Helix BioMedix, Inc. announced yesterday financial results for the Company’s third quarter 2010 ended September 30, 2010.
Revenue for the third quarter of 2010 was approximately $94,000, compared to approximately $98,000 for the third quarter of 2009 and approximately $330,000 for the second quarter of 2010. For the first nine months of 2010, revenue was approximately $494,000, compared to approximately $324,000 for the first nine months of 2009. The 53 percent increase in revenue through the first nine months of 2010 reflects a significant increase in licensing revenue and growth in international consumer product sales through Helix BioMedix, Inc.’s new distribution partner in Asia.
Gross margin for the third quarter of 2010 was 69 percent, compared to 46 percent in the third quarter a year ago and 62 percent in the second quarter of 2010. The year-over-year improvement in gross margin reflects a greater percentage of total revenue from license fees, which generate higher margin compared to peptide and consumer product sales revenue.
Net loss for the third quarter of 2010 was approximately $1.1 million, or $0.04 per share, compared to a net loss of approximately $933,000, or $0.04 per share, for the third quarter of 2009 and approximately $942,000, or $0.04 per share, for the second quarter of 2010. The year-over-year increase in net loss in the third quarter of 2010 was primarily due to the increases in operating expenses and interest expense related to Helix BioMedix’s outstanding convertible notes payable.
As of September 30, 2010, cash and cash equivalents was approximately $2.0 million. This is compared to approximately $3.0 million as of June 30, 2010. License fee revenue increased 66 percent compared to the third quarter of 2009.
On July 1, 2010, Helix BioMedix, Inc. acquired a 30 percent membership interest in NuGlow Cosmaceuticals, LLC (NuGlow) and signed a three-year supply agreement with NuGlow. In addition, they received the first order from NuGlow for delivery in the fourth quarter of 2010 at levels significantly above contractual minimums.
Headquartered in Bothell, Washington, Helix BioMedix, Inc. is a biopharmaceutical company with an extensive library of diverse bioactive peptides and patents covering six distinct classes and hundreds of thousands of peptide sequences. Core competencies include peptide design, synthesis and characterization together with assay development, screening, tissue culture and microbiology, leveraged through relationships with contract research organizations and peptide manufacturers.
For more information visit: www.helixbiomedix.com
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