BAUDETTE, Minn., Aug. 4, 2016 /PRNewswire/ -- ANI Pharmaceuticals, Inc. ("ANI") (NASDAQ: ANIP) today reported financial results for the three and six months ended June 30, 2016, and increased its financial guidance for 2016. The Company will host its earnings conference call this morning, August 4, 2016, at 10:30 AM ET. Investors and other interested parties can join the call by dialing (866) 776-8875. The conference ID is 47510730.
Financial Summary | ||||||||
(in thousands, except per share data) | Q2 2016 | Q2 2015 | YTD 2016 | YTD 2015 | ||||
Net revenues | $31,337 | $19,516 | $51,892 | $38,315 | ||||
Net income | $ 1,125 | $ 3,571 | $ 2,471 | $ 7,940 | ||||
GAAP earnings per diluted share | $ 0.10 | $ 0.31 | $ 0.21 | $ 0.68 | ||||
Adjusted non-GAAP EBITDA(a) | $15,445 | $10,858 | $26,825 | $22,320 | ||||
Adjusted non-GAAP net income per diluted share(b) | $ 1.11 | $ 0.68 | $ 1.87 | $ 1.40 | ||||
(a) | See Table 2 for US GAAP reconciliation. |
(b) | See Table 3 for US GAAP reconciliation. |
Arthur S. Przybyl, President and CEO, stated,
"ANI had a record second quarter, with revenues, adjusted non-GAAP EBITDA, and adjusted non-GAAP net income per diluted share increasing 61%, 42%, and 63%, respectively, as a result of seven product launches.
In July, we received FDA approval for and immediately launched our generic anti-cancer product, Nilutamide. We look forward to launching our anti-infective product in the third quarter and continue to guide to approximately $20 million of combined annualized EBITDA from these two important products."
ANI Increases Full Year 2016 Guidance
ANI's estimates are based on projected results for the twelve months ending December 31, 2016 and reflect management's current beliefs about product pricing, prescription trends, inventory levels, cost of sales, operating costs, and the anticipated timing of future product launches and events.
- Net revenues for 2016 to be between $119 million and $134 million.
- Reported (US GAAP) diluted EPS to be between $0.60 and $0.85, assuming 11,514 thousand weighted average shares outstanding.
- Adjusted non-GAAP EBITDA to be between $58 million and $66 million.
- Adjusted non-GAAP net income per diluted share to be between $4.00 and $4.25.
Second Quarter Results | ||||||||||||
Net Revenues (in thousands) | Three Months Ended | |||||||||||
2016 | 2015 | Change | % Change | |||||||||
Generic pharmaceutical products | $ | 22,463 | $ | 13,764 | $ | 8,669 | 63% | |||||
Branded pharmaceutical products | 7,488 | 2,136 | 5,352 | 251% | ||||||||
Contract manufacturing | 1,166 | 1,091 | 75 | 7% | ||||||||
Contract services and other income | 220 | 2,525 | (2,305) | (91)% | ||||||||
Total net revenues | $ | 31,337 | $ | 19,516 | $ | 11,821 | 61% | |||||
For the three months ended June 30, 2016, ANI reported net revenues of $31.3 million, an increase of 61% from $19.5 million in the prior year period, due to the following factors:
- Revenues from sales of generic pharmaceuticals increased 63%, to $22.5 million from $13.8 million in the prior period, primarily due to sales of Propranolol ER and other products launched in Q2 2016, as well as sales of Vancomycin, which was launched in the ANI label in Q4 2015.
- Revenues from sales of branded pharmaceuticals increased 251%, to $7.5 million from $2.1 million in the prior period, primarily due to sales of Inderal® LA, which was launched in Q2 2016.
- Contract manufacturing revenue increased by 7% to $1.2 million from $1.1 million in the prior year period, primarily as a result of the timing of customer orders.
- Contract services and other income decreased by 91%, to $0.2 million from $2.5 million, primarily because sales of Vancomycin in the ANI label have replaced the royalties received on the product previously.
Operating expenses increased to $26.1 million for the three months ended June 30, 2016, from $11.1 million in the prior year period.
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