|CBST earnins in line, no guidance in PR:|
>>Cubist Pharmaceuticals Reports First Quarter 2007 Results: Total Revenues $59.5 Million; Net Product Revenues $59.4 Million
Wednesday April 18, 4:01 pm ET
GAAP Basic and Diluted Net Income of $0.10 Per Share NON-GAAP Basic and Diluted Net Income of $0.15 and $0.14 Per Share, Respectively
Earnings Conference Call & Webcast Today (With Slides) at 5:00 pm EDT
LEXINGTON, Mass.--(BUSINESS WIRE)--Cubist Pharmaceuticals, Inc. (NASDAQ: CBST - News) today reported results for the first quarter ended March 31, 2007. Net sales of CUBICIN® (daptomycin for injection) increased 57% from the prior year, from $37.9 million in the first quarter of 2006 to $59.4 million in the first quarter of 2007. U.S. net product revenue was $57.5 million. Total revenues for the first quarter of 2007 increased 48% over the first quarter of 2006 from $40.1 million in the first quarter of 2006 to $59.5 million in the first quarter of 2007.
Net income for the first quarter ended March 31, 2007 on a GAAP basis was $5.6 million, or $0.10 per basic and diluted share, as compared to a net loss of $5.9 million, or $0.11 per basic and diluted share for the first quarter of 2006. First quarter 2007 GAAP net income includes $2.6 million, or $0.05 and $0.04 per basic and diluted share, respectively, in stock-based compensation expenses as a result of our adoption on January 1, 2006 of Financial Accounting Standards No. 123® ("FAS 123®").
Non-GAAP net income for the first quarter ended March 31, 2007, excluding the charges mentioned above, was $8.2 million, or $0.15 and $0.14 per basic and diluted share, respectively.
As of March 31, 2007, Cubist had $320.9 million in cash, cash equivalents and investments. The total number of common shares outstanding at March 31, 2007 was 55,213,410.
Use of Non-GAAP Financial Measures
Cubist adopted FAS 123® on January 1, 2006 using the modified prospective method, which resulted in the recognition of stock-based compensation expenses in the statement of operations from 2006 onward without adjusting the prior years. Cubist uses non-GAAP net income (loss) and non-GAAP net income (loss) per share data to improve its analysis of operational results and trends. Cubist's management also uses these non-GAAP figures to make financial and operational decisions as these numbers exclude non-operational activities. These measures should not be considered an alternative to measurements required by GAAP, such as net income (loss) and net income (loss) per share, and should not be considered measures of our liquidity. A reconciliation between non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this press release after the unaudited condensed consolidated financial statements.
CONFERENCE CALL & WEBCAST INFORMATION
Cubist will host a conference call and live audio webcast to discuss its first quarter 2007
Financial results, business activities and financial outlook.
WHEN: Wednesday, April 18, 2007 at 5:00 p.m. EDT
LIVE DOMESTIC & CANADA CALL-IN: 877-407-0778
LIVE INTERNATIONAL CALL-IN: 201-689-8565
24-HOUR REPLAY DOMESTIC & CANADA: 877-660-6853
24-HOUR REPLAY INTERNATIONAL: 201-612-7415
REPLAY PASSCODES (BOTH REQUIRED FOR PLAYBACK):
ACCOUNT #: 286 CONFERENCE ID #: 229810
CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT: www.cubist.com
Replay will be available for 30 days at www.cubist.com <<
The stock has been on a bit of run recently, and is up modestly after hours so far. I'm not sure why, because the only rumor I heard was for upside in EPS, and it didn't happen. Nor have we seen guidance yet. So go figure.