Targeted Medical Pharma, Inc. Reports Earnings Results for the Fourth Quarter and Fiscal Year Ended December 31, 2013
March 31, 2014 at 05:54 pm EDT
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Targeted Medical Pharma, Inc. reported earnings results for the fourth quarter and fiscal year ended December 31, 2013. Improved financial results for the year ended December 31, 2013 compared to the year ended December 31, 2012. Total revenue of $9.6 million, a 31% improvement from $7.3 million during the year ended December 31, 2012. Negative adjusted EBITDA of $2.7 million, a 41% improvement from $4.5 million during the year ended December 31, 2012. Net loss for the year ended December 31, 2013, was $9.3 million compared to a net loss of $9.6 million for the year ended December 31, 2012. During the years ended December 31, 2013 and 2012, the Company's net loss consisted of a significant amount of non-cash charges. For instance, the net loss for the year ended December 31, 2013 was negatively affected by the Company's decision to provide a valuation allowance of $7.4 million for its deferred tax assets. If the Company had not recorded a full valuation allowance, then the Company's net loss would have been $1.9 million.
Improved financial results for the quarter ended December 31, 2013 compared to the quarter ended September 30, 2013. Total revenue of $2.6 million, a 20% improvement from $2.2 million during the quarter ended September 30, 2013. Adjusted EBITDA of $0.1 million, a 112% improvement from negative adjusted EBITDA of $1.1 million during the quarter ended September 30, 2013. Net income was $0.497 million compared to net loss of $1.723 million for the same period a year ago.
Targeted Medical Pharma, Inc. is a medical nutrition company. The Company is engaged in developing amino acid based medical foods and other oral nutrition products for the long-term management of chronic disease, including pain syndromes, peripheral neuropathy, hypertension, obesity, sleep, respiratory disorders, allergies and cognitive disorders. It manufactures eight amino acid based medical foods along with the dietary supplements, which include Grotrexa, AppTrim, Hypertensa Advanced and Clearwayz. Its Targeted Cellular Technology is a patented formulation that allows reduced concentrations of amino acids and other ingredients in the milligram range to stimulate the production of neurotransmitters to treat the nutritional deficiencies associated with certain diseases and conditions. The Companyâs medical food brands include Theramine, Trepadone, Percura, GABAdone, Sentra PM, AppTrim-D and Sentra AM.
TARGETED MEDICAL PHARMA, INC. 
