ANI Pharmaceuticals Reports Record Fourth Quarter Financial Results and Achieves Full Year 2022 Revenue Milestone; Initiates 2023 Guidance
Fourth Quarter and Full Year 2022 Financial Results
-- Q4 net revenues of
-- Q4 Adjusted non-GAAP EBITDA of
-- Q4 net revenue growth of 54.7% and record quarterly net revenues --
-- Full year 2022 net revenues of
-- Full year 2022 adjusted non-GAAP EBITDA of
-- Lead Rare Disease asset, Purified Cortrophin® Gel (Repository Corticotrophin Injection USP) 80 U/ml (Cortrophin) full-year 2022 net sales of
Full Year 2023 Guidance
-- Initiates total Company net revenue guidance of
-- Initiates Purified Cortrophin Gel Revenue Guidance at
Company Highlights
-- Continued strength of Cortrophin Gel launch, with more than 1,120 cases initiated by more than 510 unique prescribers; ACTH market showing year-on-year growth for eight consecutive months according to IQVIA --
-- Launched several limited-competition new generics; retained top 10 ranking for new ANDA approvals and second ranking for Competitive Generic Therapy approvals --
-- Consolidation of manufacturing network on track with manufacturing operations concluded at
“2022 was a transformative year for ANI, taking us past critical inflection points for our two key growth drivers – the launch of Cortrophin Gel, our foundational Rare Disease asset, and investment in our generics business. Over the course of the past year, we built a strong Rare Disease platform to support Cortrophin Gel, which also creates the opportunity to acquire or partner on additional rare disease assets that can leverage this foundation. In addition, our continued focus on bringing limited-competition products to market, driving cost competitiveness and providing supply reliability has helped us absorb the generic product erosion and deliver results,” stated
“ANI’s full-year 2022 revenues of
Fourth Quarter 2022 Financial Highlights:
-
Net revenues were
$94.2 million compared to$60.9 million in Q4 2021. -
GAAP net loss available to common shareholders was
($4.7) million , and diluted GAAP loss per share was ($0.28 ). -
Adjusted non-GAAP EBITDA was
$23.3 million compared to$7.2 million in Q4 2021. -
Adjusted non-GAAP diluted earnings per share was
$0.76 , compared to diluted earnings per share of$0.06 in Q4 2021. -
Cash and cash equivalents were
$48.2 million , net accounts receivable was$165.4 million , and face value of debt was$297.0 million as ofDecember 31, 2022 .
Full Year 2022 Financial Highlights:
-
Net revenues for 2022 were
$316.4 million compared to$216.1 million in 2021. -
GAAP net loss available to common shareholders was
($49.5) million , and diluted GAAP loss per share was ($3.05 ). -
Adjusted non-GAAP EBITDA was
$55.9 million . -
Adjusted non-GAAP diluted earnings per share was
$1.36 .
Fourth Quarter and Recent Business Highlights:
Rare Disease Business Update
Revenues for Cortrophin Gel totaled
The Company persists in its efforts with the PBMs and payers across commercial, Medicaid and Medicare to expand market access for Cortrophin Gel for patients in need. The Company is initiating 2023 revenue guidance for Purified Cortrophin Gel of
Rare Disease is a critical focus area for achieving future growth, and the Company is actively exploring assets to acquire or partner on to leverage its Rare Disease platform.
Generics Business Update
Sales of generic pharmaceuticals products grew 39.4% year-over-year in the fourth quarter. The continued focus on bringing limited-competition products to market and driving cost competitiveness enabled the Company to absorb some of the generic product line erosion. Today, ANI retains a top ten ranking for new ANDA approvals and a number two ranking for Competitive Generic Therapy Approvals. In 2022, ANI filed 12 ANDAs, and in the fourth quarter, launched multiple products, including Trimethoprim Tablets USP, 100 mg, Fluoxetine Oral Solution, USP 20 mg/5 mL, and Levocarnitine Tablets USP, 330 mg.
