MILTON, ONTARIO -- (Marketwire) -- 03/21/13 -- Tribute Pharmaceuticals Canada Inc. (OTCQB: TBUFF)(OTCBB: TBUFF) ("Tribute" or "the Company"), a Canadian specialty pharmaceutical company, today announced financial results for the year ended December 31, 2012. In this press release, all dollar amounts are expressed in Canadian currency - unless otherwise noted - and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
2012 Year-End Highlights:
-- Revenues increased 219% to $12,342,800 from $3,869,900 for the year ended December 31, 2011-- Gross profit was up 113% to $5,168,900 from $2,426,500 for the year ended December 31, 2011-- Expanded Canadian national sales force to support growing product portfolio and revenues-- In October, 2012 launched novel migraine headache treatment CAMBIA® into the Canadian migraine market-- Acquired exclusive Canadian rights to Collatamp G® to compete in the post-operative infection prevention market-- Signed agreement with Pfizer Canada for exclusive promotional rights in Canada for Gelfoam® addressing the hemostatic device market-- Subsequent to the 2012 year-end, in March 2013 Tribute raised US$4,545,000 from the sale of its equity securities with over 50% participation from insiders
Total revenue for the year ended December 31, 2012 increased by 219% to $12,342,800 compared to $3,869,900 in 2011, driven by an increase in licensed domestic product sales. The Company was also able to add two new products to our Specialty Care group in 2012 with Collatamp G and Gelfoam and the launch of Cambia significantly bolstered the product portfolio for our Primary Care sales force. The Company now has nine product lines as of December 31, 2012. MycoVa is currently the only product not approved in Canada.
Gross profit in 2012 increased by 113% to $5,168,900 over 2011 gross profit of $2,426,500. The increase was due to sales and corresponding gross profits from the larger number of approved and marketed products in the Company's portfolio.
Selling, general and administrative expenses for the year ended December 31, 2012 were $8,870,600 compared to $3,034,700 in 2011. The increase of $5,835,900 or 192% is primarily due to a significant investment in the expansion of the Company's sales force and marketing expenses to grow its existing products, marketing and sales expenses related to the launch of Cambia®, as well as an increase in business development.
Net loss for the year ended December 31, 2012 was $3,349,000, compared to a net loss in the prior year of $521,800. This equates to a loss of $0.09 per basic and diluted share in 2012 compared to a loss of $0.02 per basic and diluted share in 2011.
As of December 31 2012, the Company had cash and cash equivalents of $2,283,900.
"In 2012 we successfully executed on our growth strategy and built the foundation for further growth in 2013 and beyond. Our confidence and belief in Tribute's value as a company is evidenced by the fact that key members of our management team including our CFO and CSO, and board of directors, including myself, have personally increased our investment through an equity funding in the Company this month," stated Tribute's President and CEO Rob Harris.