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Form 10-Q LANNETT CO INC For: Mar 31

May 10, 2022 4:24 PM EDT

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File No. 001-31298

LANNETT COMPANY, INC.

(Exact Name of Registrant as Specified in its Charter)

State of Delaware

23-0787699

(State of Incorporation)

(I.R.S. Employer I.D. No.)

1150 Northbrook Drive, Suite 155

Trevose, PA 19053

(215) 333-9000

(Address of principal executive offices and telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

LCI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12B-12 of the Exchange Act). Yes  No 

Indicate the number of shares outstanding of each class of the registrant’s common stock, as of the latest practical date.

Class

Outstanding as of April 30, 2022

Common stock, par value $0.001 per share

43,031,879

Table of Contents

Page No.

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021

3

Consolidated Statements of Operations for the three and nine months ended March 31, 2022 and 2021

4

Consolidated Statements of Comprehensive Loss for the three and nine months ended March 31, 2022 and 2021

5

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended March 31, 2022 and 2021

6

Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021

7

Notes to Consolidated Financial Statements

8

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

37

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

48

ITEM 4.

CONTROLS AND PROCEDURES

48

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

49

ITEM 1A.

RISK FACTORS

49

ITEM 6.

EXHIBITS

50

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LANNETT COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

    

March 31, 2022

    

June 30, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

106,108

$

93,286

Accounts receivable, net

 

63,974

 

98,834

Inventories

 

95,434

 

109,545

Income taxes receivable

37,236

35,050

Assets held for sale

 

 

2,678

Other current assets

 

15,953

 

14,170

Total current assets

 

318,705

 

353,563

Property, plant and equipment, net

 

140,120

 

166,674

Intangible assets, net

 

88,351

 

137,835

Operating lease right-of-use assets

10,028

10,559

Other assets

 

15,103

 

15,106

TOTAL ASSETS

$

572,307

$

683,737

LIABILITIES

Current liabilities:

Accounts payable

$

28,571

$

29,585

Accrued expenses

 

15,872

 

13,077

Accrued payroll and payroll-related expenses

 

10,817

 

10,680

Rebates payable

 

24,332

 

19,025

Royalties payable

6,145

13,779

Restructuring liability

899

8

Current operating lease liabilities

2,059

2,045

Other current liabilities

5,660

2,270

Total current liabilities

 

94,355

 

90,469

Long-term debt, net

 

610,080

 

590,683

Long-term operating lease liabilities

10,285

11,047

Other liabilities

16,895

19,009

TOTAL LIABILITIES

 

731,615

 

711,208

Commitments and contingencies (Notes 11 and 12)

STOCKHOLDERS’ DEFICIT

Common stock ($0.001 par value, 100,000,000 shares authorized; 42,180,724 and 40,913,148 shares issued; 40,616,948 and 39,576,606 shares outstanding at March 31, 2022 and June 30, 2021, respectively)

 

42

 

41

Additional paid-in capital

 

362,531

 

355,239

Accumulated deficit

 

(503,091)

 

(364,766)

Accumulated other comprehensive loss

 

(526)

 

(548)

Treasury stock (1,563,776 and 1,336,542 shares at March 31, 2022 and June 30, 2021, respectively)

 

(18,264)

 

(17,437)

Total stockholders’ deficit

 

(159,308)

 

(27,471)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

$

572,307

$

683,737

The accompanying notes are an integral part of the Consolidated Financial Statements.

3

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except share and per share data)

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

    

2022

    

2021

Net sales

$

78,357

$

112,370

$

266,390

$

372,769

Cost of sales

 

72,658

 

82,063

 

230,656

 

298,738

Amortization of intangibles

2,621

3,851

10,425

21,097

Gross profit

 

3,078

 

26,456

 

25,309

 

52,934

Operating expenses:

Research and development expenses

 

5,807

 

5,973

 

16,318

 

18,156

Selling, general and administrative expenses

 

17,572

 

17,636

 

55,268

 

46,502

Restructuring expenses

1,782

2,673

4,043

Asset impairment charges

49,361

198,000

Total operating expenses

 

25,161

 

23,609

 

123,620

 

266,701

Operating income (loss)

 

(22,083)

 

2,847

 

(98,311)

 

(213,767)

Other income (expense):

Investment income

34

80

114

168

Interest expense

 

(14,517)

 

(12,631)

 

(43,171)

 

(40,613)

Other

303

18

252

23

Total other expense

 

(14,180)

 

(12,533)

 

(42,805)

 

(40,422)

Loss before income tax

 

(36,263)

 

(9,686)

 

(141,116)

 

(254,189)

Income tax benefit

 

(1,365)

 

(2,544)

 

(2,791)

 

(68,600)

Net loss

$

(34,898)

$

(7,142)

$

(138,325)

$

(185,589)

Loss per common share (1):

Basic

$

(0.86)

$

(0.18)

$

(3.44)

$

(4.72)

Diluted

$

(0.86)

$

(0.18)

$

(3.44)

$

(4.72)

Weighted average common shares outstanding (1):

Basic

 

40,503,301

 

39,511,296

 

40,261,330

 

39,340,670

Diluted

 

40,503,301

 

39,511,296

 

40,261,330

 

39,340,670

(1)See Note 15 “Loss Per Common Share” for details on calculation.

