ANI Pharmaceuticals Reports Fourth Quarter and Full Year 2021 Results; Strong Foundation in Place to Drive Sustainable Growth
ANI Pharmaceuticals, Inc. reported fourth quarter net revenues of $60.9 million, with a net loss of $24.1 million (diluted loss per share of $1.72). For the full year 2021, revenues reached $216.1 million, and the net loss stood at $42.6 million. The company launched Purified Cortrophin™ Gel for chronic autoimmune disorders and acquired Novitium Pharma, integrating it to enhance their generics business. ANI projects 2022 revenues between $260 million and $275 million, indicating a growth of 20%-27% year-over-year.
- Launch of Purified Cortrophin Gel provides new treatment options.
- Acquisition of Novitium Pharma strengthens generics business.
- Projected revenue growth of 20%-27% for 2022.
- GAAP net loss increased to $24.1 million in Q4 2021.
- Adjusted non-GAAP diluted EPS decreased to $0.54 from $0.80 in Q4 2020.
- Total operating expenses rose by 49% to $84.7 million.
-- Fourth quarter net revenues of
-- Fourth quarter adjusted non-GAAP EBITDA of
-- Full year 2021 revenues of
-- Launched Purified Cortrophin™ Gel for the treatment of certain chronic autoimmune disorders --
-- Experienced Rare Disease leadership and team in place to drive successful commercial launch of Purified Cortrophin Gel --
-- Closed acquisition and seamlessly integrating Novitium Pharma to strengthen generics business with technical capabilities to bring increased limited competition products to market --
-- Strong balance sheet with new capital structure can propel the next phase of ANI’s growth --
Fourth Quarter and Recent Business Highlights:
-
Received U.S. Food and Drug Administration approval for Purified Cortrophin™ Gel (Repository Corticotropin Injection USP) 80 U/mL, an adrenocorticotropic hormone (ACTH) indicated for the treatment of certain chronic autoimmune disorders, and subsequently launched it onJanuary 24 th, 2022. -
Completed build of experienced Rare Disease team, including addition of
Mary Pao , M.D., Ph.D., as Chief Medical Officer, andElizabeth Powell , J.D., as Chief Compliance Officer and Head of Legal. -
Closed acquisition of
Novitium Pharma LLC inNovember 2021 . Integration in progress with multiple new product launches since deal closure; initiated capturing of synergies. -
Closed
$75 million November 2021 .
Fourth Quarter 2021 Financial Highlights:
-
Net revenues were
$60.9 million $57.3 million -
GAAP net loss was
$24.1 million $1.72 -
Adjusted non-GAAP EBITDA was
$16.2 million $17.2 million -
Adjusted non-GAAP diluted earnings per share was
$0.54 $0.80 -
Cash and cash equivalents were
$100.3 million $128.5 million $300.0 million December 31, 2021 .
Full Year 2021 Financial Highlights:
-
Net revenues for 2021 were
$216.1 million $208.5 million -
GAAP net loss was
$42.6 million $3.40 -
Adjusted non-GAAP EBITDA was
$64.8 million -
Adjusted non-GAAP diluted earnings per share was
$3.21
“The past few months have been an exciting time for ANI as we completed the build out of our Rare Disease business team. Our senior leadership has experience across over 20 Rare Disease launches and
“We are also pleased to have closed our acquisition of Novitium Pharma, which brings a world-class R&D engine to ANI. Since deal closure, our integrated team has launched eight new products, filed five new ANDAs, and initiated enhancement of R&D productivity and capture of procurement, distribution, and operational efficiencies. These achievements, together with the strengthening of our balance sheet through our debt refinancing and recent
2022 Financial Guidance
For the twelve months ending
Total Company Ex-Purified Cortrophin Gel measures:
- Net Revenues of between
- Adjusted non-GAAP EBITDA of between
- Research and Development expense of between
Purified Cortrophin Gel specific measures:
- Direct Selling, General and Administrative expenses of between
In addition, we currently anticipate between 16.9 and 17.3 million shares outstanding and an effective tax rate of approximately
Fourth Quarter 2021 Financial Results
Three Months Ended |
||||||
| Net Revenues | ||||||
| (in thousands) | ||||||
|
2021 |
|
|
2020 |
||
| Generic pharmaceutical products | $ |
41,619 |
$ |
38,650 |
||
| Branded pharmaceutical products | 14,693 |
15,759 |
||||
| Contract manufacturing | 2,765 |
2,195 |
||||
| Royalty and other income | 1,852 |
648 |
||||
| Total net revenues | $ |
60,929 |
$ |
57,252 |
||
Net revenues for generic pharmaceutical products were
Net revenues for branded pharmaceutical products were
Contract manufacturing revenues were
Operating expenses increased by
Cost of sales, excluding depreciation and amortization, increased by
Research and development expenses declined from
Selling, general and administrative expenses increased by
Depreciation and amortization expense was
Net loss for the fourth quarter of 2021 was
Adjusted non-GAAP diluted earnings per share was
For reconciliations of adjusted non-GAAP EBITDA and adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure, please see Table 3 and Table 4, respectively.
