AcelRx Pharma (ACRX) Tops Q2 EPS by 6c

AcelRx Pharma (NASDAQ: ACRX) reported Q2 EPS of ($0.08), $0.06 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $2.9 million versus the consensus estimate of $2.02 million.

"Despite the challenges with COVID in the second quarter, we made meaningful progress towards generating long-term shareholder value and expanding the DSUVIA launch through advancements with the Department of Defense and our exclusive agreement with Zimmer Biomet for dental surgeries," said Vince Angotti, Chief Executive Officer of AcelRx. "We expect these two revenue streams, both of which require minimal AcelRx commercial investment, to be the main drivers of our near-term revenue growth. Hospital and ambulatory surgery centers remain the core focus of our commercial team, and we expect recent hospital system wins to positively impact revenues in the mid to long term. We continue to execute on our strategy while focusing on prudent cash management."

Second Quarter and Recent Highlights

• DSUVIA achieved Milestone C approval from the Department of Defense, a decision that approves DSUVIA for use in all U.S. Army sets, kits and outfits (SKOs). AcelRx expects that initial stocking orders beginning later this year for U.S. Army SKOs alone will approximate $30 million over the next three years, dependent on troop deployment schedules.
• The DoD issued a Notice of Intent, converting to a Request for Proposal (RFP), for the purchase of up to 12,200 boxes or 122,000 DSUVIA units, expected to be ordered in the third quarter of 2020, which is separate from expected purchases for SKOs.
• In July, AcelRx entered into a distribution agreement with Zimmer Biomet to market DSUVIA® (sufentanil sublingual tablet), 30 mcg, within the dental and oral surgery markets in the United States exclusively through Zimmer Biomet\'s Dental division, expanding U.S. availability of DSUVIA. It is estimated that the applicable market in dental surgeries is over 7 million annual procedures.
• In July, AcelRx completed a $10 million common stock offering priced at the market with two leading life science investors.

For earnings history and earnings-related data on AcelRx Pharma (ACRX) click here.

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