The accompanying notes are an integral part of the Consolidated Financial Statements.

4

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(In thousands)

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

2022

    

2021

Net loss

$

(34,898)

$

(7,142)

$

(138,325)

$

(185,589)

Other comprehensive income (loss):

Foreign currency translation gain (loss)

 

(7)

 

(8)

 

22

 

24

Total other comprehensive income (loss)

 

(7)

 

(8)

 

22

 

24

Comprehensive loss

$

(34,905)

$

(7,150)

$

(138,303)

$

(185,565)

The accompanying notes are an integral part of the Consolidated Financial Statements.

5

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)

(In thousands)

    

Three Months Ended March 31, 2022

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Deficit

Balance, December 31, 2021

 

42,053

$

42

$

360,765

$

(468,193)

$

(519)

$

(18,255)

$

(126,160)

Shares issued in connection with share-based compensation plans

 

127

 

 

67

 

 

 

 

67

Share-based compensation

 

 

 

1,699

 

 

 

 

1,699

Purchase of treasury stock

 

 

 

 

 

 

(9)

 

(9)

Other comprehensive income

 

 

 

 

 

(7)

 

 

(7)

Net loss

 

 

 

 

(34,898)

 

 

 

(34,898)

Balance, March 31, 2022

 

42,180

$

42

$

362,531

$

(503,091)

$

(526)

$

(18,264)

$

(159,308)

    

Three Months Ended March 31, 2021

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Equity

Balance, December 31, 2020

 

40,832

$

41

$

326,939

$

(179,738)

$

(595)

$

(17,389)

$

129,258

Shares issued in connection with share-based compensation plans

 

40

 

 

109

 

 

 

 

109

Share-based compensation

 

 

 

1,863

 

 

 

 

1,863

Purchase of treasury stock

 

 

 

 

 

 

(30)

 

(30)

Other comprehensive loss

 

 

 

 

 

(8)

 

 

(8)

Net loss

 

 

 

 

(7,142)

 

 

 

(7,142)

Balance, March 31, 2021

 

40,872

$

41

$

328,911

$

(186,880)

$

(603)

$

(17,419)

$

124,050

    

Nine Months Ended March 31, 2022

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Deficit

Balance, June 30, 2021

 

40,913

$

41

$

355,239

$

(364,766)

$

(548)

$

(17,437)

$

(27,471)

Shares issued in connection with share-based compensation plans

 

1,267

 

1

 

266

 

 

 

 

267

Share-based compensation

 

 

 

7,026

 

 

 

 

7,026

Purchase of treasury stock

 

 

 

 

 

 

(827)

 

(827)

Other comprehensive income

 

 

 

 

 

22

 

 

22

Net loss

 

 

 

 

(138,325)

 

 

 

(138,325)

Balance, March 31, 2022

 

42,180

$

42

$

362,531

$

(503,091)

$

(526)

$

(18,264)

$

(159,308)

    

Nine Months Ended March 31, 2021

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Retained

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, June 30, 2020

 

39,963

$

40

$

321,164

$

(1,291)

$

(627)

$

(16,390)

$

302,896

Shares issued in connection with share-based compensation plans

 

909

 

1

 

551

 

 

 

 

552

Share-based compensation

 

 

 

7,196

 

 

 

 

7,196

Purchase of treasury stock

 

 

 

 

 

 

(1,029)

 

(1,029)

Other comprehensive income

 

 

 

 

 

24

 

 

24

Net loss

 

 

 

 

(185,589)

 

 

 

(185,589)

Balance, March 31, 2021

 

40,872

$

41

$

328,911

$

(186,880)

$

(603)

$

(17,419)

$

124,050

The accompanying notes are an integral part of the Consolidated Financial Statements.

