Strong Fourth Quarter Revenues of $43.1 Million Drive Full Year Revenues of $150.2 Million
Reaffirms 2017 Revenue Guidance of $170 - $200 Million and Adjusted EPS of $0.20 - $0.35
DUBLIN, Ireland, March 07, 2017 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (NASDAQ:AVDL) today announced its financial results for the fourth quarter and full year 2016.
Highlights Include:
- Total revenues for fourth quarter and full year 2016 were $43.1 million and $150.2 million, compared to $44.6 million and $173.0 million in the prior year periods.
- GAAP net income for the fourth quarter was $4.7 million, or $0.11 per diluted share, compared to GAAP net income of $73.5 million, or $1.69 per diluted share, during the same period last year. GAAP net loss for the full year 2016 was $41.3 million or $1.00 per diluted share compared to GAAP net income of $41.8 million or $0.96 per diluted share during the same period last year.
- Adjusted net income for the fourth quarter was $0.1 million, or $0.00 per diluted share, compared to an adjusted net income of $10.8 million, or $0.25 per diluted share, during the same period last year. (1)
- Cash and marketable securities at December 31, 2016 were $154.2 million, up from $149.7 million, at September 30, 2016 and $144.8 million at December 31, 2015.
Michael Anderson, Avadel's Chief Executive Officer, remarked, “We hit a number of milestones during 2016, including the approval and successful launch of our third hospital product, Akovaz®, and in particular during the fourth quarter, we reached an agreement with the FDA on our special protocol assessment for our REST-ON Phase III clinical trial, began enrollment and dosing of patients, and ended the year by redomiciling from France to Ireland and changing our company name in the process. Although it is still early in the enrollment process, REST-ON remains on track, and the successful completion of our trial continues to be a primary objective in 2017.”
Mike Kanan, Avadel's Chief Financial Officer, said, “We are pleased to report strong fourth quarter revenues, which allowed us to finish 2016 above the top end of guidance with $150.2 million in total revenues. A key contributing factor to our strong financial performance was the ability to maintain stable price and share across our branded hospital products, Bloxiverz® and Vazculep®, while successfully launching our third product Akovaz®. We estimate that we exited the quarter and year with approximately 27% of the 7.5 million vial per year ephedrine market, as was our goal. Despite the recent introduction of a second competitor, as we have demonstrated in the past with our other products, we expect to secure and retain our requisite share of the market.”
Kanan continued, “I'm also pleased to report that our cash and marketable securities increased $9.4 million to $154.2 million at December 31, 2016 from $144.8 million at December 31, 2015. We continue to focus on generating cash and have ample liquidity to execute our strategy, including completion of the REST-ON trial and investment in other growth initiatives.”
Fourth Quarter 2016 Results
