Third Quarter 2023 Financial Results
-- Record quarterly net revenues of
-- Record quarterly adjusted non-GAAP EBITDA of
-- Lead Rare Disease asset, Purified Cortrophin® Gel (Repository Corticotrophin Injection USP) 80 U/ml (Cortrophin Gel) reported net sales of
-- Generics, Established Brands and Other reported net sales of
Full Year 2023 Guidance
-- Company raises guidance: net revenue to
-- Company is raising Cortrophin Gel specific revenue guidance to
-- Mid-point of revised total Company guidance represents year-over-year growth in net revenues of 49.5%, adjusted non-GAAP EBITDA of 133.6%, and adjusted non-GAAP earnings per diluted share of 225.7% --
Company Highlights
-- Continued strong momentum for Cortrophin Gel; record number of new patient starts and new cases initiated in the third quarter of 2023; ACTH market posted six consecutive quarters of year-over-year growth according to
-- Continued increase in new unique prescribers, including growth with prescribers who are naive to ACTH therapy; ongoing strength in targeted specialties of neurology, nephrology, rheumatology and continued gains in pulmonology --
-- Announced FDA approval and commercial availability of new 1-mL vial size of Cortrophin Gel, the only approved purified corticotrophin indicated for the treatment of acute gouty arthritis flares; received specific J-Code to support physician administration of 1 ml vial --
-- Company’s Generics and Established Brands businesses continued to respond to pharmaceutical shortages arising from supply-chain disruptions by leveraging the Company’s operational excellence and
-- Company’s strong R&D organization delivered five new product launches and filed three new ANDAs and two new 505(b)(2) applications in the quarter; retained number two ranking in Competitive Generic Therapy (CGT) approvals --
-- Generated
“Our Generics and Established Brands businesses also performed well, delivering record quarterly revenues, and we continued to leverage our operational excellence and
Third Quarter 2023 Financial Highlights:
- Net revenues were
$131.8 million compared to$83.8 million in Q3 2022. - GAAP net income available to common shareholders was
$9.5 million , and diluted GAAP income per share was$0.45 . - Adjusted non-GAAP EBITDA was
$36.5 million compared to$18.4 million in Q3 2022. - Adjusted non-GAAP diluted earnings per share was
$1.27 , compared to diluted earnings per share of$0.58 in Q3 2022. - Cash and cash equivalents were
$193.1 million with year-to-date (nine month) cash flow from operations of$74.2 million .
Third Quarter and Recent Business Highlights:
Rare Disease Business Update
Revenues for our lead asset, Cortrophin Gel, totaled
Growth continued across both the initially targeted specialties of neurology, rheumatology, and nephrology, and two new areas. The Company saw positive physician response and momentum in pulmonology, a focus area that was initiated in the second quarter of 2023. The Company also announced the FDA approval and commercial availability of a 1-mL vial size of Purified Cortrophin® Gel for adjunctive treatment of certain patients with acute gouty arthritis flares. Recently, the Company received a specific J-Code for Cortrophin to support physician administration of the 1 ml vial. The commercial launch of the 1 ml vial is supported by ANI’s existing field sales force.
The Company is raising its 2023 revenue guidance for Cortrophin Gel to
We continue to believe that Rare Disease remains ANI’s largest future growth driver, and the Company is actively exploring opportunities to acquire assets and/or establish partnerships to increase the scope and scale of its Rare Disease platform.
Generics Business, Established Brands and Other Update
Sales of generic pharmaceuticals products, established brands and other grew 43.4% year-over-year in the third quarter of 2023. We believe that the Company’s generics business is well positioned for delivering sustainable growth, driven by a strong R&D organization launching new products, cost competitiveness and supply reliability. During the quarter, ANI launched five products, including Colestipol Hydrochloride Tablets, Estradiol Gel, 0.1% and Thyroid Tablets, USP, filed five new ANDAs and two 505(b)2 applications, while maintaining its number two ranking in Competitive Generic Therapy approvals.