Liquidity
As of
Conference Call
As previously announced,
Date |
|
Time |
|
Toll free ( |
866-518-6930 |
Global |
(203) 518-9797 |
Webcast (live and replay) |
www.anipharmaceuticals.com, under the “Investors” section |
A replay of the conference call will be available within two hours of the call’s completion and will remain accessible for one week by dialing 888-269-5332 and entering access code 8402712.
Non-GAAP Financial Measures
Adjusted non-GAAP EBITDA
ANI’s management considers adjusted non-GAAP EBITDA to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by non-cash stock-based compensation and differences in capital structures, tax structures, capital investment cycles, ages of related assets, and compensation structures among otherwise comparable companies. Management uses adjusted non-GAAP EBITDA when analyzing Company performance.
Adjusted non-GAAP EBITDA is defined as net income, excluding tax expense or benefit, interest expense, (net), other expense, (net), depreciation, amortization, the excess of fair value over cost of acquired inventory, non-cash stock-based compensation expense, expense from acquired in-process research and development, Novitium transaction expenses, Cortrophin pre-launch charges, asset impairments, legal and royalty settlement expense, credit facility ticking fee expense, contingent consideration fair value adjustment, and certain other items that vary in frequency and impact on ANI’s results of operations. Adjusted non-GAAP EBITDA should be considered in addition to, but not in lieu of, net income or loss reported under GAAP. A reconciliation of adjusted non-GAAP EBITDA to the most directly comparable GAAP financial measure is provided below.
ANI is not providing a reconciliation for the forward-looking full year 2022 ex-Purified Cortrophin Gel adjusted EBITDA guidance because it does not currently have sufficient information to accurately estimate all of the variables and individual adjustments for such reconciliation, including “with” and “without” tax provision information. As such, ANI’s management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results.
Adjusted non-GAAP Net Income
ANI’s management considers adjusted non-GAAP net income to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by the excess of fair value over cost of acquired inventory sold, non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, Cortrophin pre-launch charges, acquired in-process research and development (“IPR&D”) expense, Novitium transaction expenses, asset impairments, legal and royalty settlement expense, credit facility ticking fee expense, contingent consideration fair value adjustment, and certain other items that vary in frequency and impact on ANI’s results of operations. Management uses adjusted non-GAAP net income when analyzing Company performance.
Adjusted non-GAAP net income is defined as net income, plus the excess of fair value over cost of acquired inventory sold, non-cash stock-based compensation expense, Novitium transaction expenses, non-cash interest expense, depreciation and amortization expense, expense from acquired in-process research and development, Cortrophin pre-launch charges, asset impairments, legal and royalty settlement expense, credit facility ticking fee expense, contingent consideration fair value adjustment, and certain other items that vary in frequency and impact on ANI’s results of operations, less the tax impact of these adjustments calculated using an estimated statutory tax rate. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI’s results. Adjusted non-GAAP net income should be considered in addition to, but not in lieu of, net income reported under GAAP. A reconciliation of adjusted non-GAAP net income to the most directly comparable GAAP financial measure is provided below.
