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Insys Therapeutics Inc (NASDAQ:INSY) Q3 2017 Revenue At $30.7 Million

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Insys Therapeutics Inc (NASDAQ:INSY) issued financial report for its third quarter closed September 30, 2017. Net revenue came at $30.7 million, as against $57.8 million for Q3 2016. The results exhibit a drop in SUBSYS® prescription volumes following underway softness in overall demand in the TIRF segment, and was partly offset by revenue of $0.7 million from the recently introduced SYNDROS® product.

The details

Saeed Motahari, the CEO and President of Insys, expressed that earlier this year, they took meaningful, planned measures to restore trust with their major stakeholders, including clinicians, patients, investors and regulators. The preceding few months have only solidified their commitment to advance forward and continue their initiatives to resolve unmet medical needs.

In Q3 2017, the team soundly implemented against the firm’s strategic measures and they recorded strong progress to diversify and transform their business over the long term. This comprised further work to stabilize their SUBSYS® offering through the signing of increased managed care deals. These wins should assist strengthen the product’s base revenue starting in 2018. They also continued to record the advantages of their strong pipeline as they brought their next commercial product to market and met numerous R&D commitments, including the filing of New Drug Application for buprenorphine as a sublingual spray.

Motahari added that he is delighted with their development so far across the business and identify there is still more to be achieved. As part of their plan to expand the firm’s capabilities, they have upgraded and expanded their fully-integrated manufacturing facility in Texas over the preceding year. The expansion component of the assignment is complete, and the pertinent upgrade will be done by the close of the year.

Insys CEO added that this facility will be a competitive benefit for them when it is complete, as they will be one of the only firms in the U.S. that can produce synthetic cannabinoids ranging from commercial to clinical scale.


 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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