The Company is also taking important steps in the area of cost excellence. Consolidation of the Company’s manufacturing network is on track. Manufacturing operations ceased at the
ANI is committed to delivering high-quality medicines to customers and patients in
Fourth Quarter 2022 Financial Results
|
Three Months Ended |
||||||||||||||
| (in thousands) |
2022 |
2021 |
Change |
% Change |
||||||||||
| Generics, Established Brands, and Other Segment | ||||||||||||||
| Generic pharmaceutical products | $ |
58,014 |
$ |
41,619 |
$ |
16,395 |
|
39.4 |
|
% |
||||
| Established brand pharmaceutical products |
12,732 |
14,693 |
(1,961 |
) |
(13.3 |
) |
% |
|||||||
| Contract manufacturing |
4,034 |
2,765 |
1,269 |
|
45.9 |
|
% |
|||||||
| Royalty and other |
1,862 |
1,852 |
10 |
|
0.5 |
|
% |
|||||||
| Generics, established brands, and other segment total net revenues | $ |
76,642 |
$ |
60,929 |
$ |
15,713 |
|
25.8 |
|
% |
||||
| Rare Disease Segment | ||||||||||||||
| Rare disease pharmaceutical products | $ |
17,590 |
$ |
— |
$ |
17,590 |
|
NM |
|
(1) |
||||
| Total net revenues | $ |
94,232 |
$ |
60,929 |
$ |
33,303 |
|
54.7 |
|
% |
||||
| (1) Not Meaningful | ||||||||||||||
Net revenues for generic pharmaceutical products were
Net revenues for established brand pharmaceutical products were
Contract manufacturing revenues were
Net revenues of rare disease pharmaceutical products, which consist entirely of sales of Cortrophin, were
Operating expenses increased by 9.2% to
Cost of sales, excluding depreciation and amortization, increased by
Research and development expenses were
Selling, general and administrative expenses increased by 8.1% to
Depreciation and amortization increased by 5.8% in the fourth quarter of 2022 to
Net loss available to common shareholders for the fourth quarter of 2022 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
2023 Financial Guidance
-
- Cortrophin specific revenue guidance between
-
- Total Company Adjusted non-GAAP EBITDA between
- Adjusted non-GAAP Diluted Earnings per Share between
In addition, we currently anticipate between 16.8 million and 17.1 million shares outstanding and an effective tax rate of approximately 24% prior to any federal tax reform.
Conference Call
As previously announced, ANI management will host its fourth quarter 2022 conference call as follows:
|
Date |
|
|
|||
|
Time |
|
|
|||
|
Toll free ( |
|
800-343-5172 |
|||
|
Global |
|
203-518-9851 |
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 800-934-8367 and entering access code 2895031.
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. Beginning in the fourth quarter of 2022, ANI no longer excludes expense for
Adjusted non-GAAP EBITDA is defined as net (loss)/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, Novitium transaction expenses, 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 2023 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 (Loss)/Income
ANI’s management considers adjusted non-GAAP net (loss)/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, Novitium transaction expenses, 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 (loss)/income when analyzing Company performance.
Adjusted non-GAAP net (loss)/income is defined as net (loss)/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, 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 (loss)/income should be considered in addition to, but not in lieu of, net (loss)/income reported under GAAP. A reconciliation of adjusted non-GAAP net (loss)/income to the most directly comparable GAAP financial measure is provided below.
Adjusted non-GAAP Diluted (Loss)/Earnings per Share
ANI’s management considers adjusted non-GAAP diluted (loss)/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, Novitium transaction expenses, 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 (loss)/earnings per share when analyzing Company performance.
Adjusted non-GAAP diluted (loss)/earnings per share is defined as adjusted non-GAAP net (loss)/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 (loss)/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 (loss)/earnings per share to the most directly comparable GAAP financial measure is provided below.
