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DepoMed Q3 Profit Flat, Boosts 2014 Outlook - Quick Facts

DepoMed Inc. (DEPO) posted third-quarter net income of $6.45 million or $0.11 per share, compared to $6.51 million or $0.11 per share in the prior-year quarter. Excluding items, adjusted net income for the latest quarter was $2.12 million or $0.03 per share.

Total revenues for the quarter increased to $51.49 million from $37.46 million in the same quarter last year. Product revenues surged 88 percent to a record $30.6 million from last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share on revenues of $41.47 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2014, the company expects adjusted earnings in a range of about $0.06 to $0.14 per share, compared to the prior guidance in the range of breakeven to $0.16 per share. The company also raised total revenue forecast to between about $232 million and $242 million from the previous projection between $215 million and $230 million.

Street is currently looking for earnings of $0.47 per share on annual revenues of $231.47 million.

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