MannKind Corporation (NASDAQ:MNKD) spotted trading -45.73% off 52-week high price. On the other end, the stock has been noted 24.51% away from the low price over the last 52-weeks. The stock changed -3.05% to recent value of $1.27. The stock transacted 4551440 shares during most recent day however it has an average volume of 2.94M shares. The company has 218.98M of outstanding shares and 201.49M shares were floated in the market.
On Feb. 25, 2020, MannKind Corporation (NASDAQ:MNKD) disclosed financial results for the fourth quarter and full year ended December 31, 2019.
We ended 2019 on a strong note with fourth quarter 2019 Afrezza net revenue of $7.8 million, our best quarter to date, said Michael Castagna, Chief Executive Officer of MannKind Corporation. He also noted, Our collaboration with United Therapeutics on TreT continues to make progress along the clinical and commercial pathways that are expected to set up a filing with the FDA within 12 months.
Fourth Quarter 2019 Results
Total revenues were $16.0 million for the fourth quarter of 2019, reflecting Afrezza net revenue of $7.8 million and collaborations and services revenue of $8.2 million. Afrezza net revenue increased 35% compared to $5.7 million in the fourth quarter of 2018, primarily driven by higher product demand and price. Collaborations and services revenue decreased $2.1 million compared to the fourth quarter of 2018, primarily due to lower revenue from the United Therapeutics research agreement, which was substantially completed by the second quarter of 2019.
On a GAAP basis, Afrezza gross profit was $3.1 million for the fourth quarter of 2019 compared to $0.7 million in the same period in 2018. Afrezza cost of goods sold for the fourth quarter of 2018 included a fee of $2.0 million recorded in connection with the amendment of our insulin supply agreement with Amphastar. As a result, on a non-GAAP basis, gross profit was $2.7 million or 48% gross margin for the fourth quarter of 2018, compared to a GAAP basis gross margin of 40% for the fourth quarter of 2019.
Research and development (R&D) expenses for the fourth quarter of 2019 were $2.0 million compared to $1.1 million for the fourth quarter of 2018. This 82% increase was primarily attributable to an increase of $0.6 million in personnel costs associated with the United Therapeutics research agreement, which was classified as a cost of collaborations and services revenue in 2018, and to an increase of $0.3 million in maintenance costs for our research facility in Danbury, Connecticut.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2019 were $15.7 million compared to $18.0 million for the fourth quarter of 2018. This decrease of $2.3 million, or 13%, was primarily attributable to a $1.7 million decrease in personnel related costs and a $1.1 million decrease in Afrezza marketing costs, partially offset by an increase of $0.5 million in consulting and professional services costs.
Its earnings per share (EPS) expected to touch remained 56.00% for this year while earning per share for the next 5-years is expected to reach at 33.90%. MNKD has a gross margin of 57.10% and an operating margin of -65.20% while its profit margin remained -82.30% for the last 12 months.
According to the most recent quarter its current ratio was 0.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -13.37% from the mean of 20 days, -13.06% from mean of 50 days SMA and performed -0.06% from mean of 200 days price. Company’s performance for the week was -18.59%, -19.11% for month and YTD performance remained -1.55%.