ANI continued to leverage its operational excellence and
Third Quarter 2023 Financial Results
Three Months Ended | ||||||||||||
(in thousands) | 2023 | 2022 | Change | % Change | ||||||||
Generics, Established Brands, and Other Segment | ||||||||||||
Generic pharmaceutical products | $ | 70,593 | $ | 53,136 | $ | 17,457 | 32.9 | % | ||||
Established brand pharmaceutical products, royalties, and other pharmaceutical services | 31,502 | 18,083 | 13,419 | 74.2 | % | |||||||
Generics, established brands, and other segment total net revenues | $ | 102,095 | $ | 71,219 | $ | 30,876 | 43.4 | % | ||||
Rare Disease Segment | ||||||||||||
Rare disease pharmaceutical products | 29,734 | 12,602 | 17,132 | 135.9 | % | |||||||
Total net revenues | $ | 131,829 | $ | 83,821 | $ | 48,008 | 57.3 | % |
Net revenues for generic pharmaceutical products were
Net revenues for established brand pharmaceutical products, royalties, and other pharmaceutical services were
Net revenues of Rare Disease pharmaceutical products, which consist entirely of sales of Cortrophin Gel, were
Operating expenses increased by 28.2% to
For the three months ended
Research and development expenses increased from
Selling, general, and administrative expenses increased from
Depreciation and amortization expense was
We recognized a gain of
The Company recognized restructuring activities of
Net income available to common shareholders for the third quarter of 2023 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 Upward Revisions
Revised Full Year 2023 Guidance | Prior Full Year 2023 Guidance | Prior Year Actual | Growth | ||||
Net Revenue (total Company) | 47.9% - 51.1% | ||||||
Cortrophin Gel Net Revenue | 139.9% - 156.7% | ||||||
Adj. Non-GAAP Gross Margin | 63.0% to 63.8% | 63% to 64.8% | 58.3% | 4.7 pts to 5.5 pts | |||
Adjusted Non-GAAP EBITDA | 129.1% - 138.1% | ||||||
Adjusted Non-GAAP Diluted EPS | 215.4% - 236.0% |
In addition, ANI currently anticipates between 19.2 million and 19.3 million shares outstanding for purpose of calculating EPS and a
Conference Call
As previously announced, ANI management will host its third quarter 2023 conference call as follows:
Date
Time
Toll free (
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 two weeks by dialing 800-839-6737 and entering access code 4379958.
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 income (loss), 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 Income (Loss)
ANI’s management considers adjusted non-GAAP net income (loss) 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 income (loss) when analyzing Company performance. Beginning in the fourth quarter of 2022, ANI no longer excludes expense for
Adjusted non-GAAP net income (loss) is defined as net income (loss), 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 income (loss) should be considered in addition to, but not in lieu of, net income (loss) reported under GAAP. A reconciliation of adjusted non-GAAP net income (loss) 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 income (loss), 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 difficulties finding a buyer for the plant and property resulting from the 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
Investor Contact
212-452-2793
lwilson@insitecony.com
SOURCE:
FINANCIAL TABLES FOLLOW
Table 1: US GAAP Statement of Operations
(unaudited, in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net Revenues | $ | 131,829 | $ | 83,821 | $ | 355,162 | $ | 222,153 | |||||||
Operating Expenses | |||||||||||||||
Cost of sales (excluding depreciation and amortization) | 48,101 | 32,894 | 128,093 | 102,459 | |||||||||||
Research and development | 11,121 | 7,657 | 24,419 | 17,096 | |||||||||||
Selling, general, and administrative | 42,007 | 30,081 | 117,235 | 90,856 | |||||||||||
Depreciation and amortization | 15,207 | 14,167 | 44,597 | 42,488 | |||||||||||
Contingent consideration fair value adjustment | (2,555 | ) | 2,476 | (559 | ) | 2,134 | |||||||||
Restructuring activities | — | 1,541 | 1,132 | 4,111 | |||||||||||
Intangible asset impairment charge | — | — | — | 112 | |||||||||||
Total Operating Expenses | 113,881 | 88,816 | 314,917 | 259,256 | |||||||||||
Operating Income (Loss) | 17,948 | (4,995 | ) | 40,245 | (37,103 | ) | |||||||||
Other Expense, net | |||||||||||||||
Interest expense, net | (6,398 | ) | (7,264 | ) | (21,194 | ) | (20,546 | ) | |||||||