Adjusted non-GAAP Diluted Earnings per Share
ANI’s management considers adjusted non-GAAP diluted earnings per share to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by the excess of fair value over cost of acquired inventory sold, non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, Cortrophin pre-launch charges, acquired IPR&D expense, Novitium transaction expenses, asset impairments, legal and royalty settlement expense, credit facility ticking fee expense, contingent consideration fair value adjustment, and certain other items that vary in frequency and impact on ANI’s results of operations. Management uses adjusted non-GAAP diluted earnings per share when analyzing Company performance.
Adjusted non-GAAP diluted earnings per share is defined as adjusted non-GAAP net income, as defined above, divided by the diluted weighted average shares outstanding during the period. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI’s results. Adjusted non-GAAP diluted earnings per share should be considered in addition to, but not in lieu of, diluted earnings or loss per share reported under GAAP. A reconciliation of adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure is provided below.
About ANI
Forward-Looking Statements
To the extent any statements made in this release relate to information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements under the heading “2022 Financial Guidance,” statements about the Company’s corporate strategy, the commercial launch of Cortrophin Gel and the potential benefit of Cortrophin Gel to patients as a new treatment option, expectations regarding sales of Cortrophin Gel, future operations, products, financial performance, financial position, operating results and prospects, including plans for sustainable growth, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “plans,” “potential,” “future,” “believes,” “intends,” “continue,” other words of similar meaning, derivations of such words and the use of future dates.
Uncertainties and risks may cause the Company’s actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to, the costs involved in commercializing Cortrophin Gel, the ability to maintain regulatory approval of the product and maintain sufficiency of the product, the ability to obtain reimbursement from third-party payors for this product, evolving government legislation, the opinions and views of key opinion leaders and physicians who treat patients with chronic diseases and who may prescribe Cortrophin Gel, ANI’s ability to generate projected net product revenue and gain market share on the timeline expected, actions taken by competitors in response to a new market entrant; the ability of the Company to successfully maintain manufacturing capabilities and adequate commercial quantities of Cortrophin Gel at acceptable costs and quality levels; broad acceptance of Cortrophin Gel by physicians, patients and the healthcare community; the acceptance of pricing and placement of Cortrophin Gel on payers’ formularies; risks the Company may face with respect to importing raw materials; the use of single source suppliers and the time it may take to validate and qualify another supplier, if necessary; manufacturing difficulties or delays, ANI’s reliance on third parties over which it may not always have full control, increased competition and strategies employed by competitors; the ability to realize benefits anticipated from acquisitions; costs and regulatory requirements relating to contract manufacturing arrangements; delays or failure in obtaining product approvals from the
