Reports Net Revenues of $89.7 Million for
the Three Months Ended December 31, 2018
Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months and full
year ended December 31, 2018.
Fourth Quarter Highlights
- Net revenues of $89.7 million for the fourth quarter, up 48%
from the quarter ended December 31, 2017
- GAAP net income attributable to Amphastar of $1.9 million, or
$0.04 per diluted share, for the fourth quarter
- Adjusted non-GAAP net income attributable to Amphastar of $6.2
million, or $0.13 per diluted share, for the fourth quarter
Full Year Highlights
- Net revenues of $294.7 million for the fiscal year, up 23% from
the previous year
- GAAP net loss attributable to Amphastar of $5.7 million, or
$(0.12) per diluted share, for the fiscal year
- Adjusted non-GAAP net income attributable to Amphastar of $10.4
million, or $0.21 per diluted share, for the fiscal year
Dr. Jack Zhang, Amphastar’s CEO, commented: “The fourth quarter
ended a great year for our Company. During the quarter we received
approval for Primatene® Mist, which followed multiple ANDA
approvals and launches throughout the year. Sales grew 48% in the
quarter with Primatene® Mist’s launch, and capped off sales growth
of 23% for the year.”
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Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
89,690 |
|
$ |
60,402 |
|
$ |
294,666 |
|
|
$ |
240,175 |
|
GAAP net income (loss)
attributable to Amphastar |
|
$ |
1,867 |
|
$ |
787 |
|
$ |
(5,738 |
) |
|
$ |
3,647 |
|
Adjusted non-GAAP net
income attributable to Amphastar* |
|
$ |
6,231 |
|
$ |
4,115 |
|
$ |
10,399 |
|
|
$ |
17,334 |
|
GAAP diluted EPS
attributable to Amphastar shareholders |
|
$ |
0.04 |
|
$ |
0.02 |
|
$ |
(0.12 |
) |
|
$ |
0.08 |
|
Adjusted non-GAAP
diluted EPS attributable to Amphastarshareholders* |
|
$ |
0.13 |
|
$ |
0.08 |
|
$ |
0.21 |
|
|
$ |
0.36 |
|
___________________________________ * Adjusted non-GAAP net
income attributable to Amphastar and Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders are non-GAAP financial
measures. Please see the discussion in the section entitled
“Non-GAAP Financial Measures” and the reconciliation of GAAP to
non-GAAP financial measures in Table III of this press release.
Fourth Quarter Results
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Three Months Ended |
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|
|
|
|
|
|
December 31, |
|
Change |
|
|
|
2018 |
|
2017 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Enoxaparin |
|
$ |
19,085 |
|
$ |
11,347 |
|
$ |
7,738 |
|
|
68 |
% |
Lidocaine |
|
|
13,661 |
|
|
10,384 |
|
|
3,277 |
|
|
32 |
% |
Phytonadione |
|
|
12,942 |
|
|
10,703 |
|
|
2,239 |
|
|
21 |
% |
Naloxone |
|
|
7,703 |
|
|
8,434 |
|
|
(731 |
) |
|
(9 |
)% |
Medroxyprogesterone |
|
|
7,448 |
|
|
— |
|
|
7,448 |
|
|
N/A |
|
Epinephrine |
|
|
1,264 |
|
|
3,665 |
|
|
(2,401 |
) |
|
(66 |
)% |
Primatene® Mist |
|
|
3,574 |
|
|
— |
|
|
3,574 |
|
|
N/A |
|
Other
finished pharmaceutical products |
|
|
17,257 |
|
|
11,452 |
|
|
5,805 |
|
|
51 |
% |
Total finished
pharmaceutical products net revenues |
|
$ |
82,934 |
|
$ |
55,985 |
|
$ |
26,949 |
|
|
48 |
% |
API |
|
|
6,756 |
|
|
4,417 |
|
|
2,339 |
|
|
53 |
% |
Total net revenues |
|
$ |
89,690 |
|
$ |
60,402 |
|
$ |
29,288 |
|
|
48 |
% |
Changes in net revenues were primarily driven by:
- Enoxaparin increases due to higher average selling prices, as
well as increased unit volumes
- Medroxyprogesterone, which was launched in the first quarter of
2018
- Primatene® Mist, which was launched in the fourth quarter of
2018
- Epinephrine declines due to lower unit volumes
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|
|
|
|
|
|
|
|
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|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
December 31, |
|
Change |
|
|
|
2018 |
|
|
2017 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net revenues |
|
$ |
89,690 |
|
|
$ |