ANI is not providing a reconciliation for the forward-looking full year 2023 adjusted diluted earnings per share 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.
About ANI
Forward-Looking Statements
To the extent any statements made in this release deal with 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, those relating to the commercialization and potential sales of the product and any additional product launches from the Company’s generic pipeline, 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: risks that we may face with respect to importing raw materials and delays in delivery of raw materials and other ingredients and supplies necessary for the manufacture of our products from both domestic and overseas sources due to supply chain disruptions or for any other reason; delays or failure in obtaining and maintaining approvals by the FDA of the products we sell; changes in policy or actions that may be taken by the FDA and other regulatory agencies, including drug recalls; the ability of our manufacturing partners to meet our product demands and timelines; our dependence on single source suppliers of ingredients due to the time and cost to validate a second source of supply; acceptance of our products at levels that will allow us to achieve profitability; our ability to develop, license or acquire, and commercialize new products; the level of competition we face and the legal, regulatory and/or legislative strategies employed by our competitors to prevent or delay competition from generic alternatives to branded products; our ability to protect our intellectual property rights; the impact of legislative or regulatory reform on the pricing for pharmaceutical products; the impact of any litigation to which we are, or may become, a party; our ability, and that of our suppliers, development partners, and manufacturing partners, to comply with laws, regulations and standards that govern or affect the pharmaceutical and biotechnology industries; our ability to maintain the services of our key executives and other personnel; whether we experience disruptions to our operations resulting from the anticipated closure of our
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
FINANCIAL TABLES FOLLOW
| Table 1: US GAAP Statement of Operations | ||||||||||||||||
| (unaudited, in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Net Revenues |
$ |
94,232 |
|
$ |
60,929 |
|
$ |
316,385 |
|
$ |
216,136 |
|
||||
| Operating Expenses: | ||||||||||||||||
| Cost of sales (excl. depreciation | ||||||||||||||||
| and amortization) |
|
36,326 |
|
|
33,898 |
|
|
138,785 |
|
|
100,610 |
|
||||
| Research and development |
|
5,222 |
|
|
3,140 |
|
|
22,318 |
|
|
11,369 |
|
||||
| Selling, general, and administrative |
|
33,188 |
|
|
30,706 |
|
|
124,044 |
|
|
84,294 |
|
||||
| Depreciation and amortization |
|
14,484 |
|
|
13,684 |
|
|
56,972 |
|
|
47,252 |
|
||||
| Contingent consideration fair value adjustment |
|
1,624 |
|
|
500 |
|
|
3,758 |
|
|
500 |
|
||||
| Legal settlement expense |
|
- |
|
|
350 |
|
|
- |
|
|
8,750 |
