Business
ANI Pharmaceuticals Reports First Quarter 2020 Results and Appoints Interim CEO
BAUDETTE, Minn., May 7, 2020 /PRNewswire/ -- For the first quarter 2020, ANI reports: Net revenues of $49.8 million versus $52.9 million in 2019 GAAP net loss
About this update from Ani Pharmaceuticals, Inc.
[{"type":"text","content":"BAUDETTE, Minn., May 7, 2020 /PRNewswire/ -- \nFor the first quarter 2020, ANI reports:\nNet revenues of $49.8 million versus $52.9 million in 2019 GAAP net loss of $7.0 million and diluted GAAP loss per share of $0.59 Adjusted non-GAAP EBITDA of $17.6 million Adjusted non-GAAP diluted earnings per share of $1.04 Integrates Amerigen Pharmaceuticals, Ltd. portfolio\nLaunches five generic products increasing total commercialized product line to 60 product families\nAppoints Patrick D. Walsh interim President and CEO\nSuspends guidance for 2020\nANI Pharmaceuticals, Inc. (\"ANI\") (NASDAQ: ANIP) today reported its financial results for the three months ended March 31, 2020. The Company will host its earnings conference call this morning, May 7, 2020, at 10:30 AM ET. Investors and other interested parties can join the call by dialing (866) 776-8875. The conference ID is 5243607.\nFinancial Summary\n(in thousands, except per share data)\nQ1 2020\nQ1 2019\nNet revenues\n$ 49,774\n$ 52,887\nNet (loss)/income\n$ (7,011)\n$ 449\nGAAP (loss)/earnings per diluted share\n$ (0.59)\n$ 0.04\nAdjusted non-GAAP EBITDA(a)\n$ 17,554\n$ 22,299\nAdjusted non-GAAP diluted earnings per share(b)\n$ 1.04\n$ 1.30\n(a) See Table 3 for US GAAP reconciliation.\n(b) See Table 4 for US GAAP reconciliation.\nArthur S. Przybyl, President and CEO, stated, \n\"ANI generated net revenues and non-GAAP earnings that met management's expectations during a period that was marked by significant uncertainties due to the COVID-19 pandemic. Our performance during this period is a testament to the commitment of our employees and to the strength of the business that we have built. I am proud of the accomplishments that were made during my eleven-year tenure as CEO of ANI. During this time, we have built ANI from a small private company to a thriving public specialty pharmaceutical business with an increasing diverse commercial product offering and an incredibly valuable pipeline opportunity in Cortrophin® Gel. As I depart ANI, I am confident that I leave the business in good health, in the hands of a very strong management team, and with its best days ahead of it. I welcome Patrick Walsh from the Board of Directors to the role of interim CEO and trust in his ability to lead the Company until such time as my replacement is identified.\"\nAppoints Interim CEO \nAs previously ...