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Cadence Pharmaceuticals Reports First Quarter 2013 Financial Results
Date:5/2/2013

SAN DIEGO, May 2, 2013 /PRNewswire/ -- Cadence Pharmaceuticals, Inc. (NASDAQ: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the first quarter ended March 31, 2013.

During the first quarter of 2013, Cadence reported net product revenue from sales of OFIRMEV® (acetaminophen) injection of $23.6 million, which includes the one-time recognition of $2.6 million in deferred revenue on previously shipped product. Consistent with other companies with products at this stage of commercialization, and based upon its determination it had obtained sufficient product return history to reasonably estimate future wholesaler returns, beginning on January 1, 2013, the company began to recognize revenue at the time that the product is sold to a wholesaler.

Excluding the recognition of $2.6 million in previously deferred revenue, net product revenue for the first quarter of 2013 was $21.0 million, which represents an increase of more than 160% from the $8.0 million in net product revenue recognized for the first quarter of 2012, and an increase of 23% from the $17.1 million recognized for the fourth quarter of 2012.

Highlights for the first quarter of 2013 included:

  • The gross margin on sales of OFIRMEV was 65% for the first quarter of 2013, as compared to 47% for the first quarter of 2012.
  • As of March 31, 2013, the company had over 4,000 unique customer accounts, an increase of nearly 50% from the first quarter of 2012.
  • The average order size by end-user customers increased 28% during the first quarter of 2013 as compared to the first quarter of 2012.
  • On March 12, 2013, the company announced that the Department of Veterans Affairs added OFIRMEV to the VA Natio
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  • SOURCE Cadence Pharmaceuticals, Inc.
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