|
||||
| Purified Cortrophin Gel pre-launch charges |
|
- |
|
|
- |
|
|
- |
|
|
780 |
|
||||
| Restructuring activities |
|
1,568 |
|
|
- |
|
|
5,679 |
|
|
- |
|
||||
| Intangible asset impairment charge |
|
- |
|
|
2,374 |
|
|
112 |
|
|
2,374 |
|
||||
| Total Operating Expenses |
|
92,412 |
|
|
84,652 |
|
|
351,668 |
|
|
255,929 |
|
||||
| Operating Income/(Loss) |
|
1,820 |
|
|
(23,723 |
) |
|
(35,283 |
) |
|
(39,793 |
) |
||||
| Other Expense, net | ||||||||||||||||
| Interest expense, net |
|
(7,506 |
) |
|
(4,440 |
) |
|
(28,052 |
) |
|
(11,922 |
) |
||||
| Other (expense)/income, net |
|
(42 |
) |
|
(2,690 |
) |
|
670 |
|
|
(4,343 |
) |
||||
| Loss Before Benefit for Income Taxes |
|
(5,728 |
) |
|
(30,853 |
) |
|
(62,665 |
) |
|
(56,058 |
) |
||||
| Benefit for income taxes |
|
1,485 |
|
|
6,717 |
|
|
14,769 |
|
|
13,455 |
|
||||
| Net Loss |
$ |
(4,243 |
) |
$ |
(24,136 |
) |
$ |
(47,896 |
) |
$ |
(42,603 |
) |
||||
| Dividends on Series A Convertible Preferred Stock |
|
(407 |
) |
|
(190 |
) |
|
(1,625 |
) |
|
(190 |
) |
||||
| Net Loss Available to Common Shareholders |
$ |
(4,650 |
) |
$ |
(24,326 |
) |
$ |
(49,521 |
) |
$ |
(42,793 |
) |
||||
| Basic and Diluted Loss Per Share: | ||||||||||||||||
| Basic Loss Per Share |
$ |
(0.28 |
) |
$ |
(1.72 |
) |
$ |
(3.05 |
) |
$ |
(3.40 |
) |
||||
| Diluted Loss Per Share |
$ |
(0.28 |
) |
$ |
(1.72 |
) |
$ |
(3.05 |
) |
$ |
(3.40 |
) |
||||
| Basic Weighted-Average Shares Outstanding |
|
16,325 |
|
|
14,169 |
|
|
16,260 |
|
|
12,596 |
|
||||
| Diluted Weighted-Average Shares Outstanding |
|
16,325 |
|
|
14,169 |
|
|
16,260 |
|
|
12,596 |
|
||||
| Table 2: US GAAP Balance Sheets | ||||||||||
| (unaudited, in thousands) | ||||||||||
2022 |
2021 |
|||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents |
$ |
48,228 |
|
$ |
100,300 |
|
||||
| Current restricted cash |
|
5,006 |
|
|
- |
|
||||
| Accounts receivable, net |
|
165,438 |
|
|
128,526 |
|
||||
| Inventories, net |
|
105,355 |
|
|
81,693 |
|
||||
| Prepaid income taxes |
|
3,827 |
|
|
3,667 |
|
||||
| Assets held for sale |
|
8,020 |
|
|
- |
|
||||
| Prepaid expenses and other current assets |
|
8,387 |
|
|
7,589 |
|
||||
| Total Current Assets |
|
344,261 |
|
|
321,775 |
|
||||
| Non-current Assets | ||||||||||
| Property and equipment |
|
75,958 |
|
|
75,627 |
|
||||
| Accumulated depreciation |
|
(32,712 |
) |
|
(22,956 |
) |
||||
| Property and equipment, net |
|
43,246 |
|
|
52,671 |
|
||||
| Non-current restricted cash |
|
- |
|
|
5,001 |
|
||||
| Deferred tax assets, net of deferred tax liabilities and valuation allowance |
|
81,363 |
|
|
67,936 |
|
||||
| Intangible assets, net |
|
251,635 |
|
|
294,122 |
|
||||
|
|
28,221 |
|
|
27,888 |
|
|||||
| Derivatives and other non-current assets |
|
11,361 |
|
|
2,205 |
|
||||
| Total Assets |
$ |
760,087 |
|
$ |
771,598 |
|
||||
| Current Liabilities | ||||||||||
| Current debt, net of deferred financing costs |
$ |
850 |
|
$ |
850 |
|
||||
| Accounts payable |
|
29,305 |
|
|
22,967 |
|
||||
| Accrued royalties |
|
9,307 |
|
|
6,225 |
|
||||
