-- First quarter net revenues of $64.5 million,
net loss of $(20.1) million and diluted GAAP loss per share of
$(1.27) --
-- First quarter adjusted non-GAAP EBITDA of
$4.3 million and adjusted non-GAAP diluted loss per share of
$(0.12) --
-- Provides Purified Cortrophin® Gel
(Cortrophin Gel) 2022 Net Revenue guidance of $35 million to $40
million, Total Company Net Revenue guidance of $295 million to $315
million and adjusted non-GAAP EBITDA guidance to $54 million to $60
million --
-- Strong physician demand for Cortrophin Gel
resulting in over 250 new cases initiated from more than 125 unique
prescribers coupled with expanded market access leading to over 100
million lives covered on formulary --
-- With robust R&D engine in place,
launched several new products, including Misoprostol Tablets,
Rifabutin Capsules, and Bisoprolol Tablets; filed six new ANDA
applications; retained position as market leader in Competitive
Generic Therapies --
-- Appointed Renee P. Tannenbaum, Pharm.D.,
MBA, an experienced commercial leader, to the Board of Directors
--
ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) (ANI or the Company)
today announced business highlights and financial results for the
three months ended March 31, 2022.
“During the first quarter, we launched Cortrophin Gel, the lead
asset in our Rare Disease business, and can now offer patients
suffering from certain chronic autoimmune conditions a choice in
ACTH therapy. We are pleased with the increasing trajectory of
patients enrolled and the strong execution of our commercial team.
Driven by the Cortrophin Gel launch, we are increasing our
full-year net revenue guidance and continuing to invest to bring
this therapy to patients in need,” said Nikhil Lalwani, President
and CEO of ANI.
“In this quarter, we also saw the benefits of having Novitium, a
world-class R&D engine, after the acquisition was fully closed
in November last year. We successfully launched several products
totaling approximately $240 million in annualized sales, according
to IQVIA, and a majority of these launches had fewer than three
competitors. In addition, we filed six new ANDAs to further
strengthen our product pipeline. Our teams also continue to make
progress on synergy capture efforts across Procurement,
Distribution and Operations,” concluded Lalwani.
First Quarter 2022 Financial Highlights:
- Net revenues were $64.5 million compared to $54.5 million in Q1
2021.
- GAAP net loss was $(20.1) million, and diluted GAAP loss per
share was $(1.27).
- Adjusted non-GAAP EBITDA was $4.3 million compared to $18.9
million in Q1 2021.
- Adjusted non-GAAP diluted loss per share was $(0.12), compared
to diluted earnings per share of $1.04 in Q1 2021.
- Cash and cash equivalents were $76.9 million, net accounts
receivable was $131.6 million, and face value of debt was $299.3
million as of March 31, 2022.
Cortrophin Gel Launch Progress:
On January 24, 2022, the Company announced the U.S. commercial
availability and launch of Cortrophin Gel (Repository Corticotropin
Injection USP) 80 U/mL, an adrenocorticotropic hormone (ACTH)
indicated for the treatment of certain chronic autoimmune
disorders. Today, the Company is issuing 2022 revenue guidance for
Cortrophin Gel in the range of $35 million to $40 million.
Key highlights of the launch progress include:
- Launch Trajectory: Over 250 new patient cases have been
initiated since the launch on January 24, with steady growth in the
number of new patient cases per week. Since launch, the average
time from new case initiation to patient dispense has significantly
improved, leading to a steady increase of patients on Cortrophin
Gel. The Company’s market access efforts to date have led to
formulary coverage for Cortrophin Gel for over 100 million
lives.
- Physician Interest: The ANI Rare Disease team has
generated significant awareness of and interest in Cortrophin Gel
among physicians. Over 125 unique prescribers have initiated new
cases for Cortrophin Gel therapy, and of these, approximately 25%
have enrolled more than one patient. Initial enrollments are
distributed relatively evenly across targeted specialties of
rheumatology, neurology and nephrology.
- Strong Execution: The Company’s dedicated and
experienced Rare Disease sales team has already reached
approximately 50% of targeted prescribers. In addition, the Company
continues to invest significantly in marketing and market access
with cross-functional teams engaging key stakeholders. Our patient
services organization remains focused on establishing expanded
access to Cortrophin Gel for patients and their caregivers
throughout the treatment journey.
