Welcome!

News Feed Item

ULURU Inc. Reports Second Quarter 2014 Financial Results

ADDISON, Texas, Aug. 15, 2014 /PRNewswire/ -- ULURU Inc. (OTCQB: ULUR) today announced its financial results for the second quarter ended June 30, 2014 and provided a review of its operating activities.

  • During the past ninety days, Altrazeal® has now been shipped to nine additional markets including the key markets of Italy, Spain and Portugal;
  • Shipments to four additional new markets are scheduled to occur prior to August 30, 2014;
  • Repeat shipments to numerous markets are scheduled in the third quarter of 2014;
  • Substantial resolution of prior production issues has enabled an inventory of blisters to be established;
  • Expansion in our international network of licensing and distribution partners;
  • Presentation of important clinical experience data at European Wound Management Association ("EWMA") 2014 including results of 12 nurses experiences using Altrazeal® on over 60 patients; and
  • Further reduction in the quarterly operating loss compared to both prior year and first quarter.

Commenting on the business activities, Kerry P. Gray, President and CEO, stated, "Commencing in May, with the shipments planned for August, thirteen new markets will have been supplied product. This clearly indicates that the international expansion in commercialization activities is escalating. We are optimistic that this trend will continue for the balance of 2015. With the resolution of the production issues we had experienced, and the establishment of an inventory of bulk blisters, we are now positioned to supply the market as orders are received. Additionally, activities are ongoing to further expand our network of licensees and distributors to include Asia, Latin America, the Middle East and Africa. With these ongoing activities the quarterly revenue is projected to rapidly sequentially increase. Important clinical experience data in over 60 patients was presented by a nurse from the Czech Republic at EWMA. This data clearly indicated the high satisfaction of patients and care givers as well as cost effectiveness."

For the second quarter of 2014, the Company reported a net loss of $710,000, or $0.03 per share, as compared with a net loss of $823,000, or $0.06 per share, for the same period last year.  For the six months ended June 30, 2014, the reported net loss was $1.40 million, or $0.06 per share, as compared with a net loss of $1.50 million, or $0.12 per share, for the same period last year.

Commenting on the financial results Mr. Gray added, "Our revenues for the second quarter were impacted by the delay in shipment of outstanding orders. This situation is currently being corrected and will be fully resolved in the third quarter. We have maintained our operating expense levels to reflect our current revenue level, any increment to our expense levels will be to support revenue growth. Our second quarter loss has been reduced below the first quarter level and we are projecting further reductions in the loss for the third and fourth quarter. Excluding non-cash items including share based compensation, amortization and depreciation our second quarter operating loss was approximately $480,000."

Operating Results

Revenues

Revenues for the second quarter of 2014 were $209,000, as compared to $29,000 for the second quarter of 2013.  The increase of approximately $180,000 in revenues is attributable to an increase in total revenue from Altrazeal, including product sales, royalties and license fees.

Revenues for the six months ended June 30, 2014 were $311,000, as compared to $131,000 for the comparative period of 2013.  The increase of approximately $180,000 in revenues is as noted above.

Research and Development

Research and development expenses for the second quarter of 2014 were $184,000, including $5,000 in share-based compensation, as compared to $211,000 for the second quarter of 2013, which included $5,000 in share-based compensation.  The decrease of approximately $27,000 in research and development expenses was primarily due to a decrease of $29,000 in regulatory costs and a decrease of $21,000 in direct research costs related to Altrazeal®.  These expense decreases were partially offset by an increase of $36,000 in scientific compensation related primarily to a higher head count.

Research and development expenses were $372,000 for the six months ended June 30, 2014, including $11,000 in share-based compensation, as compared to $376,000 for the six months ended June 30, 2013, which included $6,000 in share-based compensation.  The decrease of approximately $4,000 in research and development expenses was primarily due to a decrease of $47,000 in regulatory costs and a decrease of $30,000 in direct research costs related to Altrazeal®.  These expense decreases were partially offset by an increase of $65,000 in scientific compensation related to share-based compensation and a higher head count and an increase of $20,000 in clinical study costs related to Altrazeal®

Selling, General and Administrative

Selling, general and administrative expenses for the second quarter of 2014 were $411,000, including $17,000 in share-based compensation, as compared to $352,000, which included $17,000 in share-based compensation, for the second quarter of 2013.  The increase of approximately $60,000 in selling, general and administrative expenses was primarily due to an increase of $27,000 in legal expenses related to a licensing agreement dispute, an increase of $26,000 in sales and marketing expenses and an increase of $22,000 in compensation costs due to time of expense recognition.  These expense increases were partially offset by a decrease of $27,000 related to doubtful account accruals.  

Selling, general and administrative expenses were $880,000 for the six months ended June 30, 2014, including $36,000 in share-based compensation, as compared to $612,000 for the six months ended June 30, 2013, which included $25,000 in share-based compensation.  The increase of approximately $268,000 in selling, general and administrative expenses was primarily due to an increase of $142,000 in investor relations consulting related to share-based compensation, an increase of $66,000 in legal expenses related to a licensing agreement dispute and an increase of $46,000 in sales and marketing expenses.

