Tribute Pharmaceuticals Reports 2012 Year-End Results with Strong Revenue Growth
(firmenpresse) - MILTON, ONTARIO -- (Marketwire) -- 03/21/13 -- Tribute Pharmaceuticals Canada Inc. (OTCQB: TBUFF)(OTCBB: TBUFF) ("Tribute" or "the Company"), a Canadian specialty pharmaceutical company, today announced financial results for the year ended December 31, 2012. In this press release, all dollar amounts are expressed in Canadian currency - unless otherwise noted - and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
2012 Year-End Highlights:
Total revenue for the year ended December 31, 2012 increased by 219% to $12,342,800 compared to $3,869,900 in 2011, driven by an increase in licensed domestic product sales. The Company was also able to add two new products to our Specialty Care group in 2012 with Collatamp G and Gelfoam and the launch of Cambia significantly bolstered the product portfolio for our Primary Care sales force. The Company now has nine product lines as of December 31, 2012. MycoVa™ is currently the only product not approved in Canada.
Gross profit in 2012 increased by 113% to $5,168,900 over 2011 gross profit of $2,426,500. The increase was due to sales and corresponding gross profits from the larger number of approved and marketed products in the Company's portfolio.
Selling, general and administrative expenses for the year ended December 31, 2012 were $8,870,600 compared to $3,034,700 in 2011. The increase of $5,835,900 or 192% is primarily due to a significant investment in the expansion of the Company's sales force and marketing expenses to grow its existing products, marketing and sales expenses related to the launch of Cambia®, as well as an increase in business development.
Net loss for the year ended December 31, 2012 was $3,349,000, compared to a net loss in the prior year of $521,800. This equates to a loss of $0.09 per basic and diluted share in 2012 compared to a loss of $0.02 per basic and diluted share in 2011.
As of December 31 2012, the Company had cash and cash equivalents of $2,283,900.
"In 2012 we successfully executed on our growth strategy and built the foundation for further growth in 2013 and beyond. Our confidence and belief in Tribute's value as a company is evidenced by the fact that key members of our management team including our CFO and CSO, and board of directors, including myself, have personally increased our investment through an equity funding in the Company this month," stated Tribute's President and CEO Rob Harris.
"Expanding our product portfolio as well as our Canadian sales force in 2012 enabled us to increase our revenues over 2011 levels. We also added key management including a Vice President of Sales and a Chief Scientific Officer. These are the building blocks that provide infrastructure for our continued growth in 2013. We are actively looking to add more products to our domestic sales portfolio in Canada, which will be supported by our expanded sales force. We are also looking for further growth through distribution agreements for our internally developed products and products for which we have marketing rights in countries where we do not yet have distribution agreements."
About Tribute Pharmaceuticals Canada Inc.
Tribute is an emerging Canadian specialty pharmaceutical company focused on the acquisition, licensing, development and management of pharmaceutical and healthcare products with its primary focus on the Canadian market.
Tribute markets Cambia® (diclofenac potassium for oral solution), Bezalip® SR (bezafibrate), Soriatane® (acitretin), NeoVisc® (1.0% sodium hyaluronate solution), Uracyst® (sodium chondroitin sulfate solution 2%), Collatamp G® and Gelfoam® in the Canadian market. Additionally, NeoVisc® and Uracyst® are commercially available and are sold globally through various international partnerships.
Tribute's Forward-Looking Statement
This press release contains certain forward-looking statements about Tribute as defined in the Private Securities Litigation Reform Act of 1995, which statements can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "anticipate", "estimate", "predict", "plan" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. Forward-looking statements, by their nature, are subject to risks and uncertainties. Tribute actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including general economic conditions, the ability of Tribute to successfully integrate operations, and the timing of expenditures and expansion opportunities, any of which could cause actual results to vary materially from current results or anticipated future results. See Tribute reports filed with the Canadian Securities Regulatory Authorities and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward-looking statements.
Tribute assumes no obligation to update the information contained in this press release to update forward- looking statements to reflect changed assumptions, the occurrence of anticipated events or changes in future operating results, financial condition or business over time.
For further information on the Company, visit .
Contacts:
Tribute Pharmaceuticals Canada Inc.
Scott Langille
CFO
519-831-1491
Hampton Growth IR
Robert Haag
Investor Relations
877-368-3566
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Datum: 21.03.2013 - 06:30 Uhr
Sprache: Deutsch
News-ID 1209227
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