GenoMed, Inc. develops and manufactures drugs using medical genomics. The company focuses in the field of preventive molecular medicine. It identifies a disease gene without any existing therapy for drug discovery; uses existing drugs for new clinical indications; and conducts gene-based diagnostic tests. The company offers SNPnet, a set of single nucleotide polymorphisms used to locate disease genes; and clinical outcomes improvement program for sickle cell diseases, kidney failure due to type II diabetes, kidney failure due to high blood pressure, emphysema, and poor circulation due to high blood pressure. The company also engages in clinical trial drugs for cancer, HIV, SARS, influenza, h...
620 South Lake Street
Leesburg, FL 34748
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.