Imprimis Pharmaceuticals Inc. (NASDAQ:IMMY) shares bounced as much as 22.61% in Tuesday’s trade, supported by the announcement that the company is now making two glaucoma drugs listed on the FDA’s Drug Shortage List. Despite the latest rally, Imprimis shares are down 32% in the last twelve months. IMMY shares are currently trading around $2.03 per share, lower significantly from the 52-week high of $4.69 per share.
Its share volume increased to 14.9 million following the surge in share price, up considerably from the average volume of 174,831 shares. With the market capitalization of $42.7 billion, Imprimis Pharmaceuticals shares caught trader’s attention after the announcement of supplying two glaucoma drugs on FDA shortage list.
According to IMS data, these two drugs were prescribed about 4 million times last year, for the treatment of glaucoma.
Its CEO said:
“By partnering with physicians to meet their patients’ unmet needs, Imprimis continues to make progress in meeting its mission of bringing high quality innovative ophthalmic formulations to physicians and their patients.”
The company also appears in a strong cash position to support its expansion strategies. It ended the last year with $12 million in current assets. The company’s current assets increased to $16 million at the end o the latest quarter. The gain of $5.7 million from its spin-off and deconsolidation of Eton Pharmaceuticals supported its cash position.
The company’s strategy of focusing on its ophthalmology business, investing in production efficiency and making its formulary more compelling seems to be working. Imprimis continues to generate strong growth from ophthalmology surgical offerings and dry eye formulations.
In the latest quarter, its Gross ophthalmology-related revenue increased by 60% to $4.9 million, compared to the past year period. Moreover, the revenue of 503B increased to $2.6M in Q2, representing a growth of 14% quarter-over-quarter. Orders for 503B surpassed $1,300 in the second quarter. Overall, the company’s financial numbers are impressive and strong order booking highlights further growth in the following quarters.
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