News Column

ANI Reports Second Quarter 2014 Financial Results and Year-To-Date Highlights

August 18, 2014



By a News Reporter-Staff News Editor at Pharma Business Week -- ANI Pharmaceuticals, Inc. ("ANI") (NASDAQ: ANIP) reported financial results for the three and six months ended June 30, 2014 and provided revenue and adjusted non-GAAP earnings guidance for the second half of 2014 (see also ANI Pharmaceuticals, Inc.).

Second quarter net revenues were $6.6 million, an increase of 8% as compared to $6.2 million for the same period in 2013. Total revenues, adjusted non-GAAP EBITDA, and net income for the quarter include $3.9 million in charges, which were a direct result of the price increase for ANI's Esterified Estrogen with Methyltestosterone ("EEMT") product. These charges reduced net revenues, adjusted non-GAAP EBITDA, and net income on a dollar-for-dollar basis for the quarter. Second quarter adjusted non-GAAP EBITDA was $0.2 million, a decrease of 81% as compared to $1.2 million in the same period in 2013. ANI's net loss of $2.4 million also reflected a catch-up charge of $1.3 million in non-cash stock-based compensation, which was recognized upon shareholder approval of an increase in shares available for issuance under ANI's stock compensation plan. Total non-cash stock compensation expense for the quarter was $2.0 million, including the $1.3 million catch-up charge. Non-cash stock compensation expense is expected to be approximately $0.7 million per quarter for the remainder of 2014.

ANI's Guidance for the Second Half of 2014

ANI's guidance for the second half of 2014 is based on management's current estimates of the Company's market share for its products, product pricing, cost of sales, and operating costs.

-- Net revenues estimated to be between $28 million and $30 million.

-- Adjusted non-GAAP earnings per share, excluding non-cash stock

compensation expense, estimated to be between $0.90 and $1.00 per share,

assuming 11,312,582 shares outstanding.

-- Adjusted non-GAAP EBITDA, excluding non-cash stock compensation expense,

estimated to be between $14 million and $15 million.

-- An estimated effective tax rate for the second half of 15%.

This guidance includes the benefits from the Lithobid() and Vancocin() products acquired in July and August 2014, respectively. Additional product launches during the second half of 2014 would be incremental to the guidance above.

Keywords for this news article include: ANI Pharmaceuticals Inc., Investment and Finance.

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Source: Pharma Business Week


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