ISTA Pharmaceuticals Inc. (ISTA)

[mlkrborn]

ISTA Pharm sees 2012 revs of $180-195 mln vs. 195.6 mln CIQ Est; sees EPS of $0.28-0.36 vs. $0.35 consensus (ISTA) 6.99 -0.04 : Co announced during its 2012 Guidance and Pipeline Update webcast/conference call that it expects to achieve 2011 net revenues above $160 mln and expects to be profitable in 2011 for the second consecutive year on an adjusted cash net income basis, according to preliminary unaudited estimates. Co provided its 2012 revenue guidance and gave additional detail on income and cash. ISTA expects: 2012 net revenues will be ~$180-195 mln. 2012 adjusted cash net income will be $15 mln to $19 mln, or fully diluted earnings per share of $0.28-0.36, assuming 53 mln fully diluted shares. The co defines "adjusted cash net income" as the company's net income adjusted for the non-cash mark-to-market adjustments relating to warrants, plus non-cash interest expense and non-cash stock-based compensation. 2012 adjusted EBITDA (or adjusted cash net earnings (or income) before interest, taxes, depreciation and amortization) will be $25 mln to $29 mln. Year-end 2012 cash balance will be at least $100 mln. This amount is after any scheduled debt repayments and includes amounts drawn on ISTA's bank line plus reserves for XIBROM/BROMDAY royalties.