Impax Laboratories (IPXL) Reports In-Line Q4 EPS, Miss on Revenues

Impax Laboratories (NASDAQ: IPXL) reported Q4 EPS of $0.11, in-line with the analyst estimate of $0.11. Revenue for the quarter came in at $182.9 million versus the consensus estimate of $198.17 million.

Fourth Quarter 2017

• Total revenues in the fourth quarter 2017 were $182.9 million, a decrease of 7.8%, compared to $198.4 million in the prior year period due to a decrease in sales of generic products, partially offset by an increase in sales of specialty products.
• GAAP net loss was $301.1 million or a loss of $4.18 per share for the fourth quarter 2017, compared to a loss of $279.6 million or a loss of $3.91 per share in the prior year period. The fourth quarter of 2017 includes $230.7 million of non-cash intangible asset impairment charges on a few currently marketed and in-development generic products primarily due to competition, and a $74.1 million impairment charge associated with the sale of the Taiwan manufacturing facility. The fourth quarter of 2016 includes non-cash intangible asset impairment charges of $253.9 million due to competition and product discontinuations primarily related to certain products acquired in the Company\'s acquisition of Tower Holdings, Inc. and subsidiaries in March 2015 (the \"Tower Acquisition\").
• Adjusted net income was $7.6 million or $0.11 per share in the fourth quarter 2017, compared to $11.6 million or $0.16 per share in the prior year period, primarily due to lower generic product revenue. Refer to the attached \"Non-GAAP Financial Measures\" for a reconciliation of all GAAP to non-GAAP items.
• EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $274.8 million in the fourth quarter 2017, compared to a loss of $234.0 million in the prior year period, primarily as a result of the charges noted above. Adjusted EBITDA was $33.1 million, compared to $37.3 million in the prior year period.

For earnings history and earnings-related data on Impax Laboratories (IPXL) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Diana Shipping withdraws bid to acquire Genco Shipping
• CaliberCos Inc (CWD) Misses Q2 EPS by 43c; Offers Guidance