Other Income and Other Expenses

Interest and miscellaneous income for the second quarter declined $17,000 primarily due to the offset in January 2014 of the outstanding notes receivable.

Interest and miscellaneous income was $5,000 for the six months ended June 30, 2014 as compared to $40,000 for the six months ended June 30, 2013.  The decrease of approximately $35,000 in interest income is primarily attributable to the offset in January 2014 of the outstanding notes receivable.

Interest expense for the second quarter of 2014 was $33,000 as compared to $128,000 for the second quarter of 2013.  The decrease of approximately $95,000 is primarily attributable to the offset in January 2014 of the outstanding notes receivable against the outstanding principle due on the convertible promissory note and the final payoff in March 2014 of the convertible promissory note with Inter-Mountain.

Interest expense was $98,000 for the six months ended June 30, 2014 as compared to $260,000 for the six months ended June 30, 2013.  The decrease of approximately $162,000 is primarily attributable to the offset in January 2014 of the outstanding notes receivable against the outstanding principle due on the convertible promissory note.

About ULURU Inc.:

ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com.  For further information about Altrazeal®, please visit our website at www.altrazeal.com.

This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, including but not limited to statements made relating to future financial performance of ULURU Inc. (the "Company"), the advancement of licensing discussions for additional markets, the anticipated launch of Altrazeal® in various markets and countries, the demonstration of clinical benefits and cost benefits of Altrazeal®,  the completion of strategic alliances, the anticipated escalation of revenues, positive cash flows, and improved profitability in 2014, and the acceptance of Altrazeal® by medical practitioners.  When used in this press release, the words "believe," "expect" and "anticipate" and similar expressions may be indicative of forward-looking statements including without limitation statements relating to the regulatory results for our products.  These statements by their nature involve substantial risks and uncertainties, certain of which are beyond the Company's control. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. Further, management cannot assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.   These statements are subject to numerous risks and uncertainties, including but not limited to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and other reports filed by us with the Securities and Exchange Commission.

Contact: Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145

 

ULURU Inc.

SUMMARY OF RESULTS


STATEMENTS OF OPERATIONS DATA



Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Revenues









License fees

$    14,698


$    11,274


$    29,237


$    22,427


Royalty income

17,012


---


17,012


---


Product sales, net

177,584


17,610


265,026


108,501


Total Revenues

209,294


28,884


311,275


130,928









Costs and Expenses









Cost of goods sold

113,090


3,102


154,132


43,991


Research and development

184,423


211,183


372,019


376,468


Selling, general and administrative

411,279


351,726


880,352


612,416


Amortization of intangible assets

118,461


118,461


235,622


235,622


Depreciation

59,553


60,460


120,107


125,848


Total Costs and Expenses

886,806


744,932


1,762,232


1,394,345

Operating (Loss)

(677,512)


(716,048)


(1,450,957)


(1,263,417)









Other Income (Expense)









Interest and miscellaneous income

519


18,011


5,060


40,476


Interest expense

(32,722)


(128,375)


(97,981)


(260,061)


Equity in earnings (loss) of unconsolidated subsidiary

---


---


---


---


Gain on early extinguishment of convertible note

---


---


142,703


---


Gain on sale of equipment

---


3,627


---


3,627

(Loss) Before Income Taxes

(709,715)


(822,785)


(1,401,175)


(1,479,375)










Income taxes

---


---


---


---

Net (Loss)

$(709,715)


$(822,785)


$(1,401,175)


$(1,479,375)










Less preferred stock dividends

---


(12,154)


---


(24,175)

Net (Loss) Allocable to Common Stockholders

$(709,715)


$(834,939)


$(1,401,175)


$(1,503,550)

















Basic and diluted net (loss) per common share

$   (0.03)


$   (0.06)


$  (0.06)


$  (0.12)









Weighted average number of common shares outstanding

24,122,176


13,670,628


22,776,695


12,669,437









 

ULURU Inc.


SELECTED CONDENSED CONSOLIDATED BALANCE SHEET DATA



June 30, 2014


December 31, 2013


(Unaudited)


(Audited)





  Cash and cash equivalents

$            720,590


$             5,119

  Current assets

1,586,025


1,487,324

  Property and equipment, net

534,740


638,614

  Other assets

3,453,284


3,775,676

  Total assets

5,574,049


5,901,614





  Current liabilities

1,752,398


3,270,064

  Long term liabilities – convertible notes payable

---


---

  Long term liabilities – deferred revenue

868,896


898,133

  Total liabilities

2,621,294


4,168,197

  Total stockholders' equity

2,952,755


1,733,417

 

SOURCE ULURU Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, will give users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion w...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
The Art of DevOps provides a fun overview to help teams understand DevOps. Written in the style of the famous 6th century Chinese manuscript “The Art of War,” this eBook describes DevOps in the form of a mission to continuously deliver assets to the operational battlegrounds safely, securely, and quickly. It’s a fun read with valuable insights.