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ZGNX > SEC Filings for ZGNX > Form 8-K on 13-Jan-2014All Recent SEC Filings

Show all filings for ZOGENIX, INC.

Form 8-K for ZOGENIX, INC.


13-Jan-2014

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.

On January 13, 2014, Zogenix, Inc. (the "Company" or "Zogenix") announced preliminary unaudited gross product sales and preliminary unaudited net product sales for the fourth quarter ended December 31, 2013. Zogenix expects to report fourth quarter 2013 gross product sales of approximately $14.0 million on 141,780 units shipped, with unit volume up approximately 2.2% sequentially from third quarter 2013. Zogenix expects to report fourth quarter 2013 net product sales of approximately $9.0 million, an increase of approximately 30% sequentially from net product sales of $6.9 million in the third quarter 2013, which included a $2.4 million increase to the Company's estimate of future product returns.

Gross margin for the fourth quarter 2013 is expected to be impacted by a one-time charge of approximately $1.3 million due to scrap and excess capacity. Preliminary unaudited cash and cash equivalents as of December 31, 2013 were approximately $72.0 million.

The preliminary estimates discussed above are subject to the completion of financial closing procedures, including final adjustment of allowances for sales returns and discounts, and other developments that may arise between now and the time the financial results for the fourth quarter are finalized, as well as the completion of the audit of the 2013 financial statements. Therefore, actual results may differ materially from these estimates. In addition, the above estimates do not present all information necessary for an understanding of Zogenix's financial condition as of December 31, 2013.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

***

Zogenix cautions you that statements included in this report that are not a description of historical facts are forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming" and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. These forward-looking statements include statements regarding preliminary financial estimates for the fourth quarter 2013, as well as Zogenix's cash position as of December 31, 2013. The inclusion of forward-looking statements should not be regarded as a representation by Zogenix that any of its plans will be achieved. Actual results may differ from those set forth in this report due to the risks and uncertainties inherent in Zogenix's business, including, without limitation: risks related to changes in estimated financial amounts based on the completion of financial closing procedures and the audit of the financial statements; and other risks described in Zogenix's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Zogenix undertakes no obligation to revise or update this report to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995.


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