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Ista Pharmaceuticals Inc (ISTA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Ista Pharmaceuticals Inc

CIK: 930553 Ticker: ISTA

Exhibit 99.1

 

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ISTA Pharmaceuticals Reports Fourth Quarter and Full-Year 2011 Financial Results

– 2011 Net Revenues Increase to $160.3 Million –

– On an Adjusted Cash Net Income Basis, ISTA Posts Second Year of Profitability –

– Company Reaffirms 2012 Financial Guidance –

IRVINE, Calif., February 23, 2012 (MARKETWIRE via COMTEX) — ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) announced today financial results for the quarter and the year ended December 31, 2011.

Fourth Quarter and Full-Year 2011 Highlights

 

   

Net revenues for the fourth quarter 2011 were $45.1 million, an increase of 9% over the third quarter of 2011, driven by sales of the twin pack for once-daily BROMDAY™ (bromfenac ophthalmic solution) 0.09% for the treatment of postoperative inflammation and reduction of ocular pain in patients who have undergone cataract extractions and sales of BEPREVE® (bepotastine besilate ophthalmic solution) 1.5%, ISTA’s ophthalmic solution for ocular itching associated with allergic conjunctivitis. Net revenues for year-end 2011 were $160.3 million, a 2.4% increase over full-year results for 2010 primarily driven by sales of BEPREVE.

 

   

Under generally accepted accounting principles in the United States (GAAP), for the fourth quarter and full-year 2011 the Company reported a net loss of $15.9 million and $56.6 million, respectively, primarily impacted by non-cash warrant valuation adjustments of $22.2 million and $47.1 million, respectively, resulting from an increase in the Company’s stock price in the fourth quarter and for the year ending 2011. On an adjusted cash basis, ISTA had net income for the fourth quarter and full-year 2011 of $11.8 million, or $0.25 per diluted share, and $6.2 million, or $0.13 per diluted share, respectively, based on 47.3 million and 48.2 million diluted shares outstanding.

 

   

During the fourth quarter ISTA announced positive preliminary results from the Company’s Phase 3 clinical program for PROLENSA™ (bromfenac ophthalmic solution), a lower concentration, new formulation of BROMDAY to treat pain and inflammation associated with cataract surgery. There were no serious drug-related ocular or systemic adverse events, and PROLENSA’s safety profile was found to be consistent with ISTA’s currently marketed topical non-steroidal anti-inflammatory (NSAID) compound, BROMDAY. Based upon these successful results, ISTA plans to file a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in the first half of 2012, to gain approval to market PROLENSA in the U.S.


The following information was filed by Ista Pharmaceuticals Inc (ISTA) on Thursday, February 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ISTA
CIK: 930553
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-081708
Submitted to the SEC: Mon Feb 27 2012 4:32:20 PM EST
Accepted by the SEC: Mon Feb 27 2012
Period: Saturday, December 31, 2011
Industry: Pharmaceutical Preparations

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