Cadence Pharma Loss Narrows On Revenue Surge - Quick Facts

(RTTNews) - Cadence Pharmaceuticals Inc. (CADX) Friday reported fourth-quarter net loss of $4 million or $0.05 per share, compared with a loss of $21.4 million or $0.25 per share last year.

On average, seven analysts polled by Thomson Reuters estimated a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Cadence, which has agreed to be acquired by Mallinckrodt, said the results were mainly helped by a surge in revenue and absence of impairment and other charges recorded a year ago.

Net product revenue more than doubled from the prior-year quarter to $33.3 million. Analysts estimated revenue of $32.5 million for the quarter.

Expenses for the quarter were higher at $38.3 million versus $37.5 million in the prior year, when the company incurred impairment charges and a loss on the sale of equipment totaling $8.6 million.

Cadence is a biopharmaceutical company focused on commercializing products mainly for use in the hospital setting. Its product OFIRMEV (acetaminophen injection) is a proprietary intravenous formulation of acetaminophen for the management of pain and fever mitigation. On Feb. 11, Cadence agreed to be acquired by Mallinckrodt plc (MNK) for $14.00 per share in cash or about $1.3 billion.