Pernix Sleep Inc (NASDAQ:SOMX) reported its 4th quarter and full year operation results on 17th March. It reported a 31.5 percent increase in quarter revenue to hit $24 million as against 4Q12. Its full year revenue too reached $85 million, recording a 38 percent increase over its Fy12 number.
Big Turn Around
Explaining the steps the company has taken to build up momentum in its operations, Pernix Sleep Inc (NASDAQ:SOMX) Chairman and Chief Executive Officer Doug Drysdale has been quoted to have said that, “Pernix exited 2013 with accelerating momentum — revenue exceeded guidance, product price increases were implemented, and expense reductions began in earnest. February 2014 delivered additional good news as fresh product acquisition capital was paired with proven management to create a strong pharma platform for shareholders.”
Big Jump In Sales On Back Of Acquisition Products
Sales in the fourth quarter increased by 31 percent to reach $23.9 million on the back of new product streams which come into the company portfolio via acquisitions, being introduced into the market . The company also recorded a big jump in the revenue contribution from the branded products vertical, which contributed 68 percent of the total revenue of the firm.
Legal Disputes Settled
The management team also provided a low down on the clearing up of long pending legal disputes it was engaged in with companies over the past few years. The first was the settling of all outstanding issues with Cypress Pharma share holders. In return, they were paid $1.33 million as compensation towards settlement of all outstanding claims against the firm. This was followed by a even broader settlement with the attorney general of Texas state as per the term of which, Pernix Sleep Inc (NASDAQ:SOMX) has agreed to pay close to $12 million as fines to the state justice department.