Cumberland Pharmaceuticals, Inc. (NASDAQ:CPIX) Q3 2019 Earnings Conference Call - Final Transcript
Nov 12, 2019 • 04:30 pm ET
Thank you for joining the Cumberland Pharmaceuticals Third Quarter 2019 Financial Report and Company Update. Please note that this conference call is being recorded at the Company's request, and will be archived on Cumberland's website for one week from today's date.
Now I would like to introduce Erin Gull, who is responsible for Corporate Relations at Cumberland. Erin, please go ahead.
Erin Smith Gull
Good afternoon, everyone. Today's call may contain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. And because of statements in today's call reflects the Company's current views and expectations concerning future events, any forward-looking statements may involve risks and uncertainties.
And please note that many factors could affect the Company's future results as more fully described under the caption Risk Factors in our Form 10-K and any updates we file with the SEC. Any forward-looking statements made during today's call are qualified by those risk factors. And despite our best efforts, actual results could differ materially from our expectations. Information shared on the call today should be considered current as of today only.
Please remember that the Company does not assume any responsibility to update any forward-looking statements whether as a result of new information or due to future developments.
During today's call, we'll be referring to several of our marketed brands and full prescribing and safety information for each brand can be found through the links to each individual product websites through our corporate site at www.cumberlandpharma.com.
Also we'll provide some non-GAAP financial measures with respect to our performance today, and an explanation and reconciliation to GAAP measures can be found in our earnings release and its financial tables.
With us on today's call are A. J. Kazimi, Cumberland's Chief Executive Officer; Marty Cearnal, our Chief Commercial Officer; Michael Bonner, our Chief Financial Officer; and Ines Macias-Perez, our Principal Scientist, Product Development.
And I'll now turn the call over to A. J. to begin our corporate update and discussion of the Company's performance.
A. J. Kazimi
Good afternoon, everyone. Thank you for joining us, and we appreciate your participation in today's call. As Erin noted, we'll provide an overall Company update, along with a review of our third quarter financial results. As you'll hear today, there's been an abundance of activity here at Cumberland, and let's review the key highlights of our third quarter, starting with our strong top line financial performance.
I'm pleased to report that 2019 continues to deliver the success we had hoped for. You may recall that we look to this year with great anticipation, and after posting another solid quarter, you can see why. Net revenues for the third quarter were $10.4 million, a 22% increase over the prior year period. Our adjusted earnings for the quarter were $0.1 million and year-to-date were $3.5 million or $0.22 a share, which represents a $0.35 per share increase from the prior year period.
Moreover, our success in the quarter was not limited to our financial results. During the third quarter, we were pleased to