ISTA Pharma Sees 2012 EPS $0.28-$0.36 vs $0.39 Est; Revs $180M-$195M vs $195.67M Est

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ISTA Pharmaceuticals, Inc.
ISTA
today announced during its 2012 Guidance and Pipeline Update webcast/conference call that it expects to achieve 2011 net revenues above $160 million and expects to be profitable in 2011 for the second consecutive year on an adjusted cash net income basis, according to preliminary unaudited estimates. President and Chief Executive Officer Vicente Anido, Jr., Ph.D., said, "ISTA is a unique and profitable specialty pharmaceutical firm with a thriving core prescription eye business and an emerging prescription allergy franchise. We are now ranked among the top three branded prescription eye care companies in the U.S. Over the course of 2011, we implemented a successful switch from XIBROM™ to BROMDAY™, achieved significant revenue growth compared to 2010 with our allergic conjunctivitis product, BEPREVE®, and made excellent pipeline progress, which has led to a significant de-risking of our clinical programs. As a result, our four market-leading products, proven commercial infrastructure and robust, late-stage product pipeline have established ISTA as a highly valuable healthcare organization with strong proprietary franchises. Our five-year annual compounded revenue growth rate (2006 - 2011) is expected to be more than 35%, and we expect to match that in the next five years with growth in our current products driven by market share gains and launches of new therapies." 2012 Financial Outlook in Detail On today's 2012 Guidance and Pipeline Update webcast/conference call, Lauren Silvernail, ISTA's Chief Financial Officer and Vice President of Corporate Development, provided the company's 2012 revenue guidance and gave additional detail on income and cash. ISTA expects: 2012 net revenues will be approximately $180 million to $195 million. 2012 adjusted cash net income will be $15 million to $19 million, or fully diluted earnings per share of $0.28 to $0.36 assuming 53 million fully diluted shares. The company defines "adjusted cash net income" as the company's net income adjusted for the non-cash mark-to-market adjustments relating to warrants, plus non-cash interest expense and non-cash stock-based compensation. 2012 adjusted EBITDA (or adjusted cash net earnings (or income) before interest, taxes, depreciation and amortization) will be $25 million to $29 million. Year-end 2012 cash balance will be at least $100 million. This amount is after any scheduled debt repayments and includes amounts drawn on ISTA's bank line plus reserves for XIBROM™/BROMDAY™ royalties.
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Posted In: NewsGuidance
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