter fiscal 2009 results announced by Gentium

Sep 17 2009

Gentium S.p.A. (NASDAQ: GENT) today reported financial results for the second quarter ended June 30, 2009.

Financial Highlights

Gentium S.p.A., or the Company, reports its financial condition and operating results using U.S. Generally Accepted Accounting Principles (GAAP). The Company’s financial statements are prepared using the Euro as its functional currency. On June 30, 2009, €1.00 = $1.4134.

For the second quarter ended June 30, 2009 compared with the prior year’s second quarter:

• Total revenues were €2.61 million, compared with €1.86 million. The increase was primarily attributable to the launch of the named-patient program for Defibrotide throughout the European and Asia-Pacific markets by IDIS Limited.
• Operating costs and expenses were €3.02 million, compared with €6.50 million.
• Research and development expenses, which are included in operating costs and expenses, were €0.36 million, compared with €1.76 million. Research and development expenses for second quarter 2009 and 2008 are net of €0.71 million and €1.14 million, respectively, of government grants in the form of a tax credit.
• Operating loss was €0.41 million, compared with €4.63 million.
• Net loss was €0.49 million, compared with €4.53 million.
• Basic and diluted net loss per share was €0.03 compared with €0.30 per share.

For the six months ended June 30, 2009 compared with the comparable prior-year period:

• Total revenues were €3.62 million, compared with €4.55 million.
• Operating costs and expenses were €7.17 million, compared with €14.03 million. Research and development expenses, which are included in operating costs and expenses, were €1.81 million, compared with €5.37 million. Research and development expenses for second quarter 2009 and 2008 are net of €0.71 million and €1.14 million, respectively, of government grants in the form of a tax credit.
• Operating loss was €3.55 million, compared with €9.48 million.
• Interest income (expense), net, was (€0.07) million, compared with €0.16 million.
• Net loss was €3.45 million, compared with €10.61 million.
• Basic and diluted net loss per share was €0.23 compared with €0.71 per share.

www.gentium.com