Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today reported financial results for its fourth quarter and year ended December 31, 2014. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP).
Financial Results for 2014
Cardiome recorded a net loss of $18.2 million (loss of $1.12 per common share) for the year ended December 31, 2014, compared to net earnings of $4.8 million ($0.37 per common share) for the year ended December 31, 2013.
Revenue for the year ended December 31, 2014 was $30.0 million, an increase of $25.5 million from $4.5 million for the year ended December 31, 2013 primarily due to sales of AGGRASTAT®.
Cost of goods sold for the year ended December 31, 2014 increased to $10.0 million, compared to $0.9 million for the year ended December 31, 2013 primarily due to sales of AGGRASTAT®.
Selling, general and administration (SG&A) expenditures for the year ended December 31, 2014 increased to $33.8 million, compared to $16.4 million for the year ended December 31, 2013. The increase was primarily due to costs associated with the Correvio acquisition and an increase in sales and marketing costs to support the commercialization of BRINAVESSTM and the continued sales of AGGRASTAT®.
Financial Results for the Fourth Quarter of 2014
Cardiome recorded a net loss of $6.5 million (loss of $0.39 per common share) for the fourth quarter of 2014, compared to a net loss of $7.2 million (loss of $0.53 per common share) for the fourth quarter of 2013.
Revenue for the fourth quarter of 2014 was $7.0 million, an increase of $3.1 million from $3.9 million for the fourth quarter of 2013 due primarily to the recognition of a full quarter of AGGRASTAT® sales compared to six weeks in the fourth quarter of 2013.
SG&A expenditures for the fourth quarter of 2014 increased to $9.1 million, compared to $7.3 million for the fourth quarter of 2013 due primarily to costs associated with the Correvio acquisition and costs incurred to support the commercialization of BRINAVESSTM and the continued sales of AGGRASTAT®.
Liquidity and Outstanding Share Capital
At December 31, 2014, Cardiome had cash and cash equivalents of $12.7 million, compared to $11.0 million at December 31, 2013. As of March 11, 2015, Cardiome had 16,682,929 common shares issued and outstanding.