News Detail
Amphastar Pharmaceuticals Reports Net Revenues of $56.9 Million for the First Quarter Ended March 31, 2015
May 13, 2015
-
Net revenues of
$56.9 million for the first quarter -
GAAP net loss of
$0.7 million , or$0.01 per diluted share for the first quarter -
Adjusted non-GAAP net loss of
$0.4 million , or$0.01 per diluted share for the first quarter
|
Three Months Ended |
||||
| 2015 | 2014 | |||
| (in thousands, except per share data) | ||||
| Net revenues | $ 56,886 | $ 45,870 | ||
| GAAP net loss | $ (665) | $ (1,619) | ||
| Adjusted non-GAAP net loss* | $ (374) | $ (141) | ||
| GAAP diluted EPS | $ (0.01) | $ (0.04) | ||
| Adjusted non-GAAP diluted EPS* | $ (0.01) | $ (0.00) | ||
| *see Table II for reconciliation of non-GAAP measures to the most directly comparable GAAP measures | ||||
First Quarter Results
For the three months ended
During the quarter, net revenues of enoxaparin were
Other finished pharmaceutical product revenues were
Sales of the Company's insulin API products were
Cost of revenues were
Selling, distribution, and marketing expenses were
For the three months ended
Income tax benefit was
The Company reported a quarterly net loss of
The Company's cash and cash equivalents, and short-term investments at
Pipeline Information
The Company currently has three abbreviated new drug applications, or ANDAs, filed with the
Dr.
Company Information
Amphastar is a specialty pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable and inhalation products. Additionally, in 2014, the Company commenced sales of insulin active pharmaceutical ingredient products. Most of the Company's finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information is available at the Company's website at www.amphastar.com.
Non-GAAP Financial Measures
The Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with generally accepted accounting principles in the U.S. or "GAAP." In addition to disclosing its financial results determined in accordance with GAAP, the Company is disclosing certain non-GAAP results that exclude amortization expense, share-based compensation and impairment charges in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance, because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measure set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
Conference Call Information
The Company will hold a conference call to discuss its financial results today,
To access the conference call, dial toll-free 877-881-2595 (or 315-625-3083 for international callers), five minutes before the conference. The passcode for the conference call is 44093916. The call will be webcast live and can also be accessed on the Investors page on the Company's website at www.amphastar.com.
Forward Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company's expectations regarding sales and marketing of its products, the timing of
| Table I | ||
|
|
||
| Condensed Consolidated Statement of Operations | ||
| (Unaudited; in thousands, except per share data) | ||
|
Three Months ended |
||
| 2015 | 2014 | |
| Net revenues | $ 56,886 | $ 45,870 |
| Cost of revenues | 43,606 | 33,362 |
| Gross profit | 13,280 | 12,508 |
| Operating expenses: | ||
| Selling, distribution, and marketing | 1,522 | 1,259 |
| General and administrative | 12,451 | 6,845 |
| Research and development | 6,568 | 6,209 |
| Impairment of long-lived assets | -- | 164 |
| Total operating expenses | 20,541 | 14,477 |
| Loss from operations | (7,261) | (1,969) |
| Non-operating income (expense), net | 1,064 | (502) |
| Loss before income taxes | (6,197) | (2,471) |
| Income tax benefit | (5,532) | (852) |
| Net loss | $ (665) | $ (1,619) |
| Net loss per common share: | ||
| Basic | $ (0.01) | $ (0.04) |
| Diluted | $ (0.01) | $ (0.04) |
| Weighted-average shares used to compute net loss per common share: | ||
| Basic | 44,601 | 38,769 |
| Diluted | 44,601 | 38,769 |
| Table II | ||||||
|
|
||||||
| Reconciliation of Non-GAAP Measures | ||||||
| (Unaudited; in thousands, except per share data) | ||||||
|
Three Months Ended |
||||||
| 2015 | 2014 | |||||
|
GAAP |
Non-GAAP Adjustments* | Non-GAAP As Adjusted |
GAAP |
Non-GAAP Adjustments* | Non-GAAP As Adjusted | |
| Net revenues | $ 56,886 | $ -- | $ 56,886 | $ 45,870 | $ -- | $ 45,870 |
| Cost of revenues | 43,606 | (933) | 42,673 | 33,362 | (738) | 32,624 |
| Gross profit | 13,280 | 933 | 14,213 | 12,508 | 738 | 13,246 |
| Operating expenses: | ||||||
| Selling, distribution, and marketing | 1,522 | (39) | 1,483 | 1,259 | (21) | 1,238 |
| General and administrative | 12,451 | (1,525) | 10,926 | 6,845 | (1,207) | 5,638 |
| Research and development | 6,568 | (212) | 6,356 | 6,209 | (126) | 6,083 |
| Impairment of long-lived assets | -- | -- | -- | 164 | (164) | -- |
| Total operating expenses | 20,541 | (1,776) | 18,765 | 14,477 | (1,518) | 12,959 |
| Income (loss) from operations | (7,261) | 2,709 | (4,552) | (1,969) | 2,256 | 287 |
| Non-operating income (expense), net | 1,064 | -- | 1,064 | (502) | -- | (502) |
| Loss before income taxes | (6,197) | 2,709 | (3,488) | (2,471) | 2,256 | (215) |
| Income tax benefit | (5,532) | 2,418 | (3,114) | (852) | 778 | (74) |
| Net loss | $ (665) | $ 291 | $ (374) | $ (1,619) | $ 1,478 | $ (141) |
| Net loss per common share: | ||||||
| Basic | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.00) | ||
| Diluted | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.00) | ||
| Weighted-average shares used to compute net loss per common share: | ||||||
| Basic | 44,601 | 44,601 | 38,769 | 38,769 | ||
| Diluted | 44,601 | 44,601 | 38,769 | 38,769 | ||
| * Non-GAAP adjustments include reversal of intangible amortization expense and share-based compensation as follows, as well as the reversal of impairment of long-lived assets: | ||||||||
|
Three Months Ended |
||||||||
| 2015 | 2014 | |||||||
| Intangible Amortization Expense | Share-Based Compensation Expense | Impairment of Long-Lived Assets |
Total Non- GAAP Adjustment |
Intangible Amortization Expense | Share-Based Compensation Expense | Impairment of Long-Lived Assets |
Total Non- GAAP Adjustment |
|
| Cost of revenues | (445) | (488) | (933) | (446) | (292) | (738) | ||
| Selling, distribution, and marketing | -- | (39) | (39) | -- | (21) | (21) | ||
| General and administrative | (35) | (1,490) | (1,525) | (31) | (1,176) | (1,207) | ||
| Research and development | -- | (212) | (212) | -- | (126) | (126) | ||
| Impairment of long-lived assets | -- | -- | (164) | (164) | ||||
CONTACT:Source:Amphastar Pharmaceuticals, Inc. Bill Peters Chief Financial Officer (909) 980-9484