Thursday, MiddleBrook Pharmaceuticals, Inc. (MBRK) reported a wider net loss for the second quarter mainly due to higher expenses. Further, the company revised its revenue forecast for the full year 2009.
For the quarter, net loss of MiddleBrook Pharma widened to $19.58 million or $0.23 per share from $3.7 million $0.07 per share for the same period last year.
For the quarter, the company recorded a surge in Selling, General and Administrative or SG&A expenses to $20 million from $3.94 million for the same period last year.
Loss from operations was $19.68 million, wider than $5.42 million last year, despite decline in research and development expenses to $1.5 million from $3.63 million for the same period last year.
MiddleBrook's product sales for the second quarter declined to $2.15 million from $2.52 million for the same period last year.
For the six months ended June 30, net loss widened to $29.59 million or $0.34 per share from $17.51 or $0.32 per share for the same quarter last year. Loss from operations increased to $29.8 million from $12.12 million for the same period last year.
Product sales for the six months increased to $11.11 million from $4.92 million for the same period last year which can be attributed to the commercialization of Moxatag in January. Moxatag contributed $7.5 million in revenues to the first quarter this year.
MiddleBrook President and CEO John Thievon said MiddleBrook's improved distribution and new marketing programs would help the company increase market share as the company enters strep throat season.
MiddleBrook revised its full year revenue guidance for the full year 2009 and now expects Moxatag and Keflex net sales to be less than $25 million as a result of slower than anticipated prescription growth and projected margin impact of the new maximum copay program for Moxatag.
The company reduced forecast for operating expenses in the range of $83 to $88 million compared to its previous estimated range of between $93 million and $100 million.
MBRK is currently trading at $1.20, down 23.6% on Nasdaq.
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