Novitium Integration Update:
On November 19, 2022, the Company completed the acquisition of
Novitium Pharma, creating a generics growth engine with technical
capabilities to bring complex, limited competition products to
market in an efficient and cost-effective manner. The combined team
has continued to execute well on ensuring continuity of business
operations and capturing synergies from the combination.
Key updates of the integration include:
- Focus on R&D Excellence: The R&D engine
continues to deliver with six new ANDA filings and several limited
competition new product launches in the first quarter. In addition,
the Company retained its leadership in Competitive Generic Therapy
(CGT) approvals. Most recently, ANI received CGT approval and
associated 180 days of exclusivity for betaine anyhydrous solution.
The Company remains focused on strengthening the product pipeline
to increase sustainability of the generics business.
- Commercial Integration: The commercial team has fully
integrated and executed several new product launches successfully,
strengthened relationships with key customers, and captured
organizational synergies.
- Operational Synergies: The Company has captured
synergies in key areas such as Procurement, Distribution, and
Manufacturing Operations. The Company will increase efforts in this
area to drive cost-competitiveness.
First Quarter 2022 Financial
Results
Three Months Ended Products and
Services
March 31,
March 31,
(in thousands)
2022
2021
Sales of generic pharmaceutical products $
49,107
$
32,988
Sales of established brand pharmaceutical products
8,452
7,517
Sales of rare disease pharmaceutical products
1,292
—
Sales of contract manufactured products
2,904
2,573
Royalties from licensing agreements
1,903
11,210
Product development services
566
158
Other
253
75
Total net revenues $
64,477
$
54,521
Net revenues for generic pharmaceutical products were $49.1
million during the three months ended March 31, 2022, an increase
of 49% compared to $33.0 million for the same period in 2021. The
net increase was primarily driven by revenues of $15.7 million from
products acquired in our acquisition of Novitium, the addition of
revenues from Nebivolol, which ANI launched in September 2021, and
the return of volumes to essentially pre-pandemic levels.
Net revenues for branded pharmaceutical products were $8.5
million during the three months ended March 31, 2022, an increase
of 12% compared to $7.5 million for the same period in 2021. The
net increase was driven by modest increases in sales over a number
of the portfolio products, including those acquired from Sandoz and
launched in April 2021, partially offset by a decrease in sales of
Casodex®. As with generic pharmaceutical products, volumes of
branded products are returning to essentially pre-pandemic
levels.
Contract manufacturing revenues were $2.9 million during the
quarter, an increase of 13% compared to $2.6 million for the same
period in 2021, due to an increase in the volume of orders,
including $1.1 million from Novitium contract manufacturing
revenues.
Royalty and other revenues were $2.7 million during the quarter,
a decrease of $8.7 million from the same period in 2021, due to a
final royalty payment received from Kite Pharma, Inc. during the
quarter ended March 31, 2021. Royalty and other revenues in the
first quarter of 2022 consisted primarily of $1.9 million in
royalty revenues related to Novitium arrangements and $0.6 million
in product development service revenues.
Net revenues of rare disease pharmaceutical products were $1.3
million for the quarter, consisting entirely of sales of Cortrophin
Gel. There were no sales of rare disease pharmaceutical products
during the comparable prior year period.
Operating expenses increased by 63% to $83.7 million for the
three months ended March 31, 2022, from $51.5 million in the prior
year period.
Cost of sales, excluding depreciation and amortization,
increased by $14.3 million to $34.3 million in the first quarter of
2022 compared to $20.0 million in the prior year period, primarily
as a result of increased volumes, including $9.5 million of costs
related to Novitium, and $3.8 million of costs representing the
excess of fair value over cost for inventory acquired from Novitium
and in a previous asset acquisition, partially offset by a decline
in sales tied to profit-sharing arrangements.
Research and development expenses were $5.3 million in the first
quarter of 2022, an increase of $2.3 million from the prior year
period due primarily to Novitium-related activities, partially
offset by a decrease in expense associated with the completion of
our Cortrophin Gel development efforts.
Selling, general and administrative expenses increased to $28.8
million in the first quarter of 2022, or 64%, compared to $17.6
million in the prior year quarter, reflecting a $11.0 million
increase in sales and marketing expenses related to our launch of
Cortrophin Gel and $2.7 million of expenses related to the addition
of Novitium headcount and activities, offset by a $1.9 million
decrease in transaction expenses related to the Novitium
acquisition.