6

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

Nine Months Ended

March 31, 

    

2022

    

2021

OPERATING ACTIVITIES:

Net loss

$

(138,325)

$

(185,589)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

 

26,659

 

38,345

Deferred income tax benefit

 

 

(20,129)

Share-based compensation

 

7,026

 

7,196

Asset impairment charges

49,361

198,000

Gain on sale/disposal of assets

 

(279)

 

(26)

Accrual of payment-in-kind interest on Second Lien Credit Facility

15,115

Amortization of debt discount and other debt issuance costs

4,553

9,073

Provision for inventory write-downs

11,427

23,613

Other noncash expenses

 

628

 

853

Changes in assets and liabilities which provided (used) cash:

Accounts receivable, net

 

34,860

 

10,997

Inventories

 

2,684

 

6,180

Income taxes receivable/payable

 

(2,194)

 

(25,420)

Other assets

 

(561)

 

(1,423)

Rebates payable

 

5,307

 

(6,327)

Royalties payable

(7,634)

(6,322)

Restructuring liability

891

15

Operating lease assets/liabilities

(835)

52

Accounts payable

 

(1,014)

 

70

Accrued expenses

 

2,795

 

(10,937)

Accrued payroll and payroll-related expenses

137

(6,546)

Other liabilities

1,284

2,530

Net cash provided by operating activities

 

11,885

 

34,205

INVESTING ACTIVITIES:

Purchases of property, plant and equipment

 

(9,260)

 

(6,599)

Proceeds from sale of property, plant and equipment

 

12,235

 

51

Purchases of intangible assets

(1,500)

(4,500)

Net cash provided by (used in) investing activities

 

1,475

 

(11,048)

FINANCING ACTIVITIES:

Repayments of long-term debt

 

 

(78,353)

Proceeds from issuance of stock

 

267

 

552

Payment of debt issuance costs

(2,390)

Purchase of treasury stock

 

(827)

 

(1,029)

Net cash used in financing activities

 

(560)

 

(81,220)

Effect on cash and cash equivalents of changes in foreign exchange rates

 

22

 

24

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

12,822

 

(58,039)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

 

98,286

 

144,329

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

$

111,108

$

86,290

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid

$

17,155

$

30,670

Income taxes refunded

$

(596)

$

(23,052)

Purchases of property, plant and equipment included in accounts payable

$

1,096

$

803

The accompanying notes are an integral part of the Consolidated Financial Statements.

7

LANNETT COMPANY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Interim Financial Information

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for the presentation of interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited financial statements do not include all the information and footnotes necessary for a comprehensive presentation of the financial position, results of operations and cash flows for the periods presented. In the opinion of management, the unaudited financial statements include all the normal recurring adjustments that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for the three and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. These unaudited financial statements should be read in combination with the other Notes in this section; “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in Item 2; and the Consolidated Financial Statements, including the Notes to the Consolidated Financial Statements, included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The Consolidated Balance Sheet as of June 30, 2021 was derived from audited financial statements.

Note 2. The Business and Nature of Operations

Lannett Company, Inc. (a Delaware corporation) and its subsidiaries (collectively, the “Company” or “Lannett”) primarily develop, manufacture, package, market and distribute solid oral and extended release (tablets and capsules), topical, nasal and oral solution finished dosage forms of drugs that address a wide range of therapeutic areas. Certain of these products are manufactured by others and distributed by the Company.

The Company operates a pharmaceutical manufacturing plant in Seymour, Indiana. During the third quarter of Fiscal 2022, the Company completed the sale of its Silarx Pharmaceuticals, Inc. (“Silarx”) facility in Carmel, New York. In connection with the sale, the buyer will continue to produce certain products on behalf of the Company at the Carmel facility while the Company completes the transfer of such products to its Seymour, Indiana plant. Refer to Note 4 “Restructuring Charges” for further details of the sale of the Silarx facility.

The Company’s customers include generic pharmaceutical distributors, drug wholesalers, chain drug stores, private label distributors, mail-order pharmacies, other pharmaceutical manufacturers, managed care organizations, hospital buying groups, governmental entities and health maintenance organizations.

COVID-19 Update

The COVID-19 pandemic continues to have an impact on the global economy and the way companies operate. In light of the economic impacts of COVID-19, the Company reviewed the assets on our Consolidated Balance Sheet as of March 31, 2022, including intangible and other long-lived assets. Based on our review, the Company determined that no impairments or other write-downs specifically related to COVID-19 were necessary during the first nine months of Fiscal 2022 and during Fiscal 2021. Our assessment is based on information currently available and is highly reliant on various assumptions. Changes in market conditions could impact the Company’s future outlook and may lead to impairments in the future.

While COVID-19 has thus far not had a material impact on the Company’s operations, we cannot reasonably predict the ultimate impact of COVID-19 on our future results of operations and cash flows due to the continued uncertainty around the duration and severity of the pandemic.

8

Note 3. Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP.

