Wednesday, dermatology company DUSA Pharmaceuticals, Inc. (DUSA) reported a narrower net loss for the fourth quarter, despite lower revenues.
Net loss for the quarter narrowed to $2 million or $0.08 per share from $7 million or $0.31 per share in the year-ago quarter.
Non-GAAP net loss widened $1.4 million or $0.06 per share from $0.5 million or $0.02 per share in the same period last year.
Non-GAAP results for the recent quarter excluded stock based compensation of about $600 thousands, while last year's non-GAAP excluded impairment of goodwill of $6.8 million and a gain on change in fair value of warrants of $687 thousands.
Total product revenues for the quarter declined to $7.8 million from $8.3 million in the same period last year.
PDT revenues for the quarter totaled $7.5 million, an increase of $1.3 million over the same period last year. The company attributed the increase in PDT revenues to a $1.1 million increase in Kerastick revenues, driven by 29% domestic revenue growth. Overall Kerastick sales volumes increased to 62,260 units, up from 60,580 units in the comparable prior year period.
Non-PDT revenues totaled $0.3 million, compared with $2.2 million in the same period last year. The company said non-PDT revenues were adversely impacted by the absence of sales of Nicomide during the fourth quarter of 2008.
For the twelve-month period, net loss, on a GAAP basis, narrowed to $6.3 million or $0.26 per share from $14.7 million or $0.73 per share in 2007. Non-GAAP net loss narrowed to $3.9 million or $0.16 per n share in 2008 from $7.1 million or $0.35 per share in 2007.
Total product revenues were $29.5 million, as compared to $27.7 million in 2007. PDT revenues for the twelve-month period totaled $23.9 million, an increase of $5.7 million over the comparable 2007 period.
Robert Doman, President and chief executive officer said, we significantly reduced our annual cash burn, excluding non-recurring items, from $8.3 million in 2007 to just $2.4 million in 2008."
DUSA closed Tuesday's regular trading session at $1.25.
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