| Accrued compensation and related expenses |
|
10,312 |
|
|
8,522 |
|
||||
| Accrued government rebates |
|
10,872 |
|
|
5,492 |
|
||||
| Returned goods reserve |
|
33,399 |
|
|
35,831 |
|
||||
| Accrued expenses and other |
|
5,394 |
|
|
7,650 |
|
||||
| Total Current Liabilities |
|
99,439 |
|
|
87,537 |
|
||||
| Non-current Liabilities | ||||||||||
| Non-current debt, net of deferred financing costs and current component |
|
285,669 |
|
|
286,520 |
|
||||
| Non-current contingent consideration |
|
35,058 |
|
|
31,000 |
|
||||
| Derivatives and other non-current liabilities |
|
1,381 |
|
|
7,801 |
|
||||
| Total Liabilities |
$ |
421,547 |
|
$ |
412,858 |
|
||||
| Mezzanine Equity | ||||||||||
| Convertible preferred stock, Series A |
|
24,850 |
|
|
24,850 |
|
||||
| Stockholders' Equity | ||||||||||
| Common stock |
|
1 |
|
|
1 |
|
||||
|
|
(5,094 |
) |
|
(3,135 |
) |
|||||
| Additional paid-in capital |
|
403,901 |
|
|
387,844 |
|
||||
| Accumulated deficit |
|
(97,286 |
) |
|
(47,765 |
) |
||||
| Accumulated other comprehensive income/(loss), net of tax |
|
12,168 |
|
|
(3,055 |
) |
||||
| Total Stockholders' Equity |
|
313,690 |
|
|
333,890 |
|
||||
| Total Liabilities, Mezzanine Equity, and Stockholders' Equity |
$ |
760,087 |
|
$ |
771,598 |
|
||||
| Table 3: Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP Reconciliation | ||||||||||||||||||||||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||||||||||||||||||||||
| Reconciliation of certain adjusted non-GAAP accounts: | ||||||||||||||||||||||||||||||||||||
| Net Revenues | 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 |
Three Months Ended |
Three Months Ended |
||||||||||||||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||||
| Net Loss |
$ |
(4,243 |
) |
$ |
(24,136 |
) |
As reported: |
$ |
94,232 |
|
$ |
60,929 |
$ |
36,326 |
|
$ |
33,898 |
|
$ |
33,188 |
|
$ |
30,706 |
|
$ |
5,222 |
|
$ |
3,140 |
|
||||||
| Add/(Subtract): | ||||||||||||||||||||||||||||||||||||
| Interest expense, net |
|
7,506 |
|
|
4,440 |
|
||||||||||||||||||||||||||||||
| Other expense, net |
|
42 |
|
|
3,390 |
|
||||||||||||||||||||||||||||||
| Benefit for income taxes |
|
(1,485 |
) |
|
(6,717 |
) |
||||||||||||||||||||||||||||||
| Depreciation and amortization |
|
14,484 |
|
|
13,684 |
|
||||||||||||||||||||||||||||||
| Legal settlement expense |
|
- |
|
|
350 |
|
||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment |
|
1,624 |
|
|
500 |
|
||||||||||||||||||||||||||||||
| Restructuring activities |
|
1,568 |
|
|
- |
|
||||||||||||||||||||||||||||||
| Impact of |
|
79 |
|
|
- |
|
Impact of |
|
(1,227 |
) |
|
- |
|
(474 |
) |
|
- |
|
|
(776 |
) |
|
- |
|
|
(56 |
) |
|
- |
|
||||||
| Stock-based compensation |
|
3,737 |
|
|
2,968 |
|
Stock-based compensation |
|
- |
|
|
- |
|
(104 |
) |
|
(5 |
) |
|
(3,444 |
) |
|
(2,822 |
) |
|
(189 |
) |
|
(141 |
) |
||||||
| Asset impairments(3) |
|
- |
|
|
2,737 |
|
Asset impairments(3) |
|
- |
|
|
- |
|
- |
|
|
(363 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Excess of fair value over cost of acquired inventory |
|
48 |
|