60,402 |
|
|
$ |
29,288 |
|
48 |
% |
Cost of revenues |
|
|
55,001 |
|
|
|
39,912 |
|
|
|
15,089 |
|
38 |
% |
Gross profit |
|
$ |
34,689 |
|
|
$ |
20,490 |
|
|
$ |
14,199 |
|
69 |
% |
as % of net
revenues |
|
|
39 |
% |
|
|
34 |
% |
|
|
|
|
|
|
Changes in cost of revenues and the resulting increase to gross
margin were primarily driven by:
- The launch of medroxyprogesterone acetate, isoproterenol
hydrochloride and Primatene® Mist, which have higher margins
- Enoxaparin sales, which had lower margins due to an increase in
reserves for purchase commitments related to price increases for
both crude heparin and semi-purified heparin, which are used for
the production of enoxaparin
|
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|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
December 31, |
|
Change |
|
|
|
2018 |
|
2017 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution
and marketing |
|
$ |
2,596 |
|
$ |
1,629 |
|
$ |
967 |
|
59 |
% |
General and
administrative |
|
|
13,814 |
|
|
9,221 |
|
|
4,593 |
|
50 |
% |
Research and
development |
|
|
16,734 |
|
|
11,386 |
|
|
5,348 |
|
47 |
% |
- Selling, distribution and marketing expenses increased due to
higher freight costs and marketing expenses related to the launch
of Primatene® Mist
- General and administrative expenses increased primarily due to
higher legal fees and expenses at the Company’s subsidiary
Amphastar Nanjing Pharmaceuticals, or ANP
- Research and development expenses increased primarily due
to material expenditures at ANP for pipeline product
candidates, increased clinical trial expenses, and Food and Drug
Administration, or FDA, filing fees
Year-End Results
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Year Ended
December 31, |
|
Change |
|
|
|
2018 |
|
2017 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
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|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Enoxaparin |
|
$ |
53,371 |
|
$ |
36,593 |
|
$ |
16,778 |
|
|
46 |
% |
Lidocaine |
|
|
43,328 |
|
|
37,602 |
|
|
5,726 |
|
|
15 |
% |
Phytonadione |
|
|
41,897 |
|
|
37,946 |
|
|
3,951 |
|
|
10 |
% |
Naloxone |
|
|
37,195 |
|
|
42,342 |
|
|
(5,147 |
) |
|
(12 |
)% |
Medroxyprogesterone |
|
|
24,071 |
|
|
— |
|
|
24,071 |
|
|
N/A |
|
Epinephrine |
|
|
10,055 |
|
|
25,914 |
|
|
(15,859 |
) |
|
(61 |
)% |
Primatene® Mist |
|
|
3,574 |
|
|
— |
|
|
3,574 |
|
|
N/A |
|
Other
finished pharmaceutical products |
|
|
57,568 |
|
|
49,742 |
|
|
7,826 |
|
|
16 |
% |
Total finished
pharmaceutical products net revenues |
|
$ |
271,059 |
|
$ |
230,139 |
|
$ |
40,920 |
|
|
18 |
% |
API |
|
|
23,607 |
|
|
10,036 |
|
|
13,571 |
|
|
135 |
% |
Total net revenues |
|
$ |
294,666 |
|
$ |
240,175 |
|
$ |
54,491 |
|
|
23 |
% |
Changes in net revenues were primarily driven by:
- Enoxaparin increases due to higher average selling prices, as
well as increased unit volumes
- Medroxyprogesterone, which was launched in the first quarter of
2018
- Primatene® Mist, which was launched in the fourth quarter of
2018
- Lidocaine increases primarily due to increased unit
volumes
- Epinephrine declines due to the discontinuation of the
unapproved vial product in 2017
- Naloxone declines due to lower unit volumes
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|
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|
Year Ended
December 31, |
|
Change |
|
|
|
2018 |
|
|
2017 |
|
|
Dollars |
|
% |
|
|
|
(in thousands) |
|
|
|
|
|
|
Net revenues |
|
$ |
294,666 |
|
|
$ |
240,175 |
|
|
$ |
54,491 |
|
23 |
% |
Cost of revenues |
|
|
187,681 |
|
|
|
149,666 |
|
|
|
38,015 |
|
25 |
% |
Gross profit |
|
$ |
106,985 |
|
|
$ |
90,509 |
|
|
$ |
16,476 |
|
18 |
% |
as % of net
revenues |
|
|
36 |
% |
|
|
38 |
% |
|
|
|
|
|
|
Changes in cost of revenues and the resulting increase to gross
margin were primarily driven by:
- The launch of medroxyprogesterone acetate, isoproterenol
hydrochloride and Primatene® Mist, which have higher margins
