News Detail
Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2024
November 6, 2024
Reports Net Revenues of
Third quarter Highlights
Net revenues of
$191.2 million for the third quarterGAAP net income of
$40.4 million , or$0.78 per share, for the third quarterAdjusted non-GAAP net income of
$49.6 million , or$0.96 per share, for the third quarter
Dr.
|
| Three Months Ended |
|
| Nine Months Ended | ||||||||||
|
|
|
| ||||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 | ||||
|
| (in thousands, except per share data) | |||||||||||||
Net revenues |
| $ | 191,214 |
|
| $ | 180,556 |
|
| $ | 545,444 |
|
| $ | 466,290 |
GAAP net income |
| $ | 40,429 |
|
| $ | 49,222 |
|
| $ | 121,555 |
|
| $ | 101,378 |
Adjusted non-GAAP net income* |
| $ | 49,585 |
|
| $ | 61,898 |
|
| $ | 153,569 |
|
| $ | 128,823 |
GAAP diluted EPS |
| $ | 0.78 |
|
| $ | 0.91 |
|
| $ | 2.32 |
|
| $ | 1.91 |
Adjusted non-GAAP diluted EPS* |
| $ | 0.96 |
|
| $ | 1.15 |
|
| $ | 2.94 |
|
| $ | 2.43 |
____________________________________
* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.
Third quarter Results
|
| Three Months Ended |
|
|
|
|
|
|
| |||||||
|
|
|
| Change |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| Dollars |
|
| % |
| ||||
|
| (in thousands) |
|
|
|
| ||||||||||
Product revenues: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
BAQSIMI® |
| $ | 40,409 |
|
| $ | - |
|
| $ | 40,409 |
|
|
| N/A |
|
Glucagon |
|
| 26,792 |
|
|
| 29,514 |
|
|
| (2,722 | ) |
|
| (9 | )% |
Primatene MIST® |
|
| 26,055 |
|
|
| 24,834 |
|
|
| 1,221 |
|
|
| 5 | % |
Epinephrine |
|
| 21,341 |
|
|
| 20,199 |
|
|
| 1,142 |
|
|
| 6 | % |
Lidocaine |
|
| 15,884 |
|
|
| 15,522 |
|
|
| 362 |
|
|
| 2 | % |
Phytonadione |
|
| 11,721 |
|
|
| 7,449 |
|
|
| 4,272 |
|
|
| 57 | % |
Enoxaparin |
|
| 5,615 |
|
|
| 7,702 |
|
|
| (2,087 | ) |
|
| (27 | )% |
Naloxone |
|
| 4,037 |
|
|
| 4,715 |
|
|
| (678 | ) |
|
| (14 | )% |
Other finished pharmaceutical products |
|
| 35,503 |
|
|
| 37,730 |
|
|
| (2,227 | ) |
|
| (6 | )% |
Total finished pharmaceutical products net revenues |
| $ | 187,357 |
|
| $ | 147,665 |
|
| $ | 39,692 |
|
|
| 27 | % |
API |
|
| 1,462 |
|
|
| 4,190 |
|
|
| (2,728 | ) |
|
| (65 | )% |
Other revenues |
|
| 2,395 |
|
|
| 28,701 |
|
|
| (26,306 | ) |
|
| (92 | )% |
Total net revenues |
| $ | 191,214 |
|
| $ | 180,556 |
|
| $ | 10,658 |
|
|
| 6 | % |
Changes in product revenues as compared to the third quarter of the prior year were primarily driven by:
BAQSIMI® revenues consisting of
$40.4 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net, and$6.4 million in sales made by Eli Lilly & Company, or Lilly, on behalf of the Company under a Transition Services Agreement, orTSA , which resulted in a net payment to the Company of$2.4 million after deducting the cost of sales and other expenses and was recorded in other revenuesGlucagon sales decreased due to a decrease in unit volumes as a result of a move to ready to use glucagon products such as BAQSIMI®, as well as a decrease in average selling price
Primatene MIST® sales increased primarily due to an increase in unit volumes
Epinephrine sales increased primarily due to sales of epinephrine pre-filled syringes in
Canada , which we began this quarterThe increase in sales of phytonadione was primarily due to an increase in unit volume, as a result of an increase in demand during the quarter
Enoxaparin and naloxone sales decreased primarily due to a decrease in unit volumes
Other finished pharmaceutical product sales changes were primarily due to:
Lower unit sales of atropine and calcium chloride, as a result of other suppliers returning to their historical distribution levels
These decreases were partially offset by:
Higher unit volumes of sodium bicarbonate due to an increase in capacity at our subsidiary,
International Medication Systems, Limited The launch of albuterol in
August 2024
Between
|
| Three Months Ended |
|
|
|
|
|
|
| |||||||
|
|
|
| Change |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| Dollars |