More detailed information on these and additional factors that could affect the Company’s actual results are described in the Company’s filings with the
For more details, visit www.cortrophin.com.
| Table 1: US GAAP Statement of Operations | ||||||||||||||||
| (unaudited, in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
||
| Net Revenues | $ |
60,929 |
|
$ |
57,252 |
|
$ |
216,136 |
|
$ |
208,475 |
|
||||
| Operating Expenses: | ||||||||||||||||
| Cost of sales (excl. depreciation | ||||||||||||||||
| and amortization) |
|
33,898 |
|
|
24,540 |
|
|
100,610 |
|
|
87,157 |
|
||||
| Research and development |
|
3,140 |
|
|
3,683 |
|
|
11,369 |
|
|
16,001 |
|
||||
| Selling, general, and administrative |
|
30,706 |
|
|
14,365 |
|
|
84,294 |
|
|
64,986 |
|
||||
| Depreciation and amortization |
|
13,684 |
|
|
10,899 |
|
|
47,252 |
|
|
44,638 |
|
||||
| Contingent consideration fair value adjustment |
|
500 |
|
|
- |
|
|
500 |
|
|
- |
|
||||
| Legal settlement expense |
|
350 |
|
|
- |
|
|
8,750 |
|
|
- |
|
||||
| Purified Cortrophin Gel pre-launch charges |
|
- |
|
|
2,988 |
|
|
780 |
|
|
11,263 |
|
||||
| Intangible asset impairment charge |
|
2,374 |
|
|
446 |
|
|
2,374 |
|
|
446 |
|
||||
| Total Operating Expenses |
|
84,652 |
|
|
56,921 |
|
|
255,929 |
|
|
224,491 |
|
||||
| Operating (Loss)/Income |
|
(23,723 |
) |
|
331 |
|
|
(39,793 |
) |
|
(16,016 |
) |
||||
| Other Expense, Net | ||||||||||||||||
| Interest expense, net |
|
(4,440 |
) |
|
(2,554 |
) |
|
(11,922 |
) |
|
(9,452 |
) |
||||
| Other expense, net |
|
(2,690 |
) |
|
(159 |
) |
|
(4,343 |
) |
|
(494 |
) |
||||
| Loss Before Benefit/(Provision) for Income Taxes |
|
(30,853 |
) |
|
(2,382 |
) |
|
(56,058 |
) |
|
(25,962 |
) |
||||
| Benefit/(Provision) for income taxes |
|
6,717 |
|
|
(1,253 |
) |
|
13,455 |
|
|
3,414 |
|
||||
| Net Loss | $ |
(24,136 |
) |
$ |
(3,635 |
) |
$ |
(42,603 |
) |
$ |
(22,548 |
) |
||||
| Dividends on Series A Convertible Preferred Stock | $ |
(190 |
) |
$ |
- |
|
$ |
(190 |
) |
$ |
- |
|
||||
| Net Loss Allocated to Common Shares | $ |
(24,326 |
) |
$ |
(3,635 |
) |
$ |
(42,793 |
) |
$ |
(22,548 |
) |
||||
| Loss Per Share | ||||||||||||||||
| Basic Loss Per Share | $ |
(1.72 |
) |
$ |
(0.30 |
) |
$ |
(3.40 |
) |
$ |
(1.88 |
) |
||||
| Diluted Loss Per Share | $ |
(1.72 |
) |
$ |
(0.30 |
) |
$ |
(3.40 |
) |
$ |
(1.88 |
) |
||||
| Basic Weighted-Average Shares Outstanding |
|
14,169 |
|
|
11,996 |
|
|
12,596 |
|
|
11,964 |
|
||||
| Diluted Weighted-Average Shares Outstanding |
|
14,169 |
|
|
11,996 |
|
|
12,596 |
|
|
11,964 |
|
||||
| Table 2: US GAAP Balance Sheets | ||||||||||
| (uaudited, in thousands) | ||||||||||
2021 |
2020 |
|||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ |
100,300 |
|
$ |
7,864 |
|
||||
| Accounts receivable, net |
|
128,526 |
|
|
95,793 |
|
||||
| Inventories, net |
|
81,693 |
|
|