- Enoxaparin sales, which had lower margins due to an increase in
reserves for purchase commitments related to price increases for
both crude heparin and semi-purified heparin, which are used for
the production of enoxaparin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
Change |
|
|
|
2018 |
|
2017 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution
and marketing |
|
$ |
8,156 |
|
$ |
6,460 |
|
|
$ |
1,696 |
|
26 |
% |
General and
administrative |
|
|
49,888 |
|
|
44,458 |
|
|
|
5,430 |
|
12 |
% |
Research and
development |
|
|
57,564 |
|
|
43,503 |
|
|
|
14,061 |
|
32 |
% |
Gain on sale of
intangible assets |
|
|
— |
|
|
(2,643 |
) |
|
|
2,643 |
|
(100 |
)% |
- Selling, distribution and marketing expenses increased
primarily due to increased freight costs and marketing expenses
related to the launch of Primatene® Mist
- General and administrative expenses increased primarily due to
higher legal fees and expenses at ANP
- Research and development expenses increased primarily due to
expenditures related to the expansion of our ANP facility, as well
as an increase in FDA filing fees and an increase in clinical trial
expenses
Cash flow provided by operating activities for the year ended
December 31, 2018 was $38.2 million.
Certain GAAP and non-GAAP measures for comparative periods in
2017 were revised for immaterial errors.
Pipeline Information
The Company currently has five abbreviated new drug
applications, or ANDAs, filed with the FDA targeting products with
a market size of over $750 million, three biosimilar products in
development targeting products with a market size of over $14
billion, and 11 generic products in development targeting products
with a market size of over $12 billion. This market information is
based on IQVIA data for the 12 months ended December 31, 2018. The
Company’s proprietary pipeline includes a new drug application for
intranasal naloxone. The Company is currently developing four other
proprietary products, which include injectable, inhalation and
intranasal dosage forms.
Amphastar’s Chinese subsidiary, ANP, currently has nine Drug
Master Files, or DMFs, on file with the FDA and is developing nine
additional DMFs.
Company Information
Amphastar is a specialty pharmaceutical company that focuses
primarily on developing, manufacturing, marketing, and selling
technically-challenging generic and proprietary injectable,
inhalation, and intranasal products. Additionally, the Company
sells insulin API products. Most of the Company’s finished
products are used in hospital or urgent care clinical settings and
are primarily contracted and distributed through group purchasing
organizations and drug wholesalers. More information is
available at the Company’s website at www.amphastar.com.
Amphastar’s logo and other trademarks or service marks of
Amphastar, including, but not limited to Primatene®, Amphadase® and
Cortrosyn®, are the property of Amphastar.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles, or GAAP, the Company is disclosing non-GAAP
financial measures when providing financial results. The Company
believes that an evaluation of its ongoing operations (and
comparisons of its current operations with historical and future
operations) would be difficult if the disclosure of its financial
results were limited to financial measures prepared only in
accordance with GAAP. As a result, the Company is disclosing
certain non-GAAP results, including (i) Adjusted non-GAAP net
income (loss) attributed to Amphastar and (ii) Adjusted non-GAAP
diluted EPS attributed to Amphastar’s shareholders, which exclude
amortization expense, share-based compensation, and impairment
charges in order to supplement investors’ and other readers’
understanding and assessment of the Company’s financial performance
because the Company’s management uses these measures internally for
forecasting, budgeting, and measuring its operating performance.