Other (expense) income, net | (39 | ) | 37 | (126 | ) | 712 | |||||||||
Income (Loss) Before Income Tax (Expense) Benefit | 11,511 | (12,222 | ) | 18,925 | (56,937 | ) | |||||||||
Income tax (expense) benefit | (1,571 | ) | 3,622 | (1,301 | ) | 13,284 | |||||||||
Net Income (Loss) | $ | 9,940 | $ | (8,600 | ) | $ | 17,624 | $ | (43,653 | ) | |||||
Dividends on Series A Convertible Preferred Stock | (406 | ) | (406 | ) | (1,219 | ) | (1,218 | ) | |||||||
Net Income (Loss) Available to Common Shareholders | $ | 9,534 | $ | (9,006 | ) | $ | 16,405 | $ | (44,871 | ) | |||||
Basic and Diluted Income (Loss) Per Share: | |||||||||||||||
Basic Income (Loss) Per Share | $ | 0.46 | $ | (0.55 | ) | $ | 0.84 | $ | (2.76 | ) | |||||
Diluted Income (Loss) Per Share | $ | 0.45 | $ | (0.55 | ) | $ | 0.83 | $ | (2.76 | ) | |||||
Basic Weighted-Average Shares Outstanding | 18,883 | 16,303 | 17,663 | 16,238 | |||||||||||
Diluted Weighted-Average Shares Outstanding | 19,125 | 16,303 | 17,823 | 16,238 |
Table 2: US GAAP Balance Sheets
(unaudited, in thousands)
2023 | 2022 | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 193,078 | $ | 48,228 | |||
Current restricted cash | — | 5,006 | |||||
Accounts receivable, net | 178,842 | 165,438 | |||||
Inventories | 106,590 | 105,355 | |||||
Prepaid income taxes | — | 3,827 | |||||
Assets held for sale | 8,020 | 8,020 | |||||
Prepaid expenses and other current assets | 10,690 | 8,387 | |||||
Total Current Assets | 497,220 | 344,261 | |||||
Non-current Assets | |||||||
Property and equipment, net | 44,189 | 43,246 | |||||
Deferred tax assets, net of deferred tax liabilities and valuation allowance | 84,389 | 81,363 | |||||
Intangible assets, net | 219,828 | 251,635 | |||||
28,221 | 28,221 | ||||||
Derivatives and other non-current assets | 16,067 | 11,361 | |||||
Total Assets | $ | 889,914 | $ | 760,087 | |||
Current Liabilities | |||||||
Income taxes payable | $ | 594 | $ | — | |||
Current debt, net of deferred financing costs | 850 | 850 | |||||
Accounts payable | 34,077 | 29,305 | |||||
Accrued royalties | 11,975 | 9,307 | |||||
Accrued compensation and related expenses | 15,328 | 10,312 | |||||
Accrued government rebates | 10,923 | 10,872 | |||||
Returned goods reserve | 31,438 | 33,399 | |||||
Current contingent consideration | 23,939 | — | |||||
Accrued expenses and other | 5,228 | 5,394 | |||||
Total Current Liabilities | 134,352 | 99,439 | |||||
Non-current Liabilities | |||||||
Non-current debt, net of deferred financing costs and current component | 285,032 | 285,669 | |||||
Non-current contingent consideration | 10,560 | 35,058 | |||||
Other non-current liabilities | 5,259 | 1,381 | |||||
Total Liabilities | $ | 435,203 | $ | 421,547 | |||
Mezzanine Equity | |||||||
Convertible Preferred Stock, Series A | 24,850 | 24,850 | |||||
Stockholders’ Equity | |||||||
Common Stock | 2 | 1 | |||||
(9,850 | ) | (5,094 | ) | ||||
Additional paid-in capital | 506,513 | 403,901 | |||||
Accumulated deficit | (80,880 | ) | (97,286 | ) | |||
Accumulated other comprehensive income, net of tax | 14,076 | 12,168 | |||||
Total Stockholders’ Equity | 429,861 | 313,690 | |||||
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | $ | 889,914 | $ | 760,087 |
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 (excluding depreciation and amortization) | Selling, general, and administrative | Research and development | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 9,940 | $ | (8,600 | ) | As reported: | $ | 131,829 | $ | 83,821 | $ | 48,101 | $ | 32,894 | $ | 42,007 | $ | 30,081 | $ | 11,121 | $ | 7,657 | |||||||||||||||||||||
Add/(Subtract): | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 6,398 | 7,264 | |||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | 39 | (37 | ) | ||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,571 | (3,622 | ) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 15,207 | 14,167 | |||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | (2,555 | ) | 2,476 | ||||||||||||||||||||||||||||||||||||||||
Restructuring activities | — | 1,541 | |||||||||||||||||||||||||||||||||||||||||
Impact of | 275 | 840 | Impact of | — | (969 | ) | (128 | ) | (681 | ) | (147 | ) | (1,052 | ) | — | (76 | ) | ||||||||||||||||||||||||||
Stock-based compensation | 5,444 | 3,869 | Stock-based compensation | — | — | (182 | ) | (149 | ) | (5,023 | ) | (3,524 | ) | (239 | ) | (196 | ) | ||||||||||||||||||||||||||
