Inspire Pharmaceuticals, Inc., a biopharmaceutical company, engages in researching, developing, and commercializing prescription pharmaceutical products for ophthalmic and pulmonary diseases. The company offers AzaSite, an azithromycin ophthalmic solution and topical anti-infective; Elestat, an epinastine HCl ophthalmic solution and topical antihistamine for the prevention of ocular itching associated with allergic conjunctivitis; and Restasis, a cyclosporine ophthalmic emulsion for the treatment of dry eye disease in adults and children in the United States. Its product candidates in clinical development include Prolacria, a diquafosol tetrasodium for the treatment of dry eye disease in phase III; denufosol tetrasodium, an inhaled product for the treatment of cystic fibrosis in phase III; AzaSite for the treatment of blepharitis, which is in phase II; and INS115644 and INS117548, which are in phase I clinical trial for the treatment of glaucoma or ocular hypertension. The company has a joint license agreement with Allergan, Inc. to develop and commercialize Prolacria; a license agreement with InSite Vision Incorporated to commercialize AzaSite, as well as other topical anti-infective products containing azithromycin used in the treatment of human ocular or ophthalmic indications primarily in the U.S. and Canada; and a development, license, and supply agreement with Santen Pharmaceutical Co., Ltd. for the development of diquafosol tetrasodium for the therapeutic treatment of ocular surface diseases in Asia. Inspire Pharmaceuticals was founded in 1993 and is based in Durham, North Carolina. VALUATION MEASURES Market Cap (intraday)5: 227.29M Enterprise Value (10-May-09)3: 198.74M Trailing P/E (ttm, intraday): N/A Forward P/E (fye 31-Dec-10) 1: N/A PEG Ratio (5 yr expected): N/A Price/Sales (ttm): 3.40 Price/Book (mrq): 5.40 Enterprise Value/Revenue (ttm)3: 2.82 Enterprise Value/EBITDA (ttm)3: -4.266 FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: 31-Dec Most Recent Quarter (mrq): 31-Dec-08 Profitability Profit Margin (ttm): -73.20% Operating Margin (ttm): -70.44% Management Effectiveness Return on Assets (ttm): -21.06% Return on Equity (ttm): -75.84% Income Statement Revenue (ttm): 70.50M Revenue Per Share (ttm): 1.245 Qtrly Revenue Growth (yoy): 35.80% Gross Profit (ttm): 64.09M EBITDA (ttm): -46.59M Net Income Avl to Common (ttm): -51.60M Diluted EPS (ttm): -0.91 Qtrly Earnings Growth (yoy): N/A Balance Sheet Total Cash (mrq): 72.15M Total Cash Per Share (mrq): 1.273 Total Debt (mrq): 43.60M Total Debt/Equity (mrq): N/A Current Ratio (mrq): 2.268 Book Value Per Share (mrq): 0.783 Cash Flow Statement Operating Cash Flow (ttm): -51.47M Levered Free Cash Flow (ttm): -38.94M TRADING INFORMATION Stock Price History Beta: 0.81 52-Week Change3: 23.38% S&P500 52-Week Change3: -33.07% 52-Week High (06-Jun-08)3: 6.75 52-Week Low (10-Oct-08)3: 1.68 50-Day Moving Average3: 4.23 200-Day Moving Average3: 3.64 Share Statistics Average Volume (3 month)3: 193,368 Average Volume (10 day)3: 183,856 Shares Outstanding5: 56.68M Float: 38.97M % Held by Insiders1: 31.38% % Held by Institutions1: 60.80% Shares Short (as of 09-Apr-09)3: 1.66M Short Ratio (as of 09-Apr-09)3: 10.9 Short % of Float (as of 09-Apr-09)3: 3.00% Shares Short (prior month)3: 1.83M Dividends & Splits Forward Annual Dividend Rate4: N/A Forward Annual Dividend Yield4: N/A Trailing Annual Dividend Rate3: N/A Trailing Annual Dividend Yield3: NaN% 5 Year Average Dividend Yield4: N/A Payout Ratio4: N/A Dividend Date3: N/A Ex-Dividend Date4: N/A Last Split Factor (new per old)2: N/A Last Split Date3: N/A PERIOD ENDING 31-Dec-08 30-Sep-08 30-Jun-08 31-Mar-08 Total Revenue 18,859 19,952 21,984 9,703 Cost of