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Juniper Pharmaceuticals Reports Third Quarter 2017 Financial and Operating Results
CRINONE® Revenues Increased 19% and Juniper Pharma Services Revenues Increased 38% Year-over-Year
Implemented Strategic Reprioritization

BOSTON, Nov. 2, 2017 /PRNewswire/ -- Juniper Pharmaceuticals (Nasdaq: JNP), a diversified healthcare company focused on women's health, today announced financial results for the three-month period ended September 30, 2017. Cash and cash equivalents were $22.1 million at September 30, 2017, an increase of 3% from June 30, 2017.

"During the third quarter, we delivered robust revenue growth for our core businesses, CRINONE® and Juniper Pharma Services (JPS), which resulted in positive cash flow for the quarter. Our third quarter G&A expense has decreased to align closer to 2016 expenses," said Alicia Secor, Chief Executive Officer. "The strength in our core businesses provide a solid financial foundation and represents a key near-term growth driver for Juniper. We will continue to focus our resources in 2018 to maintain this momentum and drive further growth in these businesses."

Corporate Update

  • Juniper Pharma Services achieved record revenues this quarter, reflecting the continued expansion of customers and service offerings.
  • Active discussions with partner Merck KGaA to extend the CRINONE® Progesterone Gel agreement are progressing, and the expansion of this relationship remains a strategic priority for the Company.
  • IND-enabling preclinical studies were initiated this quarter, and results from these studies for Juniper's IVR formulations, JNP-0101, JNP-0201 and JNP-0301, remain on track for topline preclinical data by the end of 2017. At the completion of the in vivo preclinical studies, the Company may decide to further develop JNP-0201, a combination of Estradiol plus natural progesterone IVR, for hormone replacement therapy (HRT) to address symptoms of menopause.
  • Partnering opportunities will be explored for JNP-0101, the oxybutynin IVR for the treatment of overactive bladder (OAB), and JNP-0301, a natural progesterone IVR for the prevention of pre-term birth (PTB) in women with a short cervical length at mid-pregnancy.
  • Jennifer Good was appointed to the Juniper Board of Directors, and will serve as a member of both the Audit and Compensation Committees. Ms. Good brings to the board proven executive operational experience and financial leadership.

Third Quarter Financial Results

"We continued to see strong year-over-year growth in our core business during the third quarter of 2017," said Jeff Young, Chief Financial Officer at Juniper. "CRINONE® product revenues were up 19%, and revenues from Juniper Pharma Services grew 38%, compared to the third quarter of 2016."

Third quarter total revenues increased 12% to $13.0 million, compared with $11.6 million for the prior year quarter.

Product revenues increased by $1.3 million to $8.4 million, driven by continued in-market growth and new market sales of CRINONE® by Merck KGaA, Darmstadt, Germany.

Service revenues from Juniper Pharma Services were $4.6 million, an increase of $1.3 million, or 38%, versus the third quarter of last year, driven by new and existing customer growth.

Gross profit decreased to $5.3 million as compared to $5.9 million in the quarter ended September 30, 2016. Excluding the impact of royalty revenue from the prior period, the gross profit for the quarter ended September 30, 2016 would have been $4.7 million.

Total operating expenses were $6.8 million in the third quarter of 2017, a $1.1 million increase as compared to the prior year period. This increase was primarily driven by the approximately $0.8 million restructuring charge recorded in September related to the Company's reprioritization efforts.

Juniper's net loss was $1.4 million, or $(0.13) per diluted share, in the third quarter of 2017, compared to a net income of $0.2 million, or $0.2 per diluted share, in the third quarter of 2016.

Liquidity
Cash and cash equivalents were $22.1 million as of September 30, 2017, versus $21.5 million at June 30, 2017.

Conference Call
As previously announced, Juniper's management team will hold a conference call to discuss financial results for the second quarter ended September 30, 2017, as follows:

Date:

November 2, 2017

Time:

4:30 p.m. ET

Dial-in numbers:

Toll free: (866) 374-4635 (U.S.), (855) 669-9657 (Canada), or International: (412) 902-4218

Webcast (live and archive): www.juniperpharma.com, under "Investors" or click here.

The teleconference replay will be available approximately one hour after completion through Thursday, November 9, 2017, at (877) 344-7529 (U.S.), (855) 669-9658 (Canada) or (412) 317-0088 (International). The replay access code is 10113476.

The archived webcast will be available for one year via the aforementioned URLs. 

About Juniper Pharmaceuticals
Juniper Pharmaceuticals, Inc. core businesses include its CRINONE® (progesterone gel) franchise and Juniper Pharma Services, which provides high-end fee-for-service pharmaceutical development and clinical trials manufacturing to clients. The Company is also leveraging its differentiated intravaginal ring technology, which offers the potential to address unmet needs in women's health. Please visit www.juniperpharma.com for more information.

