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What’s Behind the Insys Double Digit Gain Tuesday? (INSY)

Shares of Insys Therapeutics (NASDAQ: INSY) are soaring more than 20 percent after reporting blowout second quarter results. The company reported second quarter EPS of $0.35 versus consensus of $0.12, beating by $0.23. Revenue was reported at $18.80 million versus analysts’ consensus of $15.07 million.

The company reported these highlights:

  • Total second quarter net revenue increased to $18.8 million in 2013 versus $3.5 million in 2012
  • Subsys generated $18.5 million in net revenue during the second quarter of 2013, up 90.8% quarter-over-quarter from $9.7 million in the first quarter of 2013
  • Second quarter net income of $4.5 million and diluted earnings per share of $0.26 compared to a net loss of $6.4 million ($0.68 per share) for the second quarter of 2012
  • Strengthened balance sheet through IPO in May
  • Insys shares added to the Russell 2000 Index as of July 1

Related: Why Arotech Corporation is up 30 Percent Tuesday

“Our strong second quarter results were driven by continued uptake of Subsys,” said Michael L. Babich, President and Chief Executive Officer. “We are excited to have achieved our second quarter of profitability and look forward to building value for shareholders as we continue to execute on our marketing plan. The continued growth we have achieved allows us to accelerate reinvestment in both our research and development and sales and marketing efforts.”

[stock-tools exchange="NASDAQ" symbol="INSY" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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