|
| % |
| ||||
|
| (in thousands) |
|
|
|
| ||||||||||
Net revenues |
| $ | 191,214 |
|
| $ | 180,556 |
|
| $ | 10,658 |
|
|
| 6 | % |
Cost of revenues |
|
| 89,273 |
|
|
| 72,153 |
|
|
| 17,120 |
|
|
| 24 | % |
Gross profit |
| $ | 101,941 |
|
| $ | 108,403 |
|
| $ | (6,462 | ) |
|
| (6 | )% |
as % of net revenues |
|
| 53.3% |
|
|
| 60.0% |
|
|
|
|
|
|
|
|
|
Changes in the cost of revenues and gross margin were primarily driven by:
Increased labor costs and certain component costs, as well as charges included in cost of revenues to adjust our inventory and related purchase commitments to their net realizable value
Decrease in other revenues related to Lilly's sales of BAQSIMI® under the
TSA , which are recorded net of cost of sales and other expenses as we assumed distribution of BAQSIMI® to our customers and are now recording those sales in product revenues and cost of sales separatelyThis was partially offset by:
Increase in sales of Primatene MIST® and epinephrine, which are higher-margin products
|
| Three Months Ended |
|
|
|
|
|
|
| |||||||
|
|
|
| Change |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| Dollars |
|
| % |
| ||||
|
| (in thousands) |
|
|
|
| ||||||||||
Selling, distribution, and marketing |
| $ | 8,995 |
|
| $ | 6,407 |
|
| $ | 2,588 |
|
|
| 40 | % |
General and administrative |
|
| 14,821 |
|
|
| 12,654 |
|
|
| 2,167 |
|
|
| 17 | % |
Research and development |
|
| 21,077 |
|
|
| 16,664 |
|
|
| 4,413 |
|
|
| 26 | % |
Selling, distribution, and marketing expenses increased primarily due to the expenses related to the expansion of our sales and marketing efforts related to BAQSIMI®
General and administrative expenses increased primarily due to an increase in salary and personnel-related expenses and expenses related to BAQSIMI®
Research and development expenses increased due to expenditure on raw materials and components for our insulin pipeline products, as well as an increase in salary and personnel-related expenses, which was partially offset by a decrease in clinical trial expenses due to the timing of clinical trials
|
| Three Months Ended |
|
|
|
|
|
|
| |||||||
|
|
|
| Change |
| |||||||||||
|
| 2024 |
|
| 2023 |
|
| Dollars |
|
| % |
| ||||
|
| (in thousands) |
|
|
|
| ||||||||||
Non-operating income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest income |
| $ | 2,427 |
|
| $ | 1,202 |
|
| $ | 1,225 |
|
|
| 102 | % |
Interest expense |
|
| (6,698 | ) |
|
| (13,702 | ) |
|
| 7,004 |
|
|
| (51 | )% |
Other income (expenses), net |
|
| (5,094 | ) |
|
| 3,459 |
|
|
| (8,553 | ) |
|
| (247 | )% |
Total non-operating income (expenses), net |
| $ | (9,365 | ) |
| $ | (9,041 | ) |
| $ | (324 | ) |
|
| 4 | % |
The change in non-operating income (expenses), net is primarily a result of:
An increase in interest income resulting from an increase in cash and investments
A decrease in interest expense was primarily due to the
$250.0 million repayment of the principal balance of the Wells Fargo Term Loan inSeptember 2023 , along with the write-off of unamortized debt issuance costs related to the Term Loan in 2023A change to other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts
Cash flow provided by operating activities for the nine months ended
Share Buyback Program
On
Purchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions, or other means, as determined by the Company's management and in accordance with the requirements of the
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions.
Pipeline Information
The Company currently has four abbreviated new drug applications ("ANDAs") on file with the
Amphastar's Chinese subsidiary,
Company Information
Amphastar is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API 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 and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVYTM, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with
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) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.
