Stellar Pharmaceuticals Inc. is a Canadian pharmaceutical developer and marketer of three products based on its core polysaccharide technology. The three products are: NeoVisc – for the symptomatic treatment of osteoarthritis, Uracyst – for the treatment of interstitial cystitis, an inflammatory disease of the urinary bladder wall and NMP22 BladderChek – a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer.
The company today announced financial results for the year ended December 31, 2009. All results are reported in Canadian dollars. Stellar’s total revenues for 2009 were $3,581.300, up 39.9 percent from 2008 results. The increase in revenues was driven by the 15.7% growth and 74.8% growth in Canadian and international sales respectively. However, gross margin decreased to 66.6% in 2009 from 73.7% in 2008 due to lower margins in international sales.
Net income for 2009 was $238,900, or $0.01 per share. This compares to a loss of $31,100, or ($0.01) per share in 2008. Stellar’s net profit increased by $270,000 from 2008 and the company was cash flow positive for the third consecutive year in 2009. Stellar’s strong financial performance allowed it to close the year in a solid financial position. The company had cash and cash equivalents at the end of 2009 in the amount of $2,325,200 which is up from $2,106,000 at the end of 2008.
Stellar’s president and CEO, Peter Riehl, commented on the results, “We are very pleased to show a profit for 2009 and a strong growth in our overall business, given the difficult economic environment that persisted for much of the year. Now, as we move forward into 2010, our focus will remain on building the Canadian and expanding global licensing of Uracyst and NeoVisc.” These two drugs already have their CE mark certification for the European Community.