Whenever the Company uses such non-GAAP measures, it will provide a
reconciliation of non-GAAP financial measures to their most
directly comparable GAAP financial measures. Investors and other
readers are encouraged to review the related GAAP financial
measures and the reconciliation of non-GAAP measures to their most
directly comparable GAAP measures set forth below and should
consider non-GAAP measures only as a supplement to, not as a
substitute for or as a superior measure to, measures of financial
performance prepared in accordance with GAAP.
Conference Call Information
The Company will hold a conference call to discuss its financial
results today, March 12, 2019, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877)
881-2595 or (315) 625-3083 for international callers, five minutes
before the conference. The passcode for the conference call is
4878419.
The call can also be accessed on the Investors page
on the Company’s website at www.amphastar.com.
Forward Looking Statements
All statements in this press release and in the conference call
referenced above that are not historical are forward-looking
statements, including, among other things, statements relating to
the Company’s expectations regarding future financial performance,
backlog, sales and marketing of its products, market size and
growth, the timing of FDA filings or approvals, including the DMFs
of ANP, the timing of product launches, acquisitions and other
matters related to its pipeline of product candidates, its share
buyback program and other future events. These statements are not
historical facts but rather are based on Amphastar’s historical
performance and its current expectations, estimates, and
projections regarding Amphastar’s business, operations and other
similar or related factors. Words such as “may,” “might,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expect,” “intend,” “plan,” “project,” “believe,”
“estimate,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Amphastar’s control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Amphastar’s
filings with the Securities and Exchange Commission. You can locate
these reports through the Company’s website at
http://ir.amphastar.com and on the SEC’s website at www.sec.gov.
Amphastar undertakes no obligation to revise or update information
in this press release or the conference call referenced above to
reflect events or circumstances in the future, even if new
information becomes available or if subsequent events cause
Amphastar’s expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.Bill PetersChief Financial
Officer(909) 980-9484
Table IAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Statement of Operations(Unaudited; in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
89,690 |
|
|
$ |
60,402 |
|
|
$ |
294,666 |
|
|
$ |
240,175 |
|
|
Cost of revenues |
|
|
55,001 |
|
|
|
39,912 |
|
|
|
187,681 |
|
|
|
149,666 |
|
|
Gross profit |
|
|
34,689 |
|
|
|
20,490 |
|
|
|
106,985 |
|
|
|
90,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (income)
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
distribution, and marketing |
|
|
2,596 |
|
|
|
1,629 |
|
|
|
8,156 |
|
|
|
6,460 |
|
|
General
and administrative |
|
|
13,814 |
|
|
|
9,221 |
|
|
|
49,888 |
|
|
|
44,458 |
|
|
Research
and development |
|
|
16,734 |
|
|
|
11,386 |
|
|
|
57,564 |
|
|
|
43,503 |
|
|
Gain on
sale of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,643 |
) |
|
Total operating
expenses |
|
|
33,144 |
|
|
|
22,236 |
|
|
|
115,608 |
|
|
|
91,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
1,545 |
|
|
|
(1,746 |
) |
|
|
(8,623 |
) |
|
|
(1,269 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense), net |
|
|
(956 |
) |
|
|
601 |
|
|
|
(1,303 |
) |
|
|
2,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
|
589 |
|
|
|
(1,145 |
) |
|
|
(9,926 |
) |
|
|
1,249 |
|
|
Income tax expense
(benefit) |
|
|
(1,129 |
) |
|
|
(1,932 |
) |
|
|
(3,266 |
) |
|
|
(2,398 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,718 |
|
|
$ |
787 |
|
|
$ |
(6,660 |
) |
|
$ |
3,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interests |
|
$ |
(149 |
) |
|
$ |
— |
|
|
$ |
(922 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Amphastar |
|
$ |
1,867 |
|
|
$ |
787 |
|
|
$ |
(5,738 |
) |
|
$ |
3,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
(0.12 |
) |
|
$ |
0.08 |
|
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
(0.12 |
) |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income (loss) pershare
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,268 |
|
|
|
46,233 |
|
|
|
46,395 |
|
|
|
46,107 |
|
|
Diluted |
|
|
49,181 |
|
|
|
49,330 |
|
|
|
46,395 |
|
|
|
48,367 |
|
|
The comparative periods in 2017 were revised for immaterial
errors.