|
3,743 |
|
Excess of fair value over cost of acquired inventory |
|
- |
|
|
- |
|
(48 |
) |
|
(3,743 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Novitium transaction expenses |
|
(31 |
) |
|
4,319 |
|
Novitium transaction expenses |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
31 |
|
|
(4,319 |
) |
|
- |
|
|
- |
|
||||||
| Royalty settlement |
|
- |
|
|
1,934 |
|
Royalty settlement |
|
- |
|
|
- |
|
- |
|
|
(1,934 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Adjusted non-GAAP EBITDA (4) |
$ |
23,329 |
|
$ |
7,212 |
|
As adjusted: |
$ |
93,005 |
|
$ |
60,929 |
$ |
35,700 |
|
$ |
27,853 |
|
$ |
28,999 |
|
$ |
23,565 |
|
$ |
4,977 |
|
$ |
2,999 |
|
||||||
| Reconciliation of certain adjusted non-GAAP accounts: | ||||||||||||||||||||||||||||||||||||
| Net Revenues | Cost of sales (excl. depreciation and amortization) |
Selling, general, and administrative expenses |
Research and development expenses |
|||||||||||||||||||||||||||||||||
| Twelve Months Ended |
Twelve Months Ended |
Twelve Months Ended |
Twelve Months Ended |
Twelve Months Ended |
||||||||||||||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||||
| Net Loss |
$ |
(47,896 |
) |
$ |
(42,603 |
) |
As reported: |
$ |
316,385 |
|
$ |
216,136 |
$ |
138,785 |
|
$ |
100,610 |
|
$ |
124,044 |
|
$ |
84,294 |
|
$ |
22,318 |
|
$ |
11,369 |
|
||||||
| Add/(Subtract): | ||||||||||||||||||||||||||||||||||||
| Interest expense, net |
|
28,052 |
|
|
11,922 |
|
||||||||||||||||||||||||||||||
| Other expense, net(1) |
|
80 |
|
|
6,243 |
|
||||||||||||||||||||||||||||||
| Benefit for income taxes |
|
(14,769 |
) |
|
(13,455 |
) |
||||||||||||||||||||||||||||||
| Depreciation and amortization |
|
56,972 |
|
|
47,252 |
|
||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment |
|
3,758 |
|
|
500 |
|
||||||||||||||||||||||||||||||
| Legal settlement expense |
|
- |
|
|
8,750 |
|
||||||||||||||||||||||||||||||
| Intangible asset impairment charge |
|
112 |
|
|
- |
|
||||||||||||||||||||||||||||||
| Restructuring activities |
|
5,679 |
|
|
- |
|
||||||||||||||||||||||||||||||
| Impact of |
|
2,740 |
|
|
- |
|
Impact of |
|
(3,241 |
) |
|
- |
|
(2,404 |
) |
|
- |
|
|
(3,374 |
) |
|
- |
|
|
(203 |
) |
|
- |
|
||||||
| Stock-based compensation |
|
14,599 |
|
|
10,489 |
|
Stock-based compensation |
|
- |
|
|
- |
|
(546 |
) |
|
(20 |
) |
|
(13,302 |
) |
|
(9,905 |
) |
|
(751 |
) |
|
(564 |
) |
||||||
| Asset impairments(3) |
|
- |
|
|
2,737 |
|
Asset impairments(3) |
|
- |
|
|
- |
|
- |
|
|
(363 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Excess of fair value over cost of acquired inventory |
|
5,294 |
|
|
7,460 |
|
Excess of fair value over cost of acquired inventory |
|
- |
|
|
- |
|
(5,294 |
) |
|
(7,460 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Novitium transaction expenses |
|
1,244 |
|
|
9,382 |
|
Novitium transaction expenses |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(1,244 |
) |
|
(9,382 |
) |
|
- |
|
|
- |
|
||||||
| Royalty settlement |
|
- |
|
|
1,934 |
|
Royalty settlement |
|
- |
|
|
- |
|
- |
|
|
