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Recro Pharma reported revenues of $16.8 million for Q1 2021, a 70% increase year-over-year, despite a decline compared to Q4 2020. The company signed multiple new business agreements and made significant operational enhancements. Notably, they expect cash savings of $6 million annually from credit facility amendments. Although Recro recorded a net loss of $6.8 million for the quarter, guidance for 2021 forecasts revenues between $68 to $72 million and an adjusted EBITDA of $15 to $17 million.
Recro Pharma (REPH) will release its Q1 2021 financial results on May 6, 2021, after market close. A conference call and audio webcast will follow at 4:30 p.m. ET to discuss the results and operational updates. As a contract development and manufacturing organization, Recro specializes in oral solid dose drug products, offering services from feasibility to commercial manufacturing, with a focus on complex formulations. The company operates a 120,000 square foot facility in Gainesville, Georgia, and supports clients in pharmaceutical development.
Recro Pharma (NASDAQ: REPH) announced new agreements with existing client Ensysce Biosciences to provide early-stage development and manufacturing services for two drug programs. This expansion signifies Recro's ongoing momentum in revenue growth and customer base diversification. Ensysce's commitment to tackling the opioid crisis aligns with Recro's expertise, enhancing their collaborative efforts to deliver novel pain relief solutions.
Recro Pharma, Inc. (NASDAQ: REPH) has expanded its workforce by hiring new employees in analytical development, business development, sales, and marketing to enhance growth and diversify its customer base. To incentivize this new talent, Recro's compensation committee approved stock option grants totaling 98,843 shares, effective March 31, 2021, with a ten-year term and four-year vesting schedule. Recro operates as a contract development and manufacturing organization, specializing in oral solid dosage drug products and regulatory support, with facilities covering 120,000 square feet in Gainesville, Georgia.
Recro Pharma (NASDAQ: REPH) has expanded its business development team by adding six new members aimed at enhancing sales and marketing capabilities. This strategic move is designed to diversify Recro's customer base and drive sustainable growth. The company's current team now comprises 11 experienced professionals, leading to notable growth in customer onboarding and the expansion of existing contracts during Q1 2021. The company is committed to building momentum in the clinical trial services sector while addressing complex manufacturing challenges in the pharmaceutical market.
Recro Pharma (NASD: REPH) announced its CEO David Enloe will present at the H.C. Wainwright Global Life Science Conference on March 9-10, 2021. The event will be held virtually, allowing Recro to showcase its capabilities as a contract development and manufacturing organization (CDMO). Recro specializes in addressing complex formulation challenges in the pharmaceutical industry, with facilities located in Gainesville, Georgia, totaling 120,000 square feet.
Recro Pharma (NASDAQ: REPH) reported a significant revenue decline for 2020, totaling $66.5 million, down from $99.2 million in 2019. This decrease was largely attributed to competitive pressures and the impact of the COVID-19 pandemic on prescription volumes. The company is implementing a four-pronged growth strategy focusing on customer base expansion, strengthening its balance sheet, augmenting leadership, and enhancing facilities. Despite challenges, Recro anticipates Q1 2021 revenues to rise by 65-70% compared to Q4 2020. The company reported a net loss of $27.5 million or $1.16 per diluted share.
Recro Pharma (REPH) has rescheduled its Q4 2020 earnings release to February 26, 2021, before the market opens. The company will hold a conference call at 8:00 a.m. ET on the same day to discuss the financial results and operational highlights. Recro operates as a contract development and manufacturing organization (CDMO) specializing in oral solid dosage forms and offers services from development to commercial manufacturing. The company operates facilities totaling 120,000 sq. ft. in Gainesville, Georgia.
Recro Pharma (NASDAQ: REPH) announced a significant reduction in its credit facility debt from $116 million to $100 million, alongside a 1.5% decrease in the interest rate. With no additional principal amortization required until March 2023, Recro has successfully de-leveraged a total of $25 million in the past four months. The amendment, signed with Athyrium Capital Management, enhances the company’s financial position, supporting its strategy for growth in the CDMO market. Recent investments reflect confidence in Recro's leadership and potential for advancement.
Recro Pharma (REPH) will release its Q4 and year-end 2020 financial results on February 26, 2021, after market close. The management team will host a conference call and webcast at 4:30 p.m. ET the same day to discuss the results and operational highlights. Recro specializes in contract development and manufacturing solutions, offering services from early feasibility to commercial manufacturing for oral solid dosage forms. The interview will provide insight into the company's performance and future outlook.
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