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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Insys Therapeutics Inc    INSY

INSYS THERAPEUTICS INC

(INSY)
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Insys Therapeutics' : auditor raises going concern doubts, shares drop

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03/13/2019 | 10:35am EDT
Pharmaceutical tablets and capsules are arranged on a table in this picture illustration taken in Ljubljana

(Reuters) - Insys Therapeutics Inc said on Wednesday its auditor raised doubts on the drugmaker's ability to continue as a going concern, sending its shares down 13 percent.

The Arizona-based company said the auditor's opinion on the audited financial statements for the year ended Dec. 31, 2018 flags uncertainty in its ability to generate enough cash to meet its legal obligations and sustain operations.

Insys said that while it is looking for ways to raise capital, it can provide "no assurances" on the success of its efforts or that it would resolve its liquidity issues and wipe out operating losses.

"If we are unable to obtain sufficient funding, we would need to significantly reduce our operating plans and curtail some or all of our product development, commercialization and strategic plans," the company said in a regulatory filing.

Last week, Insys said it had hired Lazard to advise on its plans to explore strategic options and is in talks to divest its fentanyl sublingual spray Subsys.

The company had come under fire for its marketing practices related to Subsys, an opioid that is 100 times stronger than morphine.

Insys' former Chief Executive Officer Michael Babich in January pleaded guilty to participating in a nationwide scheme to bribe doctors to prescribe the addictive opioid medication.

Shares of the company fell 13 percent to $4.94 in morning trading.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by James Emmanuel)

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Financials ($)
Sales 2019 30,8 M
EBIT 2019 -88,2 M
Net income 2019 -147 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 2,11x
Capi. / Sales 2020 0,89x
Capitalization 64,9 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 5,60 $
Spread / Average Target 544%
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Managers
NameTitle
Saeed Motahari President, Chief Executive Officer & Director
Steven J. Meyer Chairman
Andrew G. Long CFO & Principal Accounting Officer
Venkat Reddy Goskonda Vice President-Research & Development
Ahmed Elkashef Vice President-Clinical Development
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