GenoMed, Inc., a development stage biotechnology company, operates in the medical genomics area. The company markets its protocols to prevent kidney failure due to high blood pressure and diabetes, and to delay the progression of emphysema. It also develops treatment products for four diseases, including diabetes, hypertension, emphysema, and psoriasis. GenoMed was formed in 2001 and is based in St. Louis, Missouri.
9666 Olive Boulevard
St Louis, MO 63132
Founded in 2001
GenoMed Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Reiterates Earnings Guidance for the Year 2013
Aug 1 13
GenoMed Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. The company's second quarter net sales were $107.0 million, compared to $96.0 million last year, representing an 11.5% increase. Net income for the quarter was $7.4 million, or $0.08 per diluted share, as compared to $19.0 million, or $0.21 per diluted share, for the second quarter of 2012. Non-GAAP earnings per diluted share were $0.21 and $0.20 for the quarters ending June 30, 2013 and 2012, respectively. The non-GAAP earnings per diluted share excludes the after-tax effect of the provisions for litigation losses. Non-GAAP adjusted EBITDA for the quarter was 34.0% of net sales, compared to 36.1% for the same period last year. The Medical Device Excise Tax, which was not in effect in 2012, reduced adjusted EBITDA by 1.6% for the second quarter of 2013. Operating income was $11,192,000 against $30,565,000 a year ago. Income before income taxes was $10,971,000 against $30,261,000 a year ago. Adjusted EBITDA was $36,338,000 against $34,665,000 a year ago. EBITDA was $15,569,000 against $34,715,000 a year ago.
For the six months period, the company reported sales of $212,027,000 against $190,694,000 a year ago. Operating income was $40,423,000 against $58,623,000 a year ago. Income before income taxes was $40,481,000 against $58,544,000 a year ago. Net income was $27,317,000 or $0.29 per diluted share against $36,577,000 or $0.40 per diluted share a year ago. Net cash provided by operating activities was $27,256,000 against $34,880,000 a year ago. Purchases of property and equipment were $12,956,000 against $11,849,000 a year ago. Adjusted EBITDA was $71,844,000 against $68,636,000 a year ago. Non-GAAP diluted EPS was $0.43 against $0.40 a year ago. EBITDA was $49,643,000 against $67,370,000 a year ago.
The company reiterated its revenue guidance and non-GAAP diluted earnings per share guidance for 2013. For 2013, the company continues to expect full-year revenue to be approximately $432 million and non-GAAP annual diluted earnings per share, which excludes provisions for litigation losses, to be approximately $0.81.