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DUSA Pharmaceuticals (DUSA) Posts Higher Earnings, Wider Net Loss

DUSA Pharmaceuticals Inc., a dermatology company that is developing and marketing Levulan® Photodynamic Therapy (PDT) and other products focused on patients with common skin conditions, reported a 27 percent increase in first-quarter revenues.

“We are off to a great start in 2011,” Robert Doman, president and CEO of the DUSA stated in the press release. “Continued growth of our core domestic PDT revenues, as well as record gross margins, drove significant year-over-year improvement in our non-GAAP profitability and cash flow.”

Total product revenues for the first quarter were $11.1 million, up 27 percent from $8.7 million in the first quarter of 2010.

The company reported a net loss of $0.6 million, or $(0.02) per common share, for the first quarter of 2011, compared to a net loss of $0.4 million, or $(0.02) per common share, in the first quarter of 2010.

As of March 31, 2011, the company reported total cash, cash equivalents, and U.S. government securities of $21.1 million, compared to $19.6 million at December 31, 2010, an increase of $1.4 million during the quarter.

“As the year progresses, we remain focused on building upon the momentum we have created in the marketplace by further leveraging our expanding sales force in an effort to increase market penetration and acceptance of Levulan® PDT,” Doman stated.

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