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheet(Unaudited; in thousands, except per
share data)
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
86,337 |
|
|
$ |
65,594 |
|
Short-term investments |
|
|
2,831 |
|
|
|
2,635 |
|
Restricted cash and short-term investments |
|
|
4,155 |
|
|
|
4,155 |
|
Accounts
receivable, net |
|
|
52,163 |
|
|
|
35,996 |
|
Inventories |
|
|
69,322 |
|
|
|
63,609 |
|
Income
tax refunds and deposits |
|
|
49 |
|
|
|
6,036 |
|
Prepaid
expenses and other assets |
|
|
5,485 |
|
|
|
9,753 |
|
Total
current assets |
|
|
220,342 |
|
|
|
187,778 |
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
210,418 |
|
|
|
180,545 |
|
Goodwill and intangible
assets, net |
|
|
42,267 |
|
|
|
45,140 |
|
Other assets |
|
|
9,918 |
|
|
|
8,663 |
|
Deferred tax
assets |
|
|
30,618 |
|
|
|
28,946 |
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
513,563 |
|
|
$ |
451,072 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
87,418 |
|
|
$ |
57,555 |
|
Income
taxes payable |
|
|
1,187 |
|
|
|
3,325 |
|
Current
portion of long-term debt and capital leases |
|
|
18,229 |
|
|
|
6,312 |
|
Total
current liabilities |
|
|
106,834 |
|
|
|
67,192 |
|
|
|
|
|
|
|
|
Long-term reserve for
income tax liabilities |
|
|
415 |
|
|
|
879 |
|
Long-term debt and
capital leases, net of current portion |
|
|
31,984 |
|
|
|
40,844 |
|
Deferred tax
liabilities |
|
|
1,031 |
|
|
|
1,361 |
|
Other long-term
liabilities |
|
|
8,940 |
|
|
|
7,060 |
|
Total
liabilities |
|
|
149,204 |
|
|
|
117,336 |
|
Commitments and
contingencies: |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred
stock: par value $0.0001; 20,000,000 shares authorized; no shares
issued and outstanding |
|
|
— |
|
|
|
— |
|
Common
stock: par value $0.0001; 300,000,000 shares authorized; 51,438,675
and 46,631,118 shares issued and outstanding as of December
31, 2018 and 50,039,212 and 46,623,581 shares issued and
outstanding as of December 31, 2017, respectively |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
344,434 |
|
|
|
313,891 |
|
Retained
earnings |
|
|
67,485 |
|
|
|
72,642 |
|
Accumulated other comprehensive loss |
|
|
(4,013 |
) |
|
|
(2,100 |
) |
Treasury
stock |
|
|
(75,476 |
) |
|
|
(50,702 |
) |
Total
Amphastar stockholders’ equity |
|
|
332,435 |
|
|
|
333,736 |
|
Non-controlling interests |
|
|
31,924 |
|
|
|
— |
|
Total
equity |
|
|
364,359 |
|
|
|
333,736 |
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
513,563 |
|
|
$ |
451,072 |
|
The December 31, 2017, figures were revised for immaterial
errors.
