This is a note from flyonthewall:
Leerink said weekly prescriptions of Amarin's Vascepa are tracking well following data published by IMS Health. The firm believes Vascepa is tracking in-line with other recent oral drug launches in the cardiovascular space and reiterates an Outperform rating on Amarin shares.
2013 First Quarter and Full Year Outlook
The Company’s outlook is based on current indications for its business, which may change during the current quarter. Gross margin, operating expenses and EPS are presented on a non-GAAP basis. A reconciliation of the non-GAAP to GAAP outlook and a statement on the use of non-GAAP financial measures are included at the end of this press release.
First Quarter 2013
Total Revenue $60 to $62 million // They reported $63.3M
SBC Total Revenue $26 to $27 million // They reported $30M
SBC Product Revenue $21 to $22 million // They reported $23.5M
Gross Margin 61% to 62% // They reported 59.7% overall, 63.2% GM on product
Operating Expenses $45 to $46 million // They reported $51.2M - not sure if restructuring included.
Basic EPS $(0.03) // $( 0.02) non-GAAP
Cash & Investments $280 million // Looks like $276M
This may give the street confidence in their predictions for next quarter & the year.
This may help explain why the share price has been holding up so well in the face of recent market turbulence.
Latest reports have NOT been added to the inst. holdings sites. My guess is that holdings will be 69-70% when fully updated.
S2B KENT STATE
Looking at an announcement from S&P that appears to show they are dropping SSN from their all ordinaries index as of Mar15. It's possible that this might cause some short-term downward pressure on the share price, but index selling usually doesn't affect long-term pps.
Just an fyi.
Ingalls & Snyder's Q1 report shows they hold 12,698,157 AVNR shares which is a drop of 552,378 from the prior report. If you do a search on their name, you'll see that they've been selling for the last few quarters, albeit 12.7M shares is still a very hefty stake. Theirs is the 1st institutional report I've seen for Q1, but we'll be seeing the institutions report over the next month.
From the yearend report (page 33):
As at December 31, 2012, on a consolidated basis, the Company had approximately $38,086,000 of non-capital losses which can be applied to reduce future taxable income. In addition, the Company had consolidated exploration and development expenditures totaling approximately $50,505,000, unamortized share issue costs of approximately $988,000 and capital loss carry forwards of approximately $8,242,000 which may be available to reduce future taxable income. The exploration and development expenditures can be carried forward indefinitely. Therefore, management does not expect the Company to pay any income taxes until 2014 or later in both Canada and USA.
So they could use that to take a pretty big whack out of future taxes....
From yesterday's 10Q (pg 27):
On August 10, 2012, our Board of Directors authorized the repurchase of up to $100 million of our outstanding common stock through August 1, 2013. The previous authorization was for up to $25 million and covered the period through December 31, 2012. During the three months ended March 31, 2013, we repurchased 235,000 shares of our common stock for an aggregate purchase price of $1.7 million. We have purchased an aggregate to date of $13.6 million or 1,338,055 shares. All shares of treasury stock were retired at March 31, 2013.
By my calc, SPPI paid around $7.23/share for those 235,000 shares.