Forget about them doubling sales based on the latest presentation.
633,000 units sold in 2015 through November when we already have 411,300 reported sold in Q1-Q3 means we have hit only 221,700 units for October/November. So, I really can't see sales making 400,000 for the quarter.
Yeah, but you must also realize that they REVISED the amount of units sold in Q3 2015 from 183,000 approx. to 268,468 units sold. That is an increase of 85,000 units.
To be fair, a double from the 3Q 2015, based on the old interim data would have been 366,000 units sold. Utilizing their run rate of 111,000 units per month in the 4Q ( based on October and November 2015 ) would put Vitaros units sold in the 4Q at 333,000. That's only -33,000 units away from doubling Q3's original data .
"The third quarter of this year was one of the most productive quarters in our Company's history as we advanced our expanded clinical development pipeline, experienced record Vitaros sales in Europe, and strengthened our balance sheet," stated Richard Pascoe, Chief Executive Officer. "According to interim data obtained from IMS Midas, retail unit sales in Europe increased 146% from approximately 74,000 units in the second quarter of 2015 to approximately 183,000 units in the third quarter of 2015. Looking forward we will maintain a persistent focus on the clinical and regulatory execution of the fispemifene, Vitaros, and RayVa programs with the overarching goal of bringing novel therapies to the U.S. market for the benefit of patients, healthcare providers, and our shareholders."
ir.apricusbio.com
Look at today's Corporate presentation.
phx.corporate-ir.net
Another thing to note is the Revision of the Q2 Units sold also. They went from 74,000 to 106,252.
Which brings me to the old subject of how much per Unit is Apricus receiving in royalties. Eico - came back with $2.25 per unit from Richard Pascoe. If in fact Apricus received the entire amount of royalties that were derived from the units sold at a quarter lag we can find out exactly how much it is. But if they receive money after the quarter lag - then we are still in the dark.
Units Sold Royalties Received in Quarter
132 + 7318 ( Q2 & Q3 2014 ) $36,000 ( Q4 2014 )
$4.83 royalty per unit
28,902( Q4 2014 ) $88,000 ( Q1 2015 )
$3.04 royalty per unit
36,620 ( Q1 2015 ) $75,000 ( Q2 2015 )
$2.04 royalty per unit
106,252 ( Q2 2015 ) $188,000 ( Q3 2015 )
$1.76 royalty per unit
268,428 ( Q3 2015 ) $ ??? ( $472,433 )
@ an estimated $1.76 per unit
Question will be if we were still owed from the prior quarter ( Q2 ) and if anything from Q3 will be not paid until Q1 2016 ( instead of Q4 2015 ).
I know we are very far away from being cash flow positive - but $472,000 + from only royalties per Quarter, with only a handful of countries selling ( the Cold Version Vitaros ) is starting to not look too bad from where im sitting. I would think that Sales Milestones can't be too far behind if sales continue to grow.
1 Million Units sold per Month would put us in the black - just with royalties from Vitaros alone. Currently we are 1/10th of the way there ( and again, with only Cold Version Vitaros at the market and selling in 6 countries ).
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