Excess of fair value over cost of acquired inventory | — | 443 | Excess of fair value over cost of acquired inventory | — | — | — | (443 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Novitium transaction expenses | 165 | 59 | Novitium transaction expenses | — | — | — | — | (165 | ) | (59 | ) | — | — | ||||||||||||||||||||||||||||||
Adjusted non-GAAP EBITDA | $ | 36,484 | $ | 18,400 | As adjusted: | $ | 131,829 | $ | 82,852 | $ | 47,791 | $ | 31,621 | $ | 36,672 | $ | 25,446 | $ | 10,882 | $ | 7,385 |
(1) Impact of
Reconciliation of certain adjusted non-GAAP accounts: | |||||||||||||||||||||||||||||||||||||||||||
Net Revenues | Cost of sales (excluding depreciation and amortization) | Selling, general, and administrative | Research and development | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 17,624 | $ | (43,653 | ) | As reported: | $ | 355,162 | $ | 222,153 | $ | 128,093 | $ | 102,459 | $ | 117,235 | $ | 90,856 | $ | 24,419 | $ | 17,096 | |||||||||||||||||||||
Add/(Subtract): | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 21,194 | 20,546 | |||||||||||||||||||||||||||||||||||||||||
Other expense (income), net (1) | 126 | 38 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,301 | (13,284 | ) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 44,597 | 42,488 | |||||||||||||||||||||||||||||||||||||||||
Contingent consideration fair value adjustment | (559 | ) | 2,134 | ||||||||||||||||||||||||||||||||||||||||
Intangible asset impairment charge | — | 112 | |||||||||||||||||||||||||||||||||||||||||
Restructuring activities | 1,132 | 4,111 | |||||||||||||||||||||||||||||||||||||||||
Impact of | 2,414 | 2,661 | Impact of | (565 | ) | (2,014 | ) | (1,833 | ) | (1,930 | ) | (1,073 | ) | (2,598 | ) | (73 | ) | (147 | ) | ||||||||||||||||||||||||
Stock-based compensation | 15,031 | 10,862 | Stock-based compensation | — | — | (521 | ) | (442 | ) | (13,839 | ) | (9,858 | ) | (671 | ) | (562 | ) | ||||||||||||||||||||||||||
Excess of fair value over cost of acquired inventory | — | 5,246 | Excess of fair value over cost of acquired inventory | — | — | — | (5,246 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Novitium transaction expenses | 757 | 1,276 | Novitium transaction expenses | — | — | — | — | (757 | ) | (1,276 | ) | — | — | ||||||||||||||||||||||||||||||
Adjusted non-GAAP EBITDA | $ | 103,617 | $ | 32,537 | As adjusted: | $ | 354,597 | $ | 220,139 | $ | 125,739 | $ | 94,841 | $ | 101,566 | $ | 77,124 | $ | 23,675 | $ | 16,387 |
(1) Adjustment to Other expense (income), net excludes
(2) Impact of
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 | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net Income (Loss) Available to Common Shareholders | $ | 9,534 | $ | (9,006 | ) | $ | 16,405 | $ | (44,871 | ) | |||||
Add/(Subtract): | |||||||||||||||
Non-cash interest expense | 856 | 963 | 2,530 | 2,883 | |||||||||||
Depreciation and amortization | 15,207 | 14,167 | 44,597 | 42,488 | |||||||||||
Contingent consideration fair value adjustment | (2,555 | ) | 2,476 | (559 | ) | 2,134 | |||||||||
Restructuring activities | — | 1,541 | 1,132 | 4,111 | |||||||||||
Intangible asset impairment charge | — | — | — | 112 | |||||||||||
Impact of | 275 | 840 | 2,414 | 2,661 | |||||||||||
Stock-based compensation | 5,444 | 3,869 | 15,031 | 10,862 | |||||||||||
Excess of fair value over cost of acquired inventory | — | 443 | — | 5,246 | |||||||||||
Novitium transaction expenses | 165 | 59 | 757 | 1,276 | |||||||||||
Less: | |||||||||||||||
Estimated tax impact of adjustments (calc. at 24%) | (4,654 | ) | (5,846 | ) | (15,816 | ) | (17,226 | ) | |||||||
Adjusted non-GAAP Net Income Available to Common Shareholders (2) | $ | 24,272 | $ | 9,506 | $ | 66,491 | $ | 9,676 | |||||||
Diluted Weighted-Average | |||||||||||||||
Shares Outstanding | 19,125 | 16,303 | 17,823 | 16,238 | |||||||||||
Adjusted Diluted Weighted-Average | |||||||||||||||
Shares Outstanding | 19,125 | 16,317 | 17,823 | 16,252 | |||||||||||
Adjusted non-GAAP | |||||||||||||||
Diluted Earnings per Share | $ | 1.27 | $ | 0.58 | $ | 3.73 | $ | 0.60 |
(1) Impact of
(2)Adjusted non-GAAP Net Income (Loss) Available to Common Shareholders excludes undistributed earnings to participating securities.
Source:
2023 GlobeNewswire, Inc., source