PDL BioPharma, Inc. (NASDAQ:PDLI) Q3 2019 Earnings Conference Call - Final Transcript
Nov 06, 2019 • 04:30 pm ET
Ladies and gentlemen, thank you for standing by. Welcome to the PDL BioPharma Third Quarter 2019 Conference Call. [Operator Instructions].
For opening remarks and introductions, I would now like to turn the call over to Jody Cain. Please go ahead, ma'am.
This is Jody Cain with LHA. Thank you all for participating in today's call. Please note that a slide presentation to accompany management's prepared remarks is available in the Investor Relations section of the PDL website at pdl.com. Joining me today from PDL BioPharma are Dominique Monnet, President and CEO; and Ed Imbrogno, Vice President, Finance and Chief Accounting Officer. Nick Curtis, CEO of LENSAR, one of PDL's operating subsidiaries will join us for the question-and-answer session. Please turn to Slide two and let me remind you that during this call, management will be making forward-looking statements regarding the company's financial performance and other matters, and actual results may differ materially from those expressed in or implied by the forward-looking statements. Factors that may cause differences between current expectations and actual results are described in the company's SEC filings, which are available at sec.gov and in the Investor Relations section of pdl.com. The forward-looking statements made during this call should be considered accurate only as of the date of the live broadcast, November 6, 2019. Although the company may elect to update forward-looking statements from time-to-time in the future, the company specifically disclaims any duty or obligation to do so, even as new information becomes available or other events occur in the future.
I'd now like to turn the call over to Dominique Monnet. Dominique?
Thanks, Jody. Good afternoon everyone and thank you for joining us. Turning to Slide 3. I am pleased to report on our progress of the past few months including third quarter revenues exceeding $44 million. Our August performance was driven by sales growth from the LENSAR and a favorable contribution from our royalty assets, both of which are tracking ahead of our 2019 guidance. We continued our effort to reduce operating expenses with G&A down 16% year-to-date. At the same time, we made further investment in LENSAR R&D We continued to have a balanced approach to our capital allocation. We completed our third share repurchase program during the quarter. Since March 2017, we have repurchased $53.1 million shares of PDL, almost 32% of our common stock for total investment of $155 million. In early 2019, we began implementing our new strategy aimed at growing shareholder value by building a focused synergistic portfolio of biopharma companies with significant revenue potential.
We believe we are in a strong position to execute the strategy successfully and to drive the growth of our share price by delivering sustained profitable revenue growth. However, as we evaluate further transaction, we decided in September to seek an independent assessment of our strategy in capital allocation by engaging an independent financial advisor. This evaluation is ongoing and we'll ultimately represent it to our Board of Directors. We service as a pretend course of