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) |
|
$ |
1,718 |
|
|
$ |
787 |
|
|
$ |
(6,660 |
) |
|
$ |
3,647 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
265 |
|
|
|
717 |
|
|
|
1,987 |
|
|
|
2,856 |
|
Share-based compensation |
|
|
3,910 |
|
|
|
4,182 |
|
|
|
16,680 |
|
|
|
17,087 |
|
Impairment of long-lived assets |
|
|
1,257 |
|
|
|
— |
|
|
|
1,647 |
|
|
|
— |
|
Income
tax expense on pre-tax adjustments |
|
|
(1,004 |
) |
|
|
(1,571 |
) |
|
|
(4,044 |
) |
|
|
(6,256 |
) |
Non-GAAP net
income |
|
$ |
6,146 |
|
|
$ |
4,115 |
|
|
$ |
9,610 |
|
|
$ |
17,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to non-controlling interests |
|
$ |
(85 |
) |
|
$ |
— |
|
|
$ |
(789 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Amphastar |
|
$ |
6,231 |
|
|
$ |
4,115 |
|
|
$ |
10,399 |
|
|
$ |
17,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
|
$ |
0.09 |
|
|
$ |
0.22 |
|
|
$ |
0.38 |
|
Diluted |
|
$ |
0.13 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net incomeper
share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,268 |
|
|
|
46,233 |
|
|
|
46,395 |
|
|
|
46,107 |
|
Diluted |
|
|
49,181 |
|
|
|
49,330 |
|
|
|
48,830 |
|
|
|
48,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
55,001 |
|
|
$ |
2,596 |
|
|
$ |
13,814 |
|
|
$ |
16,734 |
|
|
$ |
(1,129 |
) |
|
$ |
(149 |
) |
Intangible
amortization |
|
|
(224 |
) |
|
|
— |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Share-based
compensation |
|
|
(898 |
) |
|
|
(86 |
) |
|
|
(2,602 |
) |
|
|
(324 |
) |
|
|
— |
|
|
|
62 |
|
Impairment of
long-lived assets |
|
|
(1,010 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
(242 |
) |
|
|
— |
|
|
|
1 |
|
Income tax expense on
pre-taxadjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,004 |
|
|
|
(10 |
) |
Non-GAAP |
|
$ |
52,869 |
|
|
$ |
2,510 |
|
|
$ |
11,166 |
|
|
$ |
16,168 |
|
|
$ |
(125 |
) |
|
$ |
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
39,912 |
|
|
$ |
1,629 |
|
|
$ |
9,221 |
|
|
$ |
11,386 |
|
|
$ |
(1,932 |
) |
|
$ |
— |
Intangible
amortization |
|
|
(675 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Share-based
compensation |
|
|
(913 |
) |
|
|
(65 |
) |
|
|
(2,928 |
) |
|
|
(276 |
) |
|
|
— |
|
|
|
— |
Income tax expense on
pre-taxadjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,571 |
|
|
|
— |
Non-GAAP |
|
$ |
38,324 |
|
|
$ |
1,564 |
|
|
$ |
6,251 |
|
|
$ |
11,110 |
|
|
$ |
(361 |
) |
|
$ |
— |
The comparative periods in 2017 were revised for immaterial
errors.Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
187,681 |
|
|
$ |
8,156 |
|
|
$ |
49,888 |
|
|
$ |
57,564 |
|
|
$ |
(3,266 |
) |
|
$ |
(922 |
) |
Intangible
amortization |
|
|
(1,826 |
) |
|
|
— |
|
|
|
(161 |
) |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Share-based
compensation |
|
|
(3,923 |
) |
|
|
(383 |
) |
|
|
(10,853 |
) |
|
|
(1,521 |
) |
|
|
— |
|
|
|
130 |
|
Impairment of
long-lived assets |
|
|
(1,087 |
) |
|
|
— |
|
|
|
(9 |
) |
|
|
(551 |
) |
|
|
— |
|
|
|
2 |
|
Income tax expense on
pre-taxadjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,044 |
|
|
|
(21 |
) |
Non-GAAP |
|
$ |
180,845 |
|
|
$ |
7,773 |
|
|
$ |
38,865 |
|
|
$ |
55,492 |
|
|
$ |
778 |
|
|
$ |
(789 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
149,666 |
|
|
$ |
6,460 |
|
|
$ |
44,458 |
|
|
$ |
43,503 |
|
|
$ |
(2,398 |
) |
|
$ |
— |
Intangible
amortization |
|
|
(2,706 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Share-based
compensation |
|
|
(3,756 |
) |
|
|
(302 |
) |
|
|
(11,643 |
) |
|
|
(1,386 |
) |
|
|
— |
|
|
|
— |
Income tax expense on
pre-taxadjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,256 |
|
|
|
— |
Non-GAAP |
|
$ |
143,204 |
|
|
$ |
6,158 |
|
|
$ |
32,665 |
|
|
$ |
42,117 |
|
|
$ |
3,858 |
|
|
$ |
— |
The comparative periods in 2017 were revised for immaterial
errors.
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