Cardiome Pharma Corp. (CRME, COM.TO) reported that net income for the fourth quarter of 2012 was $7.7 million or $0.13 income per share, compared to a net loss of $5.9 million or $0.10 loss per share for the fourth quarter of 2011. The net income in the fourth-quarter of 2012 was largely due to an $11.2 million gain on the settlement of debt owed to Merck.
R&D expenditures for the quarter were $0.4 million, as compared to $3.4 million in the prior year quarter.
Total revenue for the quarter were $0.1 million down from $0.4 million last year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenues of $840 thousand for the quarter. Analysts' estimates typically exclude special items.
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