The growth continues for biopharmaceutical company Avanir Pharmaceuticals (NASDAQ:AVNR), which reported its 10th consecutive quarter of double-digit revenue growth despite widening losses for the quarter.
For its year-end quarter, Avanir delivered gross and net revenue for FDA-approved pseudobulbar affect drug Nuedexta of $27.7 million and $20.2 million, respectively. Overall this represents 12% unit growth in Nuedexta sales from the third quarter, and its $21.7 million in net sales (the company also earns royalties off Abreva sales) was 61% higher than the year-ago period.
Despite the higher revenue, and excluding a $20 million one-time payment to OptiNose for the development of experimental inhaled acute migraine treatment AVP-825, Avanir reported a net loss of $15.4 million, or $0.10 per share, which increased from the $11.7 million net loss, or $0.09 per share, reported last year. The culprit was a 50% increase in total operating expenses to $36.2 million.
For biopharmaceutical companies in the red, cash burn rate is another important statistic. Avanir finished the quarter having burned $10.1 million in cash, and is currently sitting upon $55.3 million in cash and cash equivalents. By comparison, the company burned through $45.4 million in cash via its operations in 2013, excluding its one-time OptiNose payment, meaning it likely has enough cash to make it through 2014.
Avanir's press release made no mention of forward revenue or EPS guidance.
Avanir shares are down 15% in after-hours trading as of this writing.
Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.