The call 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 and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, including the DMFs of ANP, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the benefits of the acquisition of BAQSIMI®, including its potential for continued revenue growth, the success of our integration of BAQSIMI®, the transition of our pipeline towards branded products, proprietary products, and biosimilars, our ability to leverage our existing expertise and technology, and other future events. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the
Contact Information:
Chief Financial Officer
(909) 476-3416
Table I
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
|
|
|
| ||||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Product revenues, net |
| $ | 188,819 |
|
| $ | 151,855 |
|
| $ | 525,836 |
|
| $ | 437,589 |
|
Other revenues |
|
| 2,395 |
|
|
| 28,701 |
|
|
| 19,608 |
|
|
| 28,701 |
|
Total net revenues |
|
| 191,214 |
|
|
| 180,556 |
|
|
| 545,444 |
|
|
| 466,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
| 89,273 |
|
|
| 72,153 |
|
|
| 258,237 |
|
|
| 211,309 |
|
Gross profit |
|
| 101,941 |
|
|
| 108,403 |
|
|
| 287,207 |
|
|
| 254,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
| 8,995 |
|
|
| 6,407 |
|
|
| 27,378 |
|
|
| 20,234 |
|
General and administrative |
|
| 14,821 |
|
|
| 12,654 |
|
|
| 43,782 |
|
|
| 38,418 |
|
Research and development |
|
| 21,077 |
|
|
| 16,664 |
|
|
| 55,772 |
|
|
| 53,322 |
|
Total operating expenses |
|
| 44,893 |
|
|
| 35,725 |
|
|
| 126,932 |
|
|
| 111,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
| 57,048 |
|
|
| 72,678 |
|
|
| 160,275 |
|
|
| 143,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 2,427 |
|
|
| 1,202 |
|
|
| 8,320 |
|
|
| 3,156 |
|
Interest expense |
|
| (6,698 | ) |
|
| (13,702 | ) |
|
| (23,918 | ) |
|
| (17,702 | ) |
Other income (expenses), net |
|
| (5,094 | ) |
|
| 3,459 |
|
|
| 1,125 |
|
|
| 1,553 |
|
Total non-operating income (expenses), net |
|
| (9,365 | ) |
|
| (9,041 | ) |
|
| (14,473 | ) |
|
| (12,993 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
| 47,683 |
|
|
| 63,637 |
|
|
| 145,802 |
|
|
| 130,014 |
|
Income tax provision |
|
| 7,254 |
|
|
| 14,025 |
|
|
| 23,674 |
|
|
| 27,160 |
|
Net income before equity in losses of unconsolidated affiliate |
|
| 40,429 |
|
|
| 49,612 |
|
|
| 122,128 |
|
|
| 102,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in losses of unconsolidated affiliate |
|
| - |
|
|
| (390 | ) |
|
| (573 | ) |
|
| (1,476 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
| $ | 40,429 |
|
| $ | 49,222 |
|
| $ | 121,555 |
|
| $ | 101,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.83 |
|
| $ | 1.01 |
|
| $ | 2.50 |
|
| $ | 2.10 |
|
Diluted |
| $ | 0.78 |
|
| $ | 0.91 |
|
| $ | 2.32 |
|
| $ | 1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 48,621 |
|
|
| 48,701 |
|
|
| 48,580 |
|
|
| 48,368 |
|
Diluted |
|
| 51,862 |
|
|
| 53,921 |
|
|
| 52,307 |
|
|
| 52,997 |
|
Table II
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
|
|
|
|
| ||||
|
| 2024 |
|
| 2023 |
| ||
|
| (unaudited) |
|
|
|
| ||
ASSETS |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 192,116 |
|
| $ | 144,296 |
|
Restricted cash |
|
| 235 |
|
|
| 235 |
|
Short-term investments |
|
| 58,375 |
|
|
| 112,510 |
|
Restricted short-term investments |
|
| 2,200 |
|
|
| 2,200 |
|
Accounts receivable, net |
|
| 139,635 |
|
|
| 114,943 |
|
Inventories |
|
| 130,316 |
|
|
| 105,833 |
|
Income tax refunds and deposits |
|
| 5,349 |
|
|
| 526 |
|
Prepaid expenses and other assets |
|
| 17,723 |
|
|
| 9,057 |
|
Total current assets |
|
| 545,949 |
|
|
| 489,600 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
| 295,384 |
|
