MONTREAL, CANADA -- (Marketwire) -- 02/27/13 -- Theratechnologies Inc. (Theratechnologies) (TSX: TH) today announced its financial results for the period ended November 30, 2012.
Fiscal 2012 Highlights
-- Consolidated revenues of $13,567,000-- $4,255,000 in royalties compared to $1,443,000 in 2011-- Net loss decreased to $13,940,000 (including restructuring costs of $10,702,000) from $17,730,000 in 2011 (including restructuring costs of $716,000)-- $20,924,000 in liquidities at year-end (including bonds, tax credits and grants receivable)
"As we start a new fiscal year, we are more focused than ever. Our revised business plan will build on growing EGRIFTA sales and royalties in the U.S. while we also concentrate on generating potential new revenues for EGRIFTA in the short-term by working more closely with our partner in Latin America, working diligently at trying to re-file in Europe or in individual European countries. All of those initiatives are targeted towards becoming cash neutral and providing us potential leverage for future initiatives," declared Mr. Luc Tanguay, President and Chief Executive Officer.
Fiscal Year 2012 Financial Results
The financial results presented in this press release are taken from the Company's Management's Discussion and Analysis, or MD&A, and audited consolidated financial statements for the twelve-month period ended November 30, 2012, which have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. The MD&A and audited consolidated financial statements can be found at www.theratech.com, www.sedar.com or www.sec.gov. Unless specified otherwise, all amounts in this press release are in Canadian dollars. As used herein, EGRIFTA refers to tesamorelin for the reduction of excess abdominal fat in HIV-infected patients with lipodystrophy. EGRIFTA is our trademark.
For the 12-month period ended November 30, 2012:
Consolidated revenue for the year ended November 30, 2012 amounted to $13,567,000 compared to $14,928,000 in 2011. Our revenues are mainly sales of EGRIFTA to EMD Serono for re-sale, royalties received from EMD Serono on U.S. sales to customers, and research services, which include milestone payments and the amortization of the initial payment received upon the closing of the agreement with EMD Serono.
Under the terms of our agreement, we supply EGRIFTA to EMD Serono for resale. Revenue generated from sale of goods amounted to $5,235,000 in the twelve-month period ended November 30, 2012 compared to $8,351,000 in Fiscal 2011. EGRIFTA was first offered for sale to the public in January 2011 and our sales in Fiscal 2011 reflect the buildup of stocks needed by EMD Serono for the product launch in the U.S. market. Revenues from sale of goods in Fiscal 2012 were more closely tied to actual sales to patients. Future sales of goods should also track patient sales but they can also vary significantly in the short term as a function of EMD Serono's procurement policies.