DUSA Pharmaceuticals Inc., a dermatology company developing and marketing products focused on patients with common skin conditions, Friday posted its first-quarter financials, reporting a 27 percent earnings increase.
Revenues for the first quarter of 2011 were $11.1 million, up 27 percent compared to $8.7 million reported for the comparable quarter of 2010.
The company widened its net loss for the quarter at $0.6 million, or $(0.02) per common share, compared to a net loss of $0.4 million, or ($0.02) per common share, in the first quarter of the year prior.
As of March 31, 2011, the company had total cash, cash equivalents, and U.S. government securities of $21.1 million, compared to $19.6 million at December 31, 2010.
Robert Doman, president and CEO of the company, noted that the first-quarter results followed the company’s record performance for the fourth quarter of 2010.
For the remainder of the year, DUSA will funnel its resources to continue to drive consistent quarterly performance, boosted by increased sales efforts.
“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(R) PDT,” Doman stated.
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