Shares of Merus Labs (TSX:MSL) are up today after the company reported better than expected first quarter results.
In its Q1, reported after market yesterday, Merus lost $216,044 on revenue of $10.6-million, a topline that was up 70% over last year’s first quarter.
“I am pleased with the substantial progress that our expanded Merus team has made towards achieving our FY 2015 corporate goals and creating long-term shareholder value,” said CEO Barry Fishman. “Over the last few months, we successfully executed on our business priorities — expanding and strengthening the team, executing plans to seize existing product profit-enhancing moves, and filling our pipeline with additional value-creating product acquisition opportunities.”
Revenue for Merus’s lead product Enablex, which is used to treat symptoms of overactive bladder, rose to $5,964,568, up from $4,665,136 in the same period last year.
Also contributing to the quarter was $3,842,108 in revenue from Sintrom, an anticoagulant indicated for the treatment and prevention of thromboembolic diseases. Last September, a Merus subsidiary acquired the right to manufacture, market and sell Sintrom in certain European countries.
The quarter may help Merus shareholders get over the surprise departure of CEO Elie Farah in September.
At press time, shares of Merus Labs were up 12.3% to $2.38.