Corcept Therapeutics Incorporated (NASDAQ:CORT) Tanks After 4Q Results Announcement


Dallas, Texas 02/04/2014 (FINANCIALSTRENDS) – The $302 million market capped pharma firm Corcept Therapeutics Incorporated (NASDAQ:CORT) shares dropped by a huge 12 percent during trading on 3rd February. The dip follows announcement of 4Q results which analyst felt lacked clarity on the future revenue streams of the drug maker.

Announcing the results, Corcept Therapeutics Incorporated (NASDAQ:CORT) Chief Financial Officer Charles Robb has been quoted to have said that, “Our net revenue in the fourth quarter of 2013 was $4.1 million, an increase of 56% from the prior quarter. Revenue for all of 2013 was $10.4 million. Our cash balance on December 31 was $54.9 million, compared to $93 million on December 31, 2012. 2014 will be a pivotal year for Corcept with multiple clinical and regulatory milestones, as well as continued growth in sales of Korlym for Cushing’s syndrome.”

At the end of the fourth quarter, Corcept Therapeutics Incorporated (NASDAQ:CORT) held total assets of $71 million, while its liabilities was pegged at $40.2 million, where as share holders equity is $30.77 million.

Corcept Therapeutics Incorporated (NASDAQ:CORT) also provided an estimate on how fast it anticipates to scale up in 2014. It expects revenue for 2014 operations to range between $24 to $25 million, compared to $10.4 million for 2013. Its net loss for the trailing 12 months has accumulated to $46 million. Its profit margin for the quarter was down by 414 percent as the cash flow has been struggling to meet up with the cap ex and operational expenditure of this small capped, drug maker in the midst of developing new drugs.

Since the 4Q results announcements, Corcept Therapeutics Incorporated (NASDAQ:CORT) share price has  gone down 18.7 percent and is trading at price points which are 23.8 percent below its 52 week high price point of $3.98 per share. YTD, the stock has yielded 43 percent gains for its shareholders.

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