LONDON, April 8, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free post-earnings report on Zogenix Inc. (NASDAQ: ZGNX). On March 10, 2015, the company reported its financial results for Q4 FY14 and full-year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX to read our free earnings review on Zogenix Inc. (Zogenix). The company's total revenues grew 50% Y-o-Y in Q4 FY14 and 23% Y-o-Y for full-year FY14. CEO of Zogenix, Roger L. Hawley stated that the company is very excited about the prospects for their differentiated clinical pipeline featuring ZX008 and Relday, as it enters 2015. Zogenix is confident in its ability to execute on these development programs based on its proven success obtaining product approvals, including the recent approval of the new formulation of Zohydro ER with BeadTek. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX
Earnings Overview
During Q4 FY14, Zogenix's total revenues increased to $14.90 million from $9.92 million in Q4 FY13. The company's total revenues outperformed Bloomberg analysts' forecasts of $12.75 million in Q4 FY14. Zogenix's net product revenue was $5.04 million in Q4 FY14 compared to $9.01 million in Q4 FY13. The company's service and other revenue came in at $930,000 in Q4 FY14 compared to $915,000 in Q4 FY13. Further, contract manufacturing revenue on SUMAVEL DosePro supplied to Endo under the companies' supply agreement for Q4 FY14 was $8.9 million. Free research on ZGNX can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX
In Q4 FY14, Zogenix's loss from operations was $27.06 million compared to loss from operations of $14.51 million in Q4 FY13. The company's Q4 FY14 GAAP net loss decreased to $20.52 million, or $0.14 loss per share, from GAAP net loss of $35.62 million, or $0.28 loss per share, in Q4 FY13. Analysts from Bloomberg had expected the company to report GAAP net loss of $19.75 million, or $0.12 loss per share, in Q4 FY14. Furthermore, non-GAAP net loss stood at $18.88 million, or $0.13 loss per share, in Q4 FY14 compared to non-GAAP net loss of $16.32 million, or $0.13 loss per share, in Q4 FY13.
For FY14, Zogenix's total revenues grew to $40.53 million from $33.01 million in FY13. The company's total revenues for FY14 outperformed Bloomberg analysts' forecasts of $37.88 million. During FY14, net product revenue was $21.72 million compared to $31.70 million in FY13. Zogenix's service and other revenue rose to $3.42 million in FY14 from $1.31 million in FY13. Moreover, the company's contract manufacturing revenue was $15.39 million in FY14. Sign up and read the free analyst's notes on ZGNX at:
http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX
During FY14, Zogenix's loss from operations came in at $20.04 million compared to loss from operations of $53.19 million in FY13. The company reported GAAP net income of $8.59 million, or $0.06 per share, in FY14 compared to GAAP net loss of $80.86 million, or $0.74 loss per share, in FY13. Analysts from Bloomberg had expected GAAP net income of $5.30 million, or $0.04 per share, in FY14. Moreover, non-GAAP net loss came in at $94.06 million, or $0.65 loss per share, in FY14 compared to non-GAAP net loss of $58.81 million, or $0.54 loss per share, in FY13.
As of December 31, 2014, Zogenix had cash and cash equivalents of $42.21 million and restricted cash of $8.50 million, which consist of the portion of proceeds from the sale of the SUMAVEL DosePro business to Endo International PLC in May 2014 and required to be held in escrow until May 2015.
Mr. Hawley informed that as a result of the recent FDA approval, Zogenix's discussions for Zohydro ER evolved into broader strategic interest in the brand, which led to the sale of the Zohydro ER business to Pernix. Visit Investor-Edge and access the latest research on ZGNX at:
http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX
Stock Performance
On the day following the earnings release, March 11, 2015, Zogenix's stock plummeted 26.95% to end the session at $1.22. Since then, the company's stock has mostly witnessed a positive trend. On the last close, Tuesday, April 07, 2015, Zogenix's shares finished 0.68% higher at $1.47. The company's shares vacillated between $1.41 and $1.49 during the session. A total of 2.02 million shares were traded which was below their three months average volume of 3.64 million shares. Over the previous three trading sessions and over the past three months, the company's shares have gained 2.08% and 5.76%, respectively. However, the stock has declined 21.81% in the last one month. Shares in Zogenix closed above their 50-day and 200-day moving averages of $1.43 and $1.38, respectively.
Sneak Peek to Corporate Insider Trading
In the last one month, there were 2 insider transactions made by 2 individuals. Between March 13, 2015 and March 16, 2015, a total of 147,500 shares of Zogenix were bought at an average price of $1.31 per share and for a total value of $193,505. The following are some of the transactions during the aforementioned period: Roger L. Hawley and Erle T. Mast, Director at Zogenix, purchased 140,000 and 7,500 shares, respectively, at an average price of $1.31 per share. Complimentary in-depth research on ZGNX is available at:
http://get.Investor-Edge.com/pdf/?c=Zogenix&d=08-Apr-2015&s=ZGNX
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