Today, Innocoll AG (NASDAQ:INNL), declared financial and operating results for the three and six months ended June 30, 2015.
Second Quarter 2015 and Recent Highlights
- Declared results of the pivotal PK study that supports use of the 300 mg dose of XaraColl for Phase 3 studies in post-operative pain.
- Received feedback from the FDA for our XaraColl Phase 3 program. Both studies will be run in parallel using the 300 mg dose.
- Raised $16.1 million in net proceeds in a follow-on equity offering.
- Dosed the first patients in both the COACT-1 and COACT-2 Phase 3 studies of Cogenzia in diabetic foot infections.
- Declared that Cogenzia was granted Qualified Infectious Disease Product (QIDP) status by the U.S. Food and Drug Administration.
- Designated Jose (Pepe) Carmona as Chief Financial Officer effective September 1
- Designated Rich Fante as Chief Commercial Officer and Head of Business Development
Innocoll AG, a specialty pharmaceutical company, manufactures and sells collagen-based pharmaceutical products and devices in Europe, the Middle East, Asia, and the United States.
Another company, Superior Drilling Products, Inc. (NYSEMKT:SDPI), stated financial results for the second quarter ended June 30, 2015. Financial results comprise the May 29, 2014 acquisition of Hard Rock Solutions, LLC (“Hard Rock”) which comprised of the Drill N Ream(TM) and the January 9, 2015 acquisition of the OrBIT completion drill bit product line.
Second Quarter 2015 Summary
- As formerly declared on July 23, 2015, second quarter 2015 revenue was $2.9 million.
- Drill N Ream, a patented bore hole conditioning tool, was used in 174 runs in the quarter, down slightly from 185 in the trailing first quarter despite the average rig count declining 35%.
- Market share raised with the addition of four new customers during the quarter. The Company now has 34 customers using the Drill N Ream and also entered a new basin in the quarter with a current customer.
- Selling, general and administrative, counting research and engineering, (SG&A) expenses were reduced by $277 thousand, contrast with trailing first quarter, reflecting the decline in R&D costs as the Company moved from tool prototype development to tool lab testing.
- Strider(TM), a proprietary drill string stimulation tool, demonstrated outstanding results in its first field test. OrBit’s cutting structure is ready to be field tested.
Superior Drilling Products, Inc., a drilling and completion tool technology company, engages in the manufacture, repair, sale, and rental of drilling tools in the United States and internationally.
Finally, Micronet Enertec Technologies, Inc. (NASDAQ:MICT), declared financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Review
- Total revenue reduced 13% to $5.7 million, as contrast to $6.6 million in the second quarter of 2014. The decline was mainly due to a decrease of $736,000 in our aerospace and defense division. MRM raised 5% sequentially as contrast to the first quarter of 2015.
- Gross profit margin was 32%, as contrast to gross margin of 28% in the second quarter of 2014. This is mainly due to an enhance in the MRM gross margin.
- R&D expenses for the quarter were $723,000, or 12.6% of sales, contrast to $874,000, or 13.2% of sales, in the second quarter of 2014.
- Selling, General & Administrative (SG&A) expense was $1.5 million, or 26% of sales, as contrast to $2.0 million, or 30% of sales, in the second quarter of 2014.
- Net loss attributed to MICT for the second quarter was $588,000, or a loss of $0.10 per basic and diluted share, as contrast to a net loss of $1.274 million, or $0.22 per basic and diluted share, for the second quarter of 2014.
- The Company stated an operating loss of $671,000, as contrast to an operating loss of $1.1 million in the second quarter of 2014.
- At June 30, 2015, the Company stated cash and marketable securities totaling $12.6 million and working capital of $15.3 million.
Micronet Enertec Technologies, Inc. engages in the design, development, manufacture, integration, and marketing of rugged computers, tablets, and computer-based systems and instruments for the commercial, defense, and aerospace markets in the United States, Israel, and internationally.
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