IGI Labs (IG) Misses Q1 EPS by 1c, Q2 Revenue Guidance Falls Short

IGI Labs (NYSE: IG) reported Q1 EPS of $0.00, $0.01 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $10.7 million versus the consensus estimate of $12.32 million.

IGI's President and Chief Executive Officer, Jason Grenfell-Gardner, stated, "Consistent with our expectations, based on historical trends in our portfolio and significant incremental sales in the fourth quarter of 2014, we experienced a decline in first quarter revenue as compared to the fourth quarter of 2014. Looking forward, as a result of recent changes in our customer mix and market pricing, particularly for econazole nitrate, we anticipate revenue from our econazole nitrate cream products to decline in the second quarter of 2015. While the impact of this change has not fully taken effect, we now expect second quarter 2015 revenue in a range of $7.0 to $8.0 million. As we continue to evaluate and respond to these changes, we intend to update the investment community as quickly as practical to share our outlook on the market and any adjustments to our business that we see necessary to provide updated guidance for the full year 2015."

(Street sees Q2 revenue of $13.72 million)

For earnings history and earnings-related data on IGI Labs (IG) click here.

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