Insys Q1 Profit Rises - Quick Facts

(RTTNews) - Insys Therapeutics Inc. (INSY) reported that its first-quarter net income increased to $7.7 million, or $0.21 per share, from $143 thousand, or $0.01 per share, last year. Adjusted net income for the first quarter of 2014 was $15.1 million, or $0.41 per share.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter. Analysts' estimates typically exclude special items.

Total net revenue increased to $41.6 million versus $11.1 million for the first quarter of 2013. Analysts expected revenue of $45.63 million for the quarter.

Gross margin was 89% compared to 84% for the first quarter of 2013. The company said the increase in gross margin was due primarily to a shift in sales mix toward Subsys, which has higher margins than Dronabinol SG Capsule.