Cornerstone Therapeutics Inc. said Thursday its first-quarter net income tumbled 65 percent, as sales for its HyoMax product family and other products fell.
The Cary, N.C., company earned $1.7 million, or 7 cents per share, in the three months ended March 31. That compares with earnings of $5 million, or 19 cents per share, in the same quarter last year. Adjusted income, which excludes stock-based compensation and amortization of product rights, was 17 cents per share.
Revenue fell 18 percent to $29.9 million.
Sales for the company's HyoMax product family fell 80 percent to $788,000. Spokeswoman Andrea Moody said Cornerstone has completed its sale of the products, which were commonly prescribed for gastrointestinal problems.
Cornerstone's "other products" category generated a $3.4 million loss in the quarter, compared to a $2.7 million gain last year. In November, the company voluntarily ended the sale of three products containing propoxyphene from the U.S. market as part of a response to the withdrawal of the painkiller Darvon from the market.
In contrast, sales of the Zyflo product family of asthma treatments climbed 18 percent to $7.4 million. Spectracef products, which treat skin, throat and respiratory infections, rose 66 percent to $3.3 million.
The company also said its total costs and expenses fell 3 percent to $27.5 million.
Company shares climbed 2.2 percent, or 15 cents, to $7.02 in afternoon trading.