|
| 282,746 |
|
Finance lease right-of-use assets |
|
| 426 |
|
|
| 564 |
|
Operating lease right-of-use assets |
|
| 31,708 |
|
|
| 32,333 |
|
Investment in unconsolidated affiliate |
|
| - |
|
|
| 527 |
|
|
| 594,796 |
|
|
| 613,295 |
| |
Long-term investments |
|
| - |
|
|
| 14,685 |
|
Other assets |
|
| 23,663 |
|
|
| 25,910 |
|
Deferred tax assets |
|
| 53,252 |
|
|
| 53,252 |
|
Total assets |
| $ | 1,545,178 |
|
| $ | 1,512,912 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
| $ | 153,268 |
|
| $ | 93,366 |
|
Accrued payments for BAQSIMI® |
|
| - |
|
|
| 126,090 |
|
Income taxes payable |
|
| 1,281 |
|
|
| 1,609 |
|
Current portion of long-term debt |
|
| 252 |
|
|
| 436 |
|
Current portion of operating lease liabilities |
|
| 4,209 |
|
|
| 3,906 |
|
Total current liabilities |
|
| 159,010 |
|
|
| 225,407 |
|
|
|
|
|
|
|
|
|
|
Long-term reserve for income tax liabilities |
|
| 6,066 |
|
|
| 6,066 |
|
Long-term debt, net of current portion and unamortized debt issuance costs |
|
| 596,446 |
|
|
| 589,579 |
|
Long-term operating lease liabilities, net of current portion |
|
| 28,941 |
|
|
| 29,721 |
|
Other long-term liabilities |
|
| 27,037 |
|
|
| 22,718 |
|
Total liabilities |
|
| 817,500 |
|
|
| 873,491 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock: par value |
|
| - |
|
|
| - |
|
Common stock: par value |
|
| 6 |
|
|
| 6 |
|
Additional paid-in capital |
|
| 496,427 |
|
|
| 486,056 |
|
Retained earnings |
|
| 530,823 |
|
|
| 409,268 |
|
Accumulated other comprehensive loss |
|
| (8,821 | ) |
|
| (8,478 | ) |
|
| (290,757 | ) |
|
| (247,431 | ) | |
Total equity |
|
| 727,678 |
|
|
| 639,421 |
|
Total liabilities and stockholders' equity |
| $ | 1,545,178 |
|
| $ | 1,512,912 |
|
Table III
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
|
|
|
| ||||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net income |
| $ | 40,429 |
|
| $ | 49,222 |
|
| $ | 121,555 |
|
| $ | 101,378 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
| 6,179 |
|
|
| 6,168 |
|
|
| 18,539 |
|
|
| 6,651 |
|
Share-based compensation |
|
| 5,596 |
|
|
| 4,644 |
|
|
| 18,736 |
|
|
| 15,620 |
|
Impairment of long-lived assets |
|
| - |
|
|
| 474 |
|
|
| - |
|
|
| 3,174 |
|
Expenses related to BAQSIMI® acquisition |
|
| - |
|
|
| 2,182 |
|
|
| 3,651 |
|
|
| 3,682 |
|
Debt issuance costs |
|
| - |
|
|
| 3,019 |
|
|
| - |
|
|
| 6,043 |
|
Income tax provision on pre-tax adjustments |
|
| (2,619 | ) |
|
| (3,811 | ) |
|
| (8,912 | ) |
|
| (7,725 | ) |
Adjusted non-GAAP net income |
| $ | 49,585 |
|
| $ | 61,898 |
|
| $ | 153,569 |
|
| $ | 128,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 1.02 |
|
| $ | 1.27 |
|
| $ | 3.16 |
|
| $ | 2.66 |
|
Diluted |
| $ | 0.96 |
|
| $ | 1.15 |
|
| $ | 2.94 |
|
| $ | 2.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute adjusted non-GAAP net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 48,621 |
|
|
| 48,701 |
|
|
| 48,580 |
|
|
| 48,368 |
|
Diluted |
|
| 51,862 |
|
|
| 53,921 |
|
|
| 52,307 |
|
|
| 52,997 |
|
|
| Three Months Ended |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| Selling, |
|
| General |
|
| Research |
|
| Non-operating |
|
|
|
| ||||||
|
| Cost of |
|
| distribution |
|
| and |
|
| and |
|
| (expenses) |
|
| Income |
| ||||||
|
| revenue |
|
| and marketing |
|
| administrative |
|
| development |
|
| income, net |
|
| tax provision |
| ||||||
GAAP |
| $ | 89,273 |
|
| $ | 8,995 |
|
| $ | 14,821 |
|
| $ | 21,077 |
|
| $ | (9,365 | ) |
| $ | 7,254 |
|
Intangible asset amortization |
|
| (6,159 | ) |
|
| - |
|
|
| (1 | ) |
|
| (19 | ) |
|
| - |
|
|
| - |
|
Share-based compensation |
|
| (1,133 | ) |
|
| (249 | ) |
|
| (3,710 | ) |
|
| (504 | ) |
|
| - |
|
|
| - |
|