Depreciation and amortization expense was $14.6 million for the
three months ended March 31, 2022, an increase of $3.7 million
compared to $10.9 million for the same period in 2021. This
increase is primarily a result of amortization of intangible assets
acquired in the Novitium transaction.
Net loss for the first quarter of 2022 was $(20.1) million as
compared to a net income of $0.1 million in the prior year period.
Diluted loss per share for the three months ended March 31, 2022
was $(1.27), compared to diluted earnings per share of $0.01 in the
prior year period.
Adjusted non-GAAP diluted loss per share was $(0.12) in the
first quarter of 2022 compared to $1.04 in the first quarter of
2021.
For reconciliations of adjusted non-GAAP EBITDA and adjusted
non-GAAP diluted (loss)/earnings per share to the most directly
comparable GAAP financial measure, please see Table 3 and Table 4,
respectively.
Liquidity
As of March 31, 2022, the Company had $76.9 million in
unrestricted cash and cash equivalents plus $131.6 million in net
accounts receivable. The Company had $299.3 million (face value) in
outstanding debt as of March 31, 2022.
2022 GUIDANCE
ANI is initiating guidance on Cortrophin Gel specific Net
Revenue, total Company Net Revenue, total Company adjusted non-GAAP
EBITDA, and total Company adjusted non-GAAP Diluted Earnings per
Share, and is reiterating its previous guidance on total Company
research and development expense and Cortrophin Gel Selling,
General and Administrative expense. The following summarizes 2022
guidance:
Total Company measures:
- Net Revenue between $295.0 million and
$315.0 million, representing approximately 36% to 46% growth as
compared to $216.1 million recognized in 2021 - Research and
Development expense between $16.0 and $18.0 million - Adjusted
non-GAAP EBITDA between $54.0 million and $60.0 million - Adjusted
non-GAAP Diluted Earnings per Share between $1.34 and $1.62
Purified Cortrophin Gel specific
measures:
- Net Revenue between $35.0 million and $40.0
million - Direct Selling, General and Administrative expenses
between $42.0 and $46.0 million
In addition, we currently anticipate between 16.9 and 17.0
million shares outstanding and an effective tax rate of
approximately 24% prior to any federal tax reform.
Conference Call
As previously announced, ANI management will host its first
quarter 2022 conference call as follows:
Date
Tuesday, May 10, 2022
Time
8:30 a.m. ET
Toll free (U.S.)
866-342-8591
Global
203-518-9822
Webcast (live and replay) section
www.anipharmaceuticals.com, under the
“Investors”
A replay of the conference call will be available within two
hours of the call’s completion and will remain accessible for one
week by dialing 800-753-4606 and entering access code 5146584.
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.
Adjusted non-GAAP EBITDA is defined as net (loss)/income,
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, Cortrophin Gel
pre-launch charges, 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 2022 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 (Loss)/Income
ANI’s management considers adjusted non-GAAP net (loss)/income
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,
Cortrophin Gel pre-launch charges, 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 (loss)/income
when analyzing Company performance.
Adjusted non-GAAP net (loss)/income is defined as net
(loss)/income, 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, Cortrophin Gel pre-launch charges, 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 (loss)/income should be considered in addition to, but
not in lieu of, net (loss)/income reported under GAAP. A
reconciliation of adjusted non-GAAP net (loss)/income 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, Cortrophin Gel pre-launch charges, 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 (loss)/income, 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.
About ANI
ANI Pharmaceuticals is a diversified bio-pharmaceutical company
serving patients in need by developing, manufacturing, and
marketing high quality branded and generic prescription
pharmaceutical products, including for diseases with high unmet
medical need. Our team is focused on delivering sustainable growth
by building a successful Purified Cortrophin® Gel franchise,
strengthening our generics business with enhanced development
capability, innovation in established brands and leveraging our
North American manufacturing capabilities. For more information,
please visit www.anipharmaceuticals.com.
