BioSpecifics reported net income of $6.4 million for the second quarter ended June 30, up from$4.8 million a year ago.
The Lynbrook-based company said revenue for the quarter rose to $8.9 million, compared to $7.9 million a year ago.
The firm’s earnings – equal to 87 cents a share – beat the Zacks Consensus Estimate of 72 cents a share and were well above 58 cents a share a year ago.
Zacks described the income as an “earnings surprise of 20.83 percent,” and the second time the company beat estimates over the past four quarters.
BioSpecifics’ $8.85 million revenue, however, fell short of for the Zacks Consensus Estimate by 1.41 percent, even though it’s well above last year’s reported revenue.
The company attributed rising revenues and income “primarily due to royalties” from higher net sales of Xiaflex in Peyronie's Disease and Dupuytren's Contracture.
BioSpecifics also pointed to a “slightly higher mark-up” that boosted quarterly income.
The company said royalty revenues from Xiaflex grew by 13 percent due to Endo International 's successful “promotional investment” in the product.
BioSpecifics’s general and administrative expenses for the second quarter also fell to $1.7 million from $2.0 million a year ago.
The company during the quarter spend about $200,000 on research and development, flat with a year ago.