Income tax provision on pre-tax adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,619 |
|
Non-GAAP |
| $ | 81,981 |
|
| $ | 8,746 |
|
| $ | 11,110 |
|
| $ | 20,554 |
|
| $ | (9,365 | ) |
| $ | 9,873 |
|
|
| Three Months Ended |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| Selling, |
|
| General |
|
| Research |
|
| Non-operating |
|
|
|
| ||||||
|
| Cost of |
|
| distribution |
|
| and |
|
| and |
|
| (expenses) |
|
| Income |
| ||||||
|
| revenue |
|
| and marketing |
|
| administrative |
|
| development |
|
| income, net |
|
| tax provision |
| ||||||
GAAP |
| $ | 72,153 |
|
| $ | 6,407 |
|
| $ | 12,654 |
|
| $ | 16,664 |
|
| $ | (9,041 | ) |
| $ | 14,025 |
|
Intangible asset amortization |
|
| (6,149 | ) |
|
| - |
|
|
| 34 |
|
|
| (53 | ) |
|
| - |
|
|
| - |
|
Share-based compensation |
|
| (1,004 | ) |
|
| (213 | ) |
|
| (2,975 | ) |
|
| (452 | ) |
|
| - |
|
|
| - |
|
Impairment of long-lived assets |
|
| (470 | ) |
|
| - |
|
|
| (4 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
Expenses related to BAQSIMI® acquisition |
|
| - |
|
|
| - |
|
|
| (357 | ) |
|
| - |
|
|
| 1,825 |
|
|
| - |
|
Debt issuance costs |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,019 |
|
|
| - |
|
Income tax provision on pre-tax adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,811 |
|
Non-GAAP |
| $ | 64,530 |
|
| $ | 6,194 |
|
| $ | 9,352 |
|
| $ | 16,159 |
|
| $ | (4,197 | ) |
| $ | 17,836 |
|
|
| Nine Months Ended |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| Selling, |
|
| General |
|
| Research |
|
| Non-operating |
|
|
|
| ||||||
|
| Cost of |
|
| distribution |
|
| and |
|
| and |
|
| (expenses) |
|
| Income |
| ||||||
|
| revenue |
|
| and marketing |
|
| administrative |
|
| development |
|
| income, net |
|
| tax provision |
| ||||||
GAAP |
| $ | 258,237 |
|
| $ | 27,378 |
|
| $ | 43,782 |
|
| $ | 55,772 |
|
| $ | (14,473 | ) |
| $ | 23,674 |
|
Intangible asset amortization |
|
| (18,479 | ) |
|
| - |
|
|
| (4 | ) |
|
| (56 | ) |
|
| - |
|
|
| - |
|
Share-based compensation |
|
| (4,583 | ) |
|
| (777 | ) |
|
| (11,239 | ) |
|
| (2,137 | ) |
|
| - |
|
|
| - |
|
Expenses related to BAQSIMI® acquisition |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,651 |
|
|
| - |
|
Income tax provision on pre-tax adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8,912 |
|
Non-GAAP |
| $ | 235,175 |
|
| $ | 26,601 |
|
| $ | 32,539 |
|
| $ | 53,579 |
|
| $ | (10,822 | ) |
| $ | 32,586 |
|
|
| Nine Months Ended |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| Selling, |
|
| General |
|
| Research |
|
| Non-operating |
|
|
|
| ||||||
|
| Cost of |
|
| distribution |
|
| and |
|
| and |
|
| (expenses) |
|
| Income |
| ||||||
|
| revenue |
|
| and marketing |
|
| administrative |
|
| development |
|
| income, net |
|
| tax provision |
| ||||||
GAAP |
| $ | 211,309 |
|
| $ | 20,234 |
|
| $ | 38,418 |
|
| $ | 53,322 |
|
| $ | (12,993 | ) |
| $ | 27,160 |
|
Intangible asset amortization |
|
| (6,582 | ) |
|
| - |
|
|
| (16 | ) |
|
| (53 | ) |
|
| - |
|
|
| - |
|
Share-based compensation |
|
| (3,868 | ) |
|
| (649 | ) |
|
| (9,323 | ) |
|
| (1,780 | ) |
|
| - |
|
|
| - |
|
Impairment of long-lived assets |
|
| (3,170 | ) |
|
| - |
|
|
| (4 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
Expenses related to BAQSIMI® acquisition |
|
| - |
|
|
| - |
|
|
| (1,857 | ) |
|
| - |
|
|
| 1,825 |
|
|
| - |
|
Debt issuance costs |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 6,043 |
|
|
| - |
|
Income tax provision on pre-tax adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 7,725 |
|
Non-GAAP |
| $ | 197,689 |
|
| $ | 19,585 |
|
| $ | 27,218 |
|
| $ | 51,489 |
|
| $ | (5,125 | ) |
| $ | 34,885 |
|
SOURCE:
View the original press release on accesswire.com