Immunomedics Inc. Reports Financial Results for Quarter and Six-Month Period Ended December 31, 1994

Strategic Insights -

Immunomedics Inc., a biopharmaceutical company, announced its financial results for the quarter and six-month period ended December 31, 1994. During this period, the company reported a net loss of $2.7 million, or $0.09 per share, with revenues of $0.8 million for the quarter. Compared to the same quarter last year, the company's net loss decreased by $1.2 million, and revenues decreased by $0.2 million. For the six-month period, Immunomedics reported a net loss of $5.6 million, or $0.19 per share, with revenues of $1.7 million.

Key Takeaways:

  • Immunomedics reported a net loss of $2.7 million for the quarter ended December 31, 1994, down from a net loss of $3.9 million in the same quarter last year.
  • The company's revenues for the quarter ended December 31, 1994, were $0.8 million, a decrease of $0.2 million compared to the same quarter last year.
  • Immunomedics reported a net loss of $5.6 million for the six-month period ended December 31, 1994, down from a net loss of $7.8 million in the same period last year.
  • Revenues for the six-month period ended December 31, 1994, were $1.7 million, an increase of $0.6 million compared to the same period last year.
  • The company's cash, cash equivalents, and marketable securities stood at $19.1 million at December 31, 1994.
  • Immunomedics has several products in clinical trials, including a therapeutic product and several diagnostic imaging products, including a colorectal cancer imaging agent, CEA-Scan(TM).
  • Dr. David M. Goldenberg, chairman and chief executive officer, stated that the company remains fully committed to CEA-Scan(TM) despite ongoing regulatory review by the U.S. Food and Drug Administration (FDA).
  • Immunomedics is working closely with the FDA to address questions and concerns regarding the product.

Statistics:

  • Immunomedics reported a net loss of $2.7 million for the quarter ended December 31, 1994.
  • Revenues for the quarter ended December 31, 1994, were $0.8 million.
  • Net loss for the six-month period ended December 31, 1994, was $5.6 million.
  • Revenues for the six-month period ended December 31, 1994, were $1.7 million.
  • Cash, cash equivalents, and marketable securities stood at $19.1 million at December 31, 1994.

Sources:

  • Immunomedics Inc. press release, January 27, 1995
  • Immunomedics Inc. (NASDAQ:IMMU) financial results, December 31, 1994