Correvio Pharma (CORV) Tops Q4 EPS by 3c, Revenues Beat

Correvio Pharma (NASDAQ: CORV) reported Q4 EPS of ($0.18), $0.03 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $8.9 million versus the consensus estimate of $8.12 million.

• Correvio recorded a net loss of $6.4 million (basic loss of $0.18 per common share) for the fourth quarter of 2018, compared to a net loss of $8.3 million (basic loss of $0.24 per common share) for the fourth quarter of 2017.
• Revenue for the three months ended December 31, 2018 was $8.9 million, compared to $7.0 million for the three months ended December 31, 2017. The 27% increase in revenue was primarily due to increased antibiotic product sales and the recognition of deferred licensing revenue upon the termination of a distributor agreement in December 2018. Direct market sales for the three months ended December 31, 2018, increased by approximately 29% year-over-year from $3.1 million to $4.0 million. Distributor sales for the three months ended December31, 2018, increased by approximately 26% year-over-year from $4.0 million to $5.0 million.
• Cost of goods sold for the three months ended December 31, 2018 and 2017 was $1.9 million.
• SG&A expense for the three months ended December 31, 2018 was $9.9 million, compared to $10.4 million for the three months ended December 31, 2017. The decrease in SG&A was primarily due to lower contract labor costs as the Company built up its sales and marketing employees internally, lower regulatory expenses, and lower stock-based compensation expense.
• Interest expense for the three months ended December 31, 2018 was $1.6 million, compared to $1.9 million for the three months ended December 31, 2017.

"By all accounts, 2018 was a pivotal year for Correvio, marked most importantly by the advancement of our discussions with the U.S. Food and Drug Administration (FDA) and their decision to permit our resubmission of the New Drug Application (NDA) seeking approval for Brinavess™ as a new treatment for the rapid conversion of recent onset atrial fibrillation (AF) in adult patients," said William Hunter, MD, CEO of Correvio. "We remain on track to resubmit the NDA during the second quarter of 2019. On the commercial front, we continue to generate strong sales momentum and achieved record revenues of $28.7 million, a 20% increase over the prior year."

"Looking ahead, I will be handing over operations at the end of today to my successor Dr. Mark Corrigan, the person most qualified to take the important next steps of getting Brinavess approved and launched in the U.S. It has been a privilege to lead Correvio to this point and I am confident Mark will continue to build upon the momentum we have created," concluded Dr. Hunter.

"I am delighted with the recent progress at Correvio over the past year and I am excited to join the Company at such an important time. I look forward to building on our healthy foundation in 2019 and beyond," commented Dr. Mark Corrigan.

For earnings history and earnings-related data on Correvio Pharma (CORV) click here.

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