60,803 |
|
||||
| Prepaid income taxes |
|
3,667 |
|
|
- |
|
||||
| Prepaid expenses and other current assets |
|
7,589 |
|
|
5,861 |
|
||||
| Total Current Assets |
|
321,775 |
|
|
170,321 |
|
||||
| Non-current Assets | ||||||||||
| Property and equipment |
|
75,627 |
|
|
58,796 |
|
||||
| Accumulated depreciation |
|
(22,956 |
) |
|
(17,527 |
) |
||||
| Property and equipment, net |
|
52,671 |
|
|
41,269 |
|
||||
| Restricted cash |
|
5,001 |
|
|
5,003 |
|
||||
| Deferred tax assets, net of deferred tax liabilities and valuation allowance |
|
67,936 |
|
|
51,704 |
|
||||
| Intangible assets, net |
|
294,122 |
|
|
188,511 |
|
||||
|
27,888 |
|
|
3,580 |
|
|||||
| Other non-current assets |
|
2,205 |
|
|
802 |
|
||||
| Total Assets | $ |
771,598 |
|
$ |
461,190 |
|
||||
| Current Liabilities | ||||||||||
| Current debt, net of deferred financing costs | $ |
850 |
|
$ |
13,243 |
|
||||
| Accounts payable |
|
22,967 |
|
|
11,261 |
|
||||
| Accrued royalties |
|
6,225 |
|
|
6,407 |
|
||||
| Accrued compensation and related expenses |
|
8,522 |
|
|
6,231 |
|
||||
| Current income taxes payable, net |
|
- |
|
|
3,906 |
|
||||
| Accrued government rebates |
|
5,492 |
|
|
7,826 |
|
||||
| Returned goods reserve |
|
35,831 |
|
|
27,155 |
|
||||
| Deferred revenue |
|
87 |
|
|
80 |
|
||||
| Accrued expenses and other |
|
7,563 |
|
|
2,456 |
|
||||
| Total Current Liabilities |
|
87,537 |
|
|
78,565 |
|
||||
| Non-current Liabilities | ||||||||||
| Non-current debt, net of deferred financing costs and current component |
|
286,520 |
|
|
172,443 |
|
||||
| Non-current contingent consideration |
|
31,000 |
|
|
- |
|
||||
| Derivatives and other non-current liabilities |
|
7,801 |
|
|
14,482 |
|
||||
| Total Liabilities |
|
412,858 |
|
|
265,490 |
|
||||
| Mezzanine Equity | ||||||||||
| Convertible preferred stock, Series A |
|
24,850 |
|
|
- |
|
||||
| Stockholders' Equity | ||||||||||
| Common stock |
|
1 |
|
|
1 |
|
||||
|
(3,135 |
) |
|
(2,246 |
) |
|||||
| Additional paid-in capital |
|
387,844 |
|
|
214,354 |
|
||||
| Accumulated deficit |
|
(47,765 |
) |
|
(4,972 |
) |
||||
| Accumulated other comprehensive loss, net of tax |
|
(3,055 |
) |
|
(11,437 |
) |
||||
| Total Stockholders' Equity |
|
333,890 |
|
|
195,700 |
|
||||
| Total Liabilities, Mezzanine Equity, and Stockholders' Equity | $ |
771,598 |
|
$ |
461,190 |
|
||||
| Table 3: Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP Reconciliation | ||||||||
| (unaudited, in thousands) | ||||||||
Three Months Ended |
||||||||
|
2021 |
|
|
|
2020 |
|
||
| Net Loss | $ |
(24,136 |
) |
$ |
(3,635 |
) |
||
| Add/(Subtract): | ||||||||
| Interest expense, net |
|
4,440 |
|
|
2,554 |
|
||
| Other expense, net |
|
3,390 |
|
|
159 |
|
||
| (Benefit)/Provision for income taxes |
|
(6,717 |
) |
|
1,253 |
|
||
| Depreciation and amortization |
|
13,684 |
|
|
10,899 |
|
||
| Legal settlement expense |
|
350 |
|
|
- |
|
||
| Contingent consideration fair value adjustment |
|
500 |
|
|
- |
|
||
| Cortrophin pre-launch charges and sales & marketing expenses |
|
8,992 |
|
|
2,988 |
|
||
| Stock-based compensation |
|
2,968 |
|
|
2,392 |
|
||
| CEO transition items(2) |
|
- |
|
|
37 |
|
||
| Asset impairments(3) |
|
2,737 |
|
|
446 |
|
||