Juniper Pharmaceuticals™ is a trademark of Juniper Pharmaceuticals, Inc., in the U.S. and EU.

CRINONE® is a registered trademark of Merck KGaA, Darmstadt, Germany, outside the U.S. and of Allergan plc in the U.S.

Forward Looking Statements 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the corporate reprioritization, reduction in force and restructuring charges, the potential cost savings resulting from these changes and the ability to achieve at least a cash flow neutral position in 2018, the timing of an IND for JNP-201, the potential to partner Juniper's other product candidates, the potential to complete a contract extension under Juniper's CRINONE® supply contract with Merck, the ability to continue to grow the JPS business, the strength of Juniper's core business, product candidates and future results.  Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with potential employee retention challenges following our restructuring; risks associated with the drug development process generally, including the outcomes of planned clinical trials and the regulatory review process; the risk that the results of previously conducted studies involving our product candidates will not be repeated or observed in ongoing or future studies or following commercial launch, if such product candidates are approved; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Juniper Pharmaceuticals' ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from currently approved therapies and from other companies developing products for similar uses; risk associated with Juniper Pharmaceuticals' ability to manage operating expenses and/or obtain additional funding to support its business activities; and risks associated with Juniper Pharmaceuticals' dependence on third parties, particularly with respect to JPS and CRINONE®.  For a discussion of certain risks and uncertainties associated with Juniper Pharmaceuticals' forward-looking statements, please review the Company's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for the period ended December 31, 2016 and subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. These statements are based on management's current expectations and Juniper Pharmaceuticals does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law.

Investor Contact:   
Argot Partners
Laura Perry or Heather Savelle
212-600-1902
laura@argotpartners.com 
heather@argotpartners.com

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JUNIPER PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)


September 30,


December 31,

2017

2016





Assets:






Cash and cash equivalents

$

22,106


$

20,994

Accounts receivable, net


6,521



6,573

Inventories


5,897



5,621

Prepaid expenses and other current assets


2,152



1,539







Total current assets


36,676



34,727

Property and equipment, net


15,127



13,366

Intangible assets, net


817



969

Goodwill


9,056



8,342

Other assets


79



167







Total Assets

$

61,755


$

57,571










Liabilities, contingently redeemable preferred stock, and stockholders' equity:






Accounts payable

$

4,607


$

3,893

Accrued expenses and other


5,739



5,271

Deferred revenue


7,444



5,624

Current portion of long-term debt


535



204







Total current liabilities


18,325



14,992

Long-term debt, net of current portion


3,369



2,203

Other noncurrent liabilities


148



56







Total Liabilities


21,842



17,251







Commitments and Contingencies






Series C preferred stock


-



550




Total stockholders' equity


39,913



39,770







Total liabilities, contingently redeemable preferred stock, and stockholders' equity

$

61,755


$

57,571

 

JUNIPER PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)














Three Months Ended September 30,


Nine Months Ended September 30,


2017


2016


2017


2016







Revenues












Product revenues

$

8,389


$

7,057


$

25,684


$

20,716

Service revenues


4,597



3,337



12,505



9,964

Royalties


-



1,162



-



2,963

Total net revenues


12,986



11,556



38,189



33,643













Cost of product revenues


5,160



3,683



14,776



11,892

Cost of service revenues


2,559



2,022



7,149



6,630

Total cost of revenues


7,719



5,705



21,925



18,522













Gross profit


5,267



5,851



16,264



15,121









Operating expenses












Sales and marketing


517



259



1,306



910

Research and development


2,291



2,304



5,285



8,234

General and administrative


3,238



3,111



12,263



9,815

Restructuring charge


756



-



756



-

Total operating expenses


6,802



5,674



19,610



18,959









Loss from operations


(1,535)



177



(3,346)



(3,838)









Interest expense, net


(47)



(24)



(105)



(74)

Other income, net


127



90



179



296

(Loss) income before income taxes


(1,455)



243



(3,272)



(3,616)

Income tax (benefit) expense


(45)



(5)



(45)



47

Net (loss) income

$

(1,410)


$

248


$

(3,227)


$

(3,663)













Diluted net (loss) income per share

$

(0.13)


$

0.02


$

(0.26)


$

(0.34)













Diluted weighted average shares outstanding


10,844



11,060



10,817



10,791













Basic net (loss) income per share

$

(0.13)


$

0.02


$

(0.26)


$

(0.34)













Basic weighted average shares outstanding


10,844



10,799



10,817



10,791













 

Juniper Pharma Services Logo (PRNewsFoto/Juniper Pharmaceuticals, Inc.)

 

  

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SOURCE Juniper Pharmaceuticals, Inc.