We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BioDelivery (BDSI) Q2 Loss Meets Estimates, Revenues Up
Read MoreHide Full Article
BioDelivery Sciences International, Inc. reported a loss of 31 cents per share in the second quarter of 2016, in line with the Zacks Consensus Estimate but narrower than the year-ago loss of 37 cents. Shares were up 4.6% following the company's announcement of second-quarter results and witnessed a gain of 2.9% over the next two trading sessions.
Revenues, on the other hand, surged 188.7% to $5 million. Reported revenues were also above the Zacks Consensus Estimate of $3 million.
BioDelivery’s opioid-dependence drug, Bunavail, recorded sales of $2.1 million. Prescription sales of the drug remained consistent on a sequential basis. However, overall unit (film) sales increased 2%. Moreover, net revenue per prescription increased from the previous quarter, and the upside is expected to continue through 2017. The prescriber base expanded to 3,300, up by 364 unique prescribers during the second quarter of 2016.
Meanwhile, Belbuca was launched in the U.S. in Feb 2016 by BioDelivery’s commercial partner, Endo International plc . Belbuca prescriptions continue to grow in the U.S. Endo has submitted a regulatory application in Canada.
In the second quarter, research and development expenses amounted to $4 million, down 11.1%. Likewise selling, general and administrative expenses fell 6% to $12.5 million.
In May 2016, BioDelivery signed a licensing agreement with Collegium Pharmaceutical, Inc. (COLL - Free Report) , under which it granted exclusive rights to develop and commercialize Onsolis in the U.S. to Collegium. Under the terms of the agreement, Collegium made an upfront payment of $2.5 million. In addition, BioDelivery will get $4 million on the first commercial sale of Onsolis in the U.S.
With Bunavail sales trajectory not yielding the desired results, BioDelivery is focused on decisive actions to better align costs with revenue and reduce spending.
The company is strategically restructuring and consolidating its sales force so that efforts are focused on the most productive territories. This will lead to total savings of about $20 million by the end of 2017. The company aims to attain profitability on Bunavail by end of 2017 following commercial restructuring, managed care wins and improved operating margins.
BioDelivery’s second-quarter results were encouraging with the company’s loss matching estimates and revenues beating expectations. Bunavail’s performance continues to disappoint and the company is now taking steps to reduce spend on the product and instead focus on its most productive territories.
BioDelivery is a Zacks Rank #3 (Hold) stock. Geron Corporation (GERN - Free Report) is a better-ranked stock in the health care sector with a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
BioDelivery (BDSI) Q2 Loss Meets Estimates, Revenues Up
BioDelivery Sciences International, Inc. reported a loss of 31 cents per share in the second quarter of 2016, in line with the Zacks Consensus Estimate but narrower than the year-ago loss of 37 cents. Shares were up 4.6% following the company's announcement of second-quarter results and witnessed a gain of 2.9% over the next two trading sessions.
Revenues, on the other hand, surged 188.7% to $5 million. Reported revenues were also above the Zacks Consensus Estimate of $3 million.
BioDelivery’s opioid-dependence drug, Bunavail, recorded sales of $2.1 million. Prescription sales of the drug remained consistent on a sequential basis. However, overall unit (film) sales increased 2%. Moreover, net revenue per prescription increased from the previous quarter, and the upside is expected to continue through 2017. The prescriber base expanded to 3,300, up by 364 unique prescribers during the second quarter of 2016.
Meanwhile, Belbuca was launched in the U.S. in Feb 2016 by BioDelivery’s commercial partner, Endo International plc . Belbuca prescriptions continue to grow in the U.S. Endo has submitted a regulatory application in Canada.
In the second quarter, research and development expenses amounted to $4 million, down 11.1%. Likewise selling, general and administrative expenses fell 6% to $12.5 million.
In May 2016, BioDelivery signed a licensing agreement with Collegium Pharmaceutical, Inc. (COLL - Free Report) , under which it granted exclusive rights to develop and commercialize Onsolis in the U.S. to Collegium. Under the terms of the agreement, Collegium made an upfront payment of $2.5 million. In addition, BioDelivery will get $4 million on the first commercial sale of Onsolis in the U.S.
With Bunavail sales trajectory not yielding the desired results, BioDelivery is focused on decisive actions to better align costs with revenue and reduce spending.
The company is strategically restructuring and consolidating its sales force so that efforts are focused on the most productive territories. This will lead to total savings of about $20 million by the end of 2017. The company aims to attain profitability on Bunavail by end of 2017 following commercial restructuring, managed care wins and improved operating margins.
BIODELIVERY SCI Price and EPS Surprise
BIODELIVERY SCI Price and EPS Surprise | BIODELIVERY SCI Quote
Our Take
BioDelivery’s second-quarter results were encouraging with the company’s loss matching estimates and revenues beating expectations. Bunavail’s performance continues to disappoint and the company is now taking steps to reduce spend on the product and instead focus on its most productive territories.
BioDelivery is a Zacks Rank #3 (Hold) stock. Geron Corporation (GERN - Free Report) is a better-ranked stock in the health care sector with a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>