Tuesday, BELLUS Health Inc. (BLUS,BLU.TO) reported second quarter earnings, compared to a loss last year, helped in large part by a gain in extinguishment of debt related to its senior convertible notes.
Net income for the quarter amounted to US$12.88 million or US$0.10 per share compared to a net loss of US$12.74 million or US$0.26 per share in the same period last year.
Results for the most recent quarter include a gain on extinguishment of debt in the amount of US$17.02 million resulting from amendments to the terms of senior convertible notes at the time of a refinancing of the company in April 2009. Results for the periods also include a net credit for vacant space in the amount of US$2.2 million in relation to the vacant portion of the company's premises
Gross sales amounted to US$82 thousands and net sales amounted to negative US$189 thousands for the current quarter. These sales represent the sales of VIVIMIND, the Company's first natural health brand launched on September 2, 2008, in Canada and also globally on the Internet. VIVIMIND is commercialized by OVOS Natural Health Inc., a wholly owned subsidiary of BELLUS Health.
Research and development expenses, before research tax credits and grants, amounted to US$2.87 million compared with US$7.12 million in the year-ago quarter. The decrease is mainly attributable to a reduction in the research and development activities and associated workforce, the company said.
Stock-based compensation amounted to US$724 thousands compared to US$824 thousands for the corresponding quarter the previous year. Change in the fair value of third party Asset-Backed Commercial Paper increased by US$524 thousands for the current quarter compared to nil for the same quarter the previous year.
Foreign exchange loss amounted to US$426 thousands for the current quarter compared to a gain of US$106 thousands for the same quarter the previous year.
For the six-month period ended June 30, 2009, net income amounted to US$2.97 million or US$0.03 per share compared to a net loss of US$25.78 million or US$0.52 per share for the same period last year. Gross sales were US$196 thousands and net sales were negative US$105 thousands.
BELLUS said it has incurred significant operating losses and negative cash outflows from operations since inception and has an accumulated deficit of US$372 million as at June 30, 2009. The company estimates that current liquidities and expected sources of funds should be sufficient to fund operations for approximately twelve months.
BLUS traded last on Nov 17 at $0.47.
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