INSY Reports 2Q16 Financial Results
PHOENIX, Aug. 03, 2016 (GLOBE NEWSWIRE) -- Insys Therapeutics, Inc. (INSY) ("Insys" or "the Company") today announced financial results for the three-month period ended June 30, 2016.
Highlights of and subsequent to the second quarter of 2016 include:
Total net revenue was $67.1 million, compared to $77.6 million for the second quarter of 2015;
Net income totaled $4.4 million, or $0.06 per basic and $0.06 per diluted share, compared to net income of $7.3 million, or $0.10 per basic and $0.10 per diluted share, for the second quarter of 2015;
Cash, cash equivalents and investments were $193.7 million as of June 30, 2016; and
Insys received FDA approval for the marketing of SyndrosTM (dronabinol oral solution), a proprietary, orally administered liquid formulation of dronabinol.
“We are pleased that despite the recent drop-off in volume, Subsys has maintained an approximately 44% market share. We believe that Subsys will continue to provide a very solid financial foundation for the Company, and we remain focused on restoring Subsys scripts to a growth path,” said Dr. John N. Kapoor, Chairman, President and Chief Executive Officer of Insys Therapeutics. “The recent FDA approval to market Syndros is excellent news. We are eager to expand our commercial portfolio with a product that we believe has distinct advantages over the current formulation of dronabinol in soft gel capsule and one that will provide significant long-term growth opportunities for Insys. We are proud of our pipeline and believe that product candidates in both sprays and cannabinoids hold great promise. As always, we remain committed to serving the patients who rely on our compounds, while striving to deliver value to Insys stockholders,” he concluded.
To view the entire press release please visit http://finance.yahoo.com/news/insys-therapeutics-reports-second-quarter-105000015.html.
2Q16 Highlights
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