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

he end-user customer.  Cadence recognized this deferred revenue during the period as it determined it had obtained sufficient product return history as of January 1, 2013, to reasonably estimate future wholesaler returns. As a result, the company recorded a one-time adjustment during the three months ended March 31, 2013, to recognize deferred revenue on previously shipped product, resulting in additional net revenue of $2.6 million and cost of sales of $0.9 million, for a net gross margin impact of $1.7 million.

For the three months ended March 31, 2013, Cadence reported a net loss of $1.4 million, or $0.02 per share, compared to a net loss of $22.7 million, or $0.27 per share, for the comparable period in 2012. Included in the company's net loss for the three months ended March 31, 2013, was a gain of $7.7 million Cadence recorded on the waiver, termination and sale of its Incline assets in January 2013, for which the company received cash payments totaling $14.6 million. Excluding the $7.7 million gain from the Incline transaction, and the $1.7 million gross margin impact from the change in the company's revenue recognition accounting estimate, Cadence's net loss for the three months ended March 31, 2013, was $10.8 million, or $0.13 per share.

Gross margin for the three months ended March 31, 2013, was 65%, compared to 47% for the comparable period in 2012. The increase in margin was primarily a result of higher freight costs incurred during the first quarter of 2012 that were not incurred in 2013, the impact of price increases implemented in July 2012 and January 2013, and a one-time credit of $0.3 million recorded during the three months ended March 31, 2013, in connection with the termination of the company's supply agreement with Baxter. Operating expenses, including patent amortization, decreased $2.0 million for the three months ended March 31, 2013, to $23.4 million, from $25.4 million for the same period in 2012. This decrease in
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SOURCE Cadence Pharmaceuticals, Inc.
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