Juniper Pharmaceuticals Inc (NASDAQ:JNP) posted financial report for the twelve-month period closed December 31, 2017. Cash/cash equivalents came at $21.4 million as of the close of December 31, 2017 versus $21 million at December 31, 2016.
Alicia Secor, the Chief Executive Officer of Juniper, reported that the past year has been exceptional for company as they recorded notable progress toward the attainment of each of their corporate goals. Notably, they implemented the necessary measures to streamline their organization to focus on supporting growth across their core businesses, CRINONE® and JPS, and they successfully obtained an extension of the CRINONE® supply deal with Merck, KGaA.
Ms. Secor stated that their continued investment in JPS and robust performance in the CRINONE® operations led in significant yearly revenue growth and enabled them to exceed their financial projection for 2017. They closed the year on a strong note, and they anticipate this trend of positive cash flow will continue in this year as well. As their process to assess strategic alternatives continues, they are dedicated to creating shareholder value while keeping the momentum in these operations.
Jeff Young, the Chief Financial Officer of Juniper, expressed that they surpassed their top-line growth projection for 2017, reporting a 24% jump in revenues from their core business YoY, surpassing the growth levels they noted in 2016. They are well-positioned to sustain to record double-digit growth in the respective core businesses in this year.
Product revenue from Merck KGaA came at $32.7 million in 2017 versus $27.2 million in the same period, a year earlier. This jump in product revenue mainly reflects continued expansion of prevailing major markets and also of new markets.
Juniper reported that service revenue from its Pharma Services stood at $17.3 million for the year closed December 31, 2017, a jump of 32.3% over the prior year.