Revenue 2,138 1,624 1,643 1,007 Gross Profit 16,721 18,328 20,341 8,696 Operating Expenses Research Development 10,236 9,796 9,808 14,797 Selling General and Administrative 15,384 17,565 16,408 19,751 Non Recurring - - - - Others - - - - Total Operating Expenses - - - - Operating Income or Loss (8,899) (9,033) (5,875) (25,852) Income from Continuing Operations Total Other Income/Expenses Net 211 534 706 1,191 Earnings Before Interest And Taxes (8,688) (8,499) (5,169) (24,661) Interest Expense 1,021 1,120 1,193 1,252 Income Before Tax (9,709) (9,619) (6,362) (25,913) Income Tax Expense - - - - Minority Interest - - - - Net Income From Continuing Ops (9,709) (9,619) (6,362) (25,913) Non-recurring Events Discontinued Operations - - - - Extraordinary Items - - - - Effect Of Accounting Changes - - - - Other Items - - - - Net Income (9,709) (9,619) (6,362) (25,913) Preferred Stock And Other Adjustments - - - - Net Income Applicable To Common Shares ($9,709) ($9,619) ($6,362) ($25,913) PERIOD ENDING 31-Dec-08 30-Sep-08 30-Jun-08 31-Mar-08 Assets Current Assets Cash And Cash Equivalents 58,488 69,946 79,154 89,410 Short Term Investments 13,663 5,357 9,111 12,009 Net Receivables 16,544 18,112 19,964 13,749 Inventory 689 772 1,093 1,259 Other Current Assets 4,543 4,762 4,083 4,767 Total Current Assets 93,927 98,949 113,405 121,194 Long Term Investments 815 3,826 6,146 7,713 Property Plant and Equipment 2,925 2,757 2,978 2,911 Goodwill - - - - Intangible Assets 16,343 16,741 17,140 17,538 Accumulated Amortization - - - - Other Assets 214 290 375 470 Deferred Long Term Asset Charges - - - - Total Assets 114,224 122,563 140,044 149,826 Liabilities Current Liabilities Accounts Payable 22,985 18,716 20,249 20,789 Short/Current Long Term Debt 18,430 18,086 17,767 15,900 Other Current Liabilities - - 2,631 3,793 Total Current Liabilities 41,415 36,802 40,647 40,482 Long Term Debt 25,175 29,920 34,565 39,119 Other Liabilities 3,247 3,274 3,300 3,326 Deferred Long Term Liability Charges - - - - Minority Interest - - - - Negative Goodwill - - - - Total Liabilities 69,837 69,996 78,512 82,927 Stockholders' Equity Misc Stocks Options Warrants - - - - Redeemable Preferred Stock - - - - Preferred Stock - - - - Common Stock 57 57 57 57 Retained Earnings (360,468) (350,759) (341,140) (334,778) Treasury Stock - - - - Capital Surplus 404,991 403,764 402,628 401,543 Other Stockholder Equity (193) (495) (13) 77 Total Stockholder Equity 44,387 52,567 61,532 66,899 Net Tangible Assets $28,044 $35,826 $44,392 $49,361 PERIOD ENDING 31-Dec-08 30-Sep-08 30-Jun-08 31-Mar-08 Net Income (9,709) (9,619) (6,362) (25,913) Operating Activities, Cash Flows Provided By or Used In Depreciation 758 772 761 782 Adjustments To Net Income 1,095 1,126 1,275 1,056 Changes In Accounts Receivables 1,571 1,852 (6,215) (775) Changes In Liabilities 4,264 (4,168) (1,707) (3,106) Changes In Inventories 178 321 (34) 21 Changes In Other Operating Activities 153 (749) 619 282 Total Cash Flow From Operating Activities (1,690) (10,465) (11,663) (27,653) Investing Activities, Cash Flows Provided By or Used In Capital Expenditures (409) (20) (294) (322) Investments (4,993) 5,592 4,375 18,146 Other Cashflows from Investing Activities - - - - Total Cash Flows From Investing Activities (5,402) 5,572 4,081 17,824 Financing Activities, Cash Flows Provided By or Used In Dividends Paid - - - - Sale Purchase of Stock 35 11 13 29 Net Borrowings (4,401) (4,326) (2,687) (2,682) Other Cash Flows from Financing Activities - - - - Total Cash Flows From Financing Activities (4,366) (4,315) (2,674) (2,653) Effect Of Exchange Rate Changes - - - - Change In Cash and Cash Equivalents ($11,458) ($9,208) ($10,256) ($12,482
$4.01 (05/10/09)