| Excess of fair value over cost of acquired inventory |
|
3,743 |
|
|
113 |
|
||
| Novitium transaction expenses |
|
4,319 |
|
|
- |
|
||
| Royalty settlement |
|
1,934 |
|
|
- |
|
||
| Adjusted non-GAAP EBITDA | $ |
16,204 |
|
$ |
17,206 |
|
||
Year Ended |
||||||||
|
2021 |
|
|
|
2020 |
|
||
| Net Loss | $ |
(42,603 |
) |
$ |
(22,548 |
) |
||
| Add/(Subtract): | ||||||||
| Interest expense, net |
|
11,922 |
|
|
9,452 |
|
||
| Other expense, net |
|
6,243 |
|
|
494 |
|
||
| Benefit for income taxes |
|
(13,455 |
) |
|
(3,414 |
) |
||
| Depreciation and amortization |
|
47,252 |
|
|
44,638 |
|
||
| Legal settlement expense |
|
8,750 |
|
|
- |
|
||
| Contingent consideration fair value adjustment |
|
500 |
|
|
- |
|
||
| Cortrophin pre-launch charges and sales & marketing expenses |
|
14,228 |
|
|
11,263 |
|
||
| Stock-based compensation(1) |
|
10,489 |
|
|
9,470 |
|
||
| CEO transition items(2) |
|
- |
|
|
7,386 |
|
||
| Cortrophin team restructuring |
|
- |
|
|
401 |
|
||
| Acquired IPR&D expense |
|
- |
|
|
3,784 |
|
||
| Asset impairments(3) |
|
2,737 |
|
|
1,330 |
|
||
| Excess of fair value over cost of acquired inventory |
|
7,460 |
|
|
4,296 |
|
||
| Charges related to market exits |
|
- |
|
|
567 |
|
||
| Novitium transaction expenses |
|
9,382 |
|
|
- |
|
||
| Royalty settlement |
|
1,934 |
|
|
- |
|
||
| Adjusted non-GAAP EBITDA | $ |
64,839 |
|
$ |
67,119 |
|
||
| Reconciliation of certain adjusted non-GAAP accounts: | ||||||||||||||||||||
Cost of sales (excl. depreciation and amortization) |
|
Selling, general, and administrative expenses |
|
Research and development expenses |
||||||||||||||||
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
| As reported: | $ |
33,898 |
|
$ |
24,540 |
|
$ |
30,706 |
|
$ |
14,365 |
|
$ |
3,140 |
|
$ |
3,683 |
|
||
| Cortrophin pre-launch charges and sales & marketing expenses |
|
(8,992 |
) |
|||||||||||||||||
| Stock-based compensation |
|
(5 |
) |
|
(30 |
) |
|
(2,822 |
) |
|
(2,241 |
) |
|
(141 |
) |
|
(121 |
) |
||
| CEO transition items(2) |
|
(37 |
) |
|||||||||||||||||
| Asset impairments(3) |
|
(363 |
) |
|||||||||||||||||
| Excess of fair value over cost of acquired inventory |
|
(3,743 |
) |
|
(113 |
) |
||||||||||||||
| Novitium transaction expenses |
|
(4,319 |
) |
|||||||||||||||||
| Royalty settlement |
|
(1,934 |
) |
|||||||||||||||||
| As adjusted: | $ |
27,853 |
|
$ |
24,397 |
|
$ |
14,573 |
|
$ |
12,087 |
|
$ |
2,999 |
|
$ |
3,562 |
|
||
| Reconciliation of certain adjusted non-GAAP accounts: | ||||||||||||||||||||
Cost of sales (excl. depreciation and amortization) |
|
Selling, general, and administrative expenses |
|
Research and development expenses |
||||||||||||||||
Year Ended |
|
Year Ended |
|
Year Ended |
||||||||||||||||
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
| As reported: | $ |
100,610 |
|
$ |
87,157 |
|
$ |
84,294 |
|
$ |
64,986 |
|
$ |
11,369 |
|
$ |
16,001 |
|
||
| Cortrophin pre-launch charges and sales & marketing expenses |
|
(13,448 |
) |
|||||||||||||||||
| Stock-based compensation(1) |
|
(20 |
) |
|
(137 |
) |
|
(9,905 |
) |
|
(8,737 |
) |
|
(564 |
) |
|
(596 |
) |
||
| CEO transition items(2) |
|
(7,386 |
) |
|||||||||||||||||
| Cortrophin team restructuring |
|
(47 |
