Endo International (ENDP) Tops Q1 EPS by 10c, Revenues Beat; Offers FY19 EPS/Revenue Guidance

Endo International (NASDAQ: ENDP) reported Q1 EPS of $0.53, $0.10 better than the analyst estimate of $0.43. Revenue for the quarter came in at $720 million versus the consensus estimate of $691.82 million.

• Revenues of $720 million, an increase of 3 percent compared to first-quarter 2018 revenues of $701 million.
• Reported net loss from continuing operations of $13 million compared to first-quarter 2018 reported net loss from continuing operations of $498 million.
• Reported diluted loss per share from continuing operations of $0.06 compared to first-quarter 2018 reported diluted loss per share from continuing operations of $2.23.
• Adjusted income from continuing operations of $122 million compared to first-quarter 2018 adjusted income from continuing operations of $151 million.
• Adjusted diluted earnings per share from continuing operations of $0.53 compared to first-quarter 2018 adjusted diluted earnings per share from continuing operations of $0.67.
• Adjusted EBITDA of $334 million compared to first-quarter 2018 adjusted EBITDA of $334 million.

"We are extremely pleased with Endo's continued strong operational performance during the first quarter, led by double-digit revenue growth in our Sterile Injectables segment and in the Specialty Products portfolio of our Branded Pharmaceuticals segment. Additionally, during the quarter we completed a debt refinancing which increases our operational flexibility," said Paul Campanelli, President and Chief Executive Officer of Endo. "We are on target to meet our previously provided full-year financial guidance and we remain focused on executing our multi-year turnaround plan, which includes continuing our regulatory and pre-commercialization activities to successfully bring CCH for cellulite to market."

GUIDANCE:

Endo International sees FY2019 EPS of $2.00-$2.25, versus the consensus of $2.17. Endo International sees FY2019 revenue of $2.76-2.96 billion, versus the consensus of $2.87 billion.

• Adjusted EBITDA from continuing operations to be between $1.24 billion and $1.34 billion.

The Company's 2019 non-GAAP financial guidance is based on the following assumptions:

• Adjusted gross margin of approximately 65.0% to 66.0%;
• Adjusted operating expenses as a percentage of revenues of approximately 24.5% to 25.0%;
• Adjusted interest expense of approximately $550 million to $560 million;
• Adjusted effective tax rate of approximately 17.5% to 18.5%;
• Adjusted diluted weighted average shares outstanding of approximately 234 million; and
• Revenue, adjusted EBITDA, and adjusted diluted earnings per share weighted slightly more towards the second half of 2019.

For earnings history and earnings-related data on Endo International (ENDP) click here.

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