IGI Laboratories Inc. NYSE MKT: IG
Their press release that gives bullet points about the most recent 10-K is a great source of information here. These tell the short story:
Second Quarter and Year to Date 2013 Highlights
- Total revenues of $3.8 million in the second quarter of 2013, an increase of 57% over the same quarter in 2012
- Total revenues of $7.5 million for the six months ended June 30, 2013, an increase of 76% over the same period in 2012
- Total revenues generated from the sale of IGI label generic topical pharmaceutical products for the three and six months ended June 30, 2013 were $1.4 million, and $2.8 million, respectively
- Revenue from our formulation and manufacturing contract services business increased by 10% year to date in 2013 as compared to the same period in 2012
- Gross profit increased to 30.1% for the six months ended June 30, 2013 from 28.6% in the same period of 2012
- Filed one Abbreviated Drug Application, or ANDA, with the U.S. Food and Drug Administration (FDA) in the second quarter of 2013
- Net loss was $0.4 million and $0.6 million in the second quarter of 2013 and 2012, respectively
- Net loss was $0.7 million and $1.3 million for the six months ended June 30, 2013 and 2012, respectively
- Net loss included research and development costs of $0.8 million and $0.6 million in the second quarter of 2013 and 2012, respectively
In the conference call from July 25th, Jason Grenfell-Gardner, the President and CEO of IG, commented:
“If you fast forward to today and we look at the end of the second quarter 2013, just one year later, look where we are. First we grew revenue 76% over this time last year to $7.5 million and improved margins. Second, we successfully executed our commercialization strategy and launched our first three IGI label products, which has generated total net revenues of $2.8 million thus far in 2013. And third, our contract services business has continued to grow and has grown to over $4.7 million, an increase of 10% over the first six months of 2012. On the R&D front, including yesterday’s submission we now have 11 ANDAs on file with the FDA, up from six a year ago. As I said, our whole team is aware that there is much more to do, but the one thing that I am now certain of is that we have proven that as a team we can execute.” (Source: Seeking Alpha – link in the sources section at the end of this article.)
I think IG clearly is moving forward, and this stock will likely have a great year ahead.