) |
|
(354 |
) |
||||||||||||||
| Acquired IPR&D expense |
|
(3,784 |
) |
|||||||||||||||||
| Asset impairments(3) |
|
(363 |
) |
|
(740 |
) |
|
(52 |
) |
|
(92 |
) |
||||||||
| Excess of fair value over cost of acquired inventory |
|
(7,460 |
) |
|
(4,296 |
) |
||||||||||||||
| Charges related to market exits |
|
(267 |
) |
|
(300 |
) |
||||||||||||||
| Novitium transaction expenses |
|
(9,382 |
) |
|||||||||||||||||
| Royalty settlement |
|
(1,934 |
) |
|||||||||||||||||
| As adjusted: | $ |
90,833 |
|
$ |
81,717 |
|
$ |
51,559 |
|
$ |
48,764 |
|
$ |
10,805 |
|
$ |
10,875 |
|
||
| (1) For the twelve months ended |
|||||
| (2) CEO transition items for the twelve months ended |
|||||
| (3) For the three months ended |
| Table 4: Adjusted non-GAAP Net Income and Adjusted non-GAAP Diluted Earnings per Share Reconciliation | ||||||||||||||||
| (unaudited, in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
||
| Net Loss | $ |
(24,136 |
) |
$ |
(3,635 |
) |
$ |
(42,603 |
) |
$ |
(22,548 |
) |
||||
| Add/(Subtract): | ||||||||||||||||
| Non-cash interest expense |
|
771 |
|
|
566 |
|
|
2,415 |
|
|
1,788 |
|
||||
| Depreciation and amortization expense |
|
13,684 |
|
|
10,899 |
|
|
47,252 |
|
|
44,638 |
|
||||
| Cortrophin pre-launch charges and sales & marketing expenses |
|
8,992 |
|
|
2,988 |
|
|
14,228 |
|
|
11,263 |
|
||||
| Legal settlement expense |
|
350 |
|
|
- |
|
|
8,750 |
|
|
- |
|
||||
| Contingent consideration fair value adjustment |
|
500 |
|
|
- |
|
|
500 |
|
|
- |
|
||||
| Acquired IPR&D expense |
|
- |
|
|
- |
|
|
- |
|
|
3,784 |
|
||||
| Stock-based compensation(1) |
|
2,968 |
|
|
2,392 |
|
|
10,489 |
|
|
9,470 |
|
||||
| CEO transition items(2) |
|
- |
|
|
37 |
|
|
- |
|
|
7,386 |
|
||||
| Cortrophin team restructuring |
|
- |
|
|
- |
|
|
- |
|
|
401 |
|
||||
| Asset impairments(3) |
|
2,737 |
|
|
446 |
|
|
2,737 |
|
|
1,330 |
|
||||
| Excess of fair value over cost of acquired inventory |
|
3,743 |
|
|
113 |
|
|
7,460 |
|
|
4,296 |
|
||||
| Charges related to market exits |
|
- |
|
|
- |
|
|
- |
|
|
567 |
|
||||
| Credit facility ticking fee expense |
|
1,781 |
|
|
- |
|
|
4,216 |
|
|
- |
|
||||
| Novitium transaction expenses |
|
4,319 |
|
|
- |
|
|
9,382 |
|
|
- |
|
||||
| Royalty settlement |
|
1,934 |
|
|
- |
|
|
1,934 |
|
|
- |
|
||||
| Less: | ||||||||||||||||
| Estimated tax impact of adjustments (calc. at |
|
(10,027 |
) |
|
(4,186 |
) |
|
(26,247 |
) |
|
(20,382 |
) |
||||
| Adjusted non-GAAP Net Income | $ |
7,616 |
|
$ |
9,620 |
|
$ |
40,513 |
|
$ |
41,993 |
|
||||
| Diluted Weighted-Average | ||||||||||||||||
| Shares Outstanding |
|
14,169 |
|
|
11,996 |
|
|
12,596 |
|
|
11,964 |
|
||||
| Adjusted Diluted Weighted-Average | ||||||||||||||||
| Shares Outstanding |
|
14,215 |
|
|
12,009 |
|
|
12,618 |
|
|
11,986 |
|
||||
| Adjusted non-GAAP | ||||||||||||||||
| Diluted Earnings per Share | $ |
0.54 |
|
$ |
0.80 |
|
$ |
3.21 |
|
$ |
3.50 |
|
||||
| (1) For the twelve months ended |
||||||||
| (2) CEO transition items for the twelve months ended |
||||||||
| (3) For the three months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005852/en/
212-452-2793
lwilson@insitecony.com
Source:
FAQ
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