Principles of consolidation

The Consolidated Financial Statements include the accounts of Lannett Company, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition and sales deductions for estimated chargebacks, rebates, returns and other adjustments including a provision for the Company’s liability under the Medicare Part D program. Additionally, significant estimates and assumptions are required when determining the value of inventories and long-lived assets, including intangible assets, income taxes, and contingencies.

Because of the inherent subjectivity and complexity involved in these estimates and assumptions, actual results could differ from those estimates.

Foreign currency translation

The Consolidated Financial Statements are presented in U.S. dollars, the reporting currency of the Company. The financial statements of the Company’s foreign subsidiary are maintained in local currency and translated into U.S. dollars at the end of each reporting period. Assets and liabilities are translated at period-end exchange rates, while revenues and expenses are translated at average exchange rates during the period. The adjustments resulting from the use of differing exchange rates are recorded as part of stockholders’ equity (deficit) in accumulated other comprehensive income (loss). Gains and losses resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under other income (loss). Amounts recorded due to foreign currency fluctuations are immaterial to the Consolidated Financial Statements.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments with original maturities less than or equal to three months at the date of purchase to be cash and cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and money market funds. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions. Such amounts frequently exceed insured limits. In connection with the Second Lien Secured Loan Facility (“Second Lien Facility”), the Company is required to maintain at least $5.0 million in a deposit account at all times, subject to control by the Second Lien Collateral Agent. At March 31, 2022 and June 30, 2021, the Company classified this balance as restricted cash, which is included in other assets.

9

Presented in the table below is a reconciliation of the cash, cash equivalents and restricted cash amounts presented on the Consolidated Balance Sheets to the sum of such amounts presented on the Consolidated Statements of Cash Flows for the periods ended March 31, 2022 and 2021.

    

March 31, 2022

March 31, 2021

Cash and cash equivalents

$

106,108

$

81,290

Restricted cash, included in other assets

5,000

5,000

Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows

$

111,108

$

86,290

Allowance for doubtful accounts

The Company complies with ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires the Company to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible.

Inventories

Inventories are stated at the lower of cost or net realizable value by the first-in, first-out method. Inventories are regularly reviewed and write-downs for excess and obsolete inventory are recorded based primarily on current inventory levels, expiration date and estimated sales forecasts.

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the assets’ estimated useful lives. Repairs and maintenance costs that do not extend the useful life of the asset are expensed as incurred.

Intangible Assets

Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, which commences upon shipment of the product. The Company continually evaluates the reasonableness of the useful lives of these assets. Indefinite-lived intangible assets are not amortized, but instead are tested at least annually for impairment. Costs to renew or extend the term of a recognized intangible asset are expensed as incurred.

Valuation of Long-Lived Assets, including Intangible Assets

The Company’s long-lived assets primarily consist of property, plant and equipment and definite and indefinite-lived intangible assets. Property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of the asset may not be recoverable. If a triggering event is determined to have occurred, the asset’s carrying value is compared to the future undiscounted cash flows expected to be generated by the asset. If the carrying value exceeds the undiscounted cash flows of the asset, then impairment exists. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of each fiscal year or more frequently if events or triggering events indicate that the asset might be impaired.

10

An impairment loss is measured as the excess of the asset’s carrying value over its fair value, which in most cases is calculated using a discounted cash flow model. Discounted cash flow models are highly reliant on various assumptions which are considered Level 3 inputs, including estimates of future cash flows (including long-term growth rates), discount rates and the probability of achieving the estimated cash flows.

Segment Information

The Company operates in one reportable segment, generic pharmaceuticals. As such, the Company aggregates its financial information for all products. The table below identifies the Company’s net sales by medical indication for the three and nine months ended March 31, 2022 and 2021.

Three Months Ended

Nine Months Ended

(In thousands)

March 31, 

March 31, 

Medical Indication

    

2022

    

2021

    

2022

    

2021

Analgesic

$

3,292

$

3,836

$

12,525

$

10,528

Anti-Psychosis

3,346

11,678

9,156

38,023

Cardiovascular

 

9,468

 

16,573

 

33,321

 

52,623

Central Nervous System

15,177

24,509

60,302

71,648

Endocrinology

6,792

6,822

22,934

19,551

Gastrointestinal

11,709

16,817

40,972

52,492

Infectious Disease

5,438

10,610

24,473

55,586

Migraine

 

3,507

 

5,169

 

12,638

 

20,942

Respiratory/Allergy/Cough/Cold

2,309

2,548

7,291

6,241

Urinary

827

1,566

3,167

4,385

Other

 

13,873

 

8,617

 

32,160

 

24,661

Contract manufacturing revenue

2,619