Forward-Looking Statements
To the extent any statements made in this release relate to
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, statements regarding 2022 Financial Guidance, statements about
the Company’s corporate strategy, future operations, products,
financial performance, financial position, operating results and
prospects, including plans for sustainable growth, and 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, the costs involved in commercializing
Cortrophin Gel, the ability to maintain regulatory approval of the
product and maintain sufficiency of the product, the ability to
obtain reimbursement from third-party payors for this product,
evolving government legislation, the opinions and views of key
opinion leaders and physicians who treat patients with chronic
diseases and who may prescribe Cortrophin Gel, ANI’s ability to
generate projected net product revenue and gain market share on the
timeline expected, actions taken by competitors in response to a
new market entrant; the ability of the Company to successfully
maintain manufacturing capabilities and adequate commercial
quantities of Cortrophin Gel at acceptable costs and quality
levels; broad acceptance of Cortrophin Gel by physicians, patients
and the healthcare community; the acceptance of pricing and
placement of Cortrophin Gel on payers’ formularies; risks the
Company may face with respect to importing raw materials; the use
of single source suppliers and the time it may take to validate and
qualify another supplier, if necessary; manufacturing difficulties
or delays, ANI’s reliance on third parties over which it may not
always have full control, increased competition and strategies
employed by competitors; the ability to realize benefits
anticipated from acquisitions; costs and regulatory requirements
relating to contract manufacturing arrangements; delays or failure
in obtaining product approvals from the U.S. Food and Drug
Administration; general business and economic conditions, including
the ongoing impact of and uncertainties regarding the COVID-19
pandemic; market trends for our products; regulatory environment
and changes; and regulatory and other approvals relating to product
development and manufacturing, and other risks and uncertainties
that are described in ANI’s Annual Report on Form 10-K, quarterly
reports on Form 10-Q, and other periodic reports filed with the
Securities and Exchange Commission.
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 Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and quarterly
reports on Form 10-Q. All forward-looking statements in this news
release speak only as of the date of this news release and are
based on the Company’s current beliefs, assumptions, and
expectations. Except as required by law, the Company undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
For more details, visit www.cortrophin.com.
ANI Pharmaceuticals, Inc. and Subsidiaries
Table 1: US GAAP Statement of
Operations
(unaudited, in thousands, except
per share amounts)
Three Months Ended March 31,
2022
2021
Net Revenues
$
64,477
$
54,521
Operating Expenses: Cost of sales (excl. depreciation and
amortization)
34,271
19,985
Research and development
5,274
2,968
Selling, general, and administrative
28,817
17,587
Depreciation and amortization
14,557
10,898
Contingent consideration fair value adjustment
753
-
Purified Cortrophin Gel pre-launch charges
-
38
Total Operating Expenses
83,672
51,476
Operating (Loss)/Income
(19,195
)
3,045
Other Expense, Net
Interest expense, net
(6,613
)
(2,454
)
Other expense, net
(89
)
(515
)
(Loss)/Income Before Benefit for Income Taxes
(25,897
)
76
Benefit for income taxes
5,767
10
Net (Loss)/Income
$
(20,130
)
$
86
Dividends on Series A Convertible Preferred Stock
(405
)
-
Net (Loss)/Income Allocated to Common Shares
$
(20,535
)
$
86
Basic and Diluted (Loss)/Earnings Per Share: Basic
(Loss)/Earnings Per Share
$
(1.27
)
$
0.01
Diluted (Loss)/Earnings Per Share
$
(1.27
)
$
0.01
Basic Weighted-Average Shares Outstanding
16,137
12,004
Diluted Weighted-Average Shares Outstanding
16,137
12,017
ANI Pharmaceuticals, Inc. and Subsidiaries Table 2: US
GAAP Balance Sheets (uaudited, in thousands)
March 31,
2022
December 31,
2021
Current Assets Cash and cash equivalents
$
76,911
$
100,300
Accounts receivable, net
131,625
128,526
Inventories, net
83,155
81,693
Prepaid income taxes
1,982
3,667
Prepaid expenses and other current assets
7,726
7,589
Total Current Assets
301,399
321,775
Non-current Assets Property and equipment
77,677
75,627
Accumulated depreciation
(24,964
)
(22,956
)
Property and equipment, net
52,713
52,671
Restricted cash
5,000
5,001
Deferred tax assets, net of
deferred tax liabilities and valuation allowance
73,539
67,936
Intangible assets, net
281,573
294,122
Goodwill
28,188
27,888
Derivatives and other non-current assets
2,434
2,205
Total Assets
$
744,846
$
771,598
Current Liabilities Current debt, net of deferred financing
costs
$
850
$
850
Accounts payable
22,059
22,967
Accrued royalties
4,998
6,225
Accrued compensation and related expenses
3,265
8,522
Accrued government rebates
4,557
5,492
Returned goods reserve
35,554
35,831
Deferred revenue
116
87
Accrued expenses and other
8,133
7,563
Total Current Liabilities
79,532
87,537
Non-current Liabilities Non-current debt, net of deferred
financing costs and current component
286,307
286,520
Non-current contingent consideration
32,053
31,000
Derivatives and other non-current liabilities
860
7,801
Total Liabilities
398,752
412,858
Mezzanine Equity Convertible preferred stock, Series A
24,850
24,850
Stockholders' Equity Common stock
1
1
Treasury stock
(4,253
)
(3,135
)
Additional paid-in capital
391,084
387,844
Accumulated deficit
(68,300
)
(47,765
)
Accumulated other comprehensive income/(loss), net of tax
2,712
(3,055
)
Total Stockholders' Equity
321,244
333,890
Total Liabilities, Mezzanine Equity, and Stockholders'
Equity
$
744,846
$
771,598
ANI Pharmaceuticals, Inc. and Subsidiaries Table 3:
Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP
Reconciliation (unaudited, in thousands)
Reconciliation of certain
adjusted non-GAAP accounts:
Cost of sales (excl.