(1,934 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Adjusted non-GAAP EBITDA (4) |
$ |
55,865 |
|
$ |
50,611 |
|
As adjusted: |
$ |
313,144 |
|
$ |
216,136 |
$ |
130,541 |
|
$ |
90,833 |
|
$ |
106,124 |
|
$ |
65,007 |
|
$ |
21,364 |
|
$ |
10,805 |
|
||||||
| (1) Adjustment to other expense, net excludes |
||||||||||||||||||||||||||||||||||||
| (2) Impact of |
||||||||||||||||||||||||||||||||||||
| (3) For the three and twelve months ended |
||||||||||||||||||||||||||||||||||||
| (4) Beginning in the fourth quarter of 2022, ANI will no longer exclude expenses for - For the twelve month period ended - For the three month period ended - For the twelve month period 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 |
Twelve Months Ended |
|||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
| Net Loss Available to Common Shareholders |
$ |
(4,650 |
) |
$ |
(24,136 |
) |
$ |
(49,521 |
) |
$ |
(42,603 |
) |
||||
| Add/(Subtract): | ||||||||||||||||
|
Non-cash interest expense |
|
982 |
|
|
771 |
|
|
3,865 |
|
|
2,415 |
|
||||
|
Depreciation and amortization expense |
|
14,484 |
|
|
13,684 |
|
|
56,972 |
|
|
47,252 |
|
||||
|
Contingent consideration fair value adjustment |
|
1,624 |
|
|
500 |
|
|
3,758 |
|
|
500 |
|
||||
|
Restructuring activities |
|
1,568 |
|
|
- |
|
|
5,679 |
|
|
- |
|
||||
|
Legal settlement expense |
|
- |
|
|
350 |
|
|
- |
|
|
8,750 |
|
||||
|
Intangible asset impairment charge |
|
- |
|
|
- |
|
|
112 |
|
|
- |
|
||||
|
Impact of |
|
79 |
|
|
- |
|
|
2,740 |
|
|
- |
|
||||
|
Asset impairments(2) |
|
- |
|
|
2,737 |
|
|
- |
|
|
2,737 |
|
||||
|
Stock-based compensation |
|
3,737 |
|
|
2,968 |
|
|
14,599 |
|
|
10,489 |
|
||||
|
Excess of fair value over cost of acquired inventory |
|
48 |
|
|
3,743 |
|
|
5,294 |
|
|
7,460 |
|
||||
|
Credit facility ticking fee expense |
|
- |
|
|
1,781 |
|
|
- |
|
|
4,216 |
|
||||
|
Novitium transaction expenses |
|
(31 |
) |
|
4,319 |
|
|
1,244 |
|
|
9,382 |
|||||
|
Royalty settlement |
|
- |
|
|
1,934 |
|
|
- |
|
|
1,934 |
|
||||
| Less: | ||||||||||||||||
| Estimated tax impact of adjustments (calc. at 24%) |
|
(5,398 |
) |
|
(7,869 |
) |
|
(22,623 |
) |
|
(22,832 |
) |
||||
| Adjusted non-GAAP Net Income Available to Common Shareholders (3) |
$ |
12,443 |
|
$ |
782 |
|
$ |
22,119 |
|
$ |
29,700 |
|
||||
| Diluted Weighted-Average | ||||||||||||||||
| Shares Outstanding |
|
16,325 |
|
|
14,169 |
|
|
16,260 |
|
|
12,596 |
|
||||
| Adjusted Diluted Weighted-Average | ||||||||||||||||
| Shares Outstanding |
|
16,357 |
|
|
14,215 |
|
|
16,282 |
|
|
12,618 |
|
||||
| Adjusted non-GAAP | ||||||||||||||||
| Diluted Earnings per Share |
$ |
0.76 |
|
$ |
0.06 |
|
$ |
1.36 |
|
$ |
2.35 |
|
||||
| (1) Impact of |
||||||||||||||||
| (2) For the three and twelve months ended |
||||||||||||||||
| (3) Beginning in the fourth quarter of 2022, ANI will no longer exclude expenses for - For the period ended - For the three month period ended - For the period ended |
||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230307005990/en/
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