InSite reports quarterly revenue of $5.3 million
InSite Vision reported revenue of $5.3 million in the third quarter compared with $12.1 million for the same period a year ago, according to a press release.
Royalties from Merck on net sales of AzaSite (azithromycin ophthalmic solution) included an additional $3.7 million and $9.3 million in the third quarters of 2013 and 2012, respectively. The decrease in minimum royalty payments was attributed to an amendment in August 2012 to the Merck license regarding payment terms.
Net income was $0.6 million, or less than $0.01 per share, for the third quarter, compared with net income of $5.1 million or $0.04 per share, in the third quarter of 2012. The difference was attributed to the supplemental royalties received from Merck, according to the release.