depreciation and
amortization)
Selling, general, and
administrative
expenses
Research and
development
expenses
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
2022
2021
2022
2021
2022
2021
2022
2021
Net (Loss)/Income
$
(20,130
)
$
86
As reported:
$
34,271
$
19,985
$
28,817
$
17,587
$
5,274
$
2,968
Add/(Subtract): Interest expense, net
6,613
2,454
Other expense/(income), net
89
515
Benefit for income taxes
(5,767
)
(10
)
Depreciation and amortization
14,557
10,898
Contingent consideration fair value adjustment
753
-
Cortrophin pre-launch charges and sales & marketing expenses(1)
-
141
Cortrophin pre-launch charges and sales & marketing expenses(1)
-
(103
)
Stock-based compensation
3,237
1,869
Stock-based compensation
(145
)
(4
)
(2,839
)
(1,746
)
(253
)
(119
)
Excess of fair value over cost of acquired inventory
3,829
-
Excess of fair value over cost of acquired inventory
(3,829
)
Novitium transaction expenses
1,092
2,943
Novitium transaction expenses
(1,092
)
(2,943
)
Adjusted non-GAAP EBITDA
$
4,273
$
18,896
As adjusted:
$
30,297
$
19,981
$
24,886
$
12,795
$
5,021
$
2,849
(1) Beginning in 2022, we no longer adjust for "Cortrophin
pre-launch charges and sales and marketing expenses" in arriving at
Adjusted non-GAAP EBTIDA and Adjusted non-GAAP Net (Loss)/Income.
ANI Pharmaceuticals, Inc. and Subsidiaries Table 4:
Adjusted non-GAAP Net (Loss)/Income and Adjusted
non-GAAP Diluted (Loss)/Earnings per Share
Reconciliation (unaudited, in thousands, except per share
amounts)
Three Months Ended March 31,
2022
2021
Net (Loss)/Income
$
(20,535
)
$
86
Add/(Subtract): Non-cash interest expense
953
546
Depreciation and amortization expense
14,557
10,898
Contingent consideration fair value adjustment
753
Cortrophin pre-launch charges and sales & marketing expenses(1)
-
141
Stock-based compensation
3,237
1,869
Excess of fair value over cost of acquired inventory
3,829
-
Novitium transaction expenses
1,092
2,943
Less: Estimated tax impact of adjustments (calc. at 24%)
(5,861
)
(3,935
)
Adjusted non-GAAP Net (Loss)/Income
$
(1,975
)
$
12,548
Diluted Weighted-Average Shares Outstanding
16,137
12,017
Adjusted Diluted Weighted-Average Shares Outstanding
16,137
12,017
Adjusted non-GAAP Diluted (Loss)/Earnings per Share
$
(0.12
)
$
1.04
(1) Beginning in 2022, we no longer adjust for "Cortrophin
pre-launch charges and sales and marketing expenses" in arriving at
Adjusted non-GAAP EBTIDA and Adjusted non-GAAP Net (Loss)/Income.
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Investors
Lisa M. Wilson In-Site Communications, Inc. 212-452-2793
lwilson@insitecony.com
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