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09.05.2017 13:35
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AMRI Announces First Quarter 2017 Results
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PR Newswire
ALBANY, N.Y., May 9, 2017
ALBANY, N.Y., May 9, 2017 /PRNewswire/ -- AMRI (NASDAQ: AMRI) today reported financial and operating results for the first quarter ended March 31, 2017 and provided an update to its outlook for 2017.
Highlights:
- First quarter total revenue of $163.8 million, up 55% from 2016
- First quarter basic and diluted EPS $(0.25); non-GAAP diluted EPS of $0.13
- First quarter net loss of $(10.7) million; non-GAAP net income of $5.7 million
- First quarter adjusted EBITDA of $24.0 million, up 83% from 2016
- Company confirms 2017 financial guidance
Non-GAAP net income, non-GAAP diluted EPS and adjusted EBITDA are non-GAAP financial measures. For a discussion of these measures and reconciliations to U.S. GAAP measures, see "Non-GAAP Financial Measures" and Tables 1, 2 and 3.
"We delivered an excellent first quarter, driven by 56 percent growth in contract revenue, 7 percent on an organic basis, including double digit organic growth in our Discovery, Development and Analytical Services (DDS) and Active Pharmaceutical Ingredient (API) businesses," said William S. Marth, AMRI's president and chief executive officer. "GAAP income from operations increased $6 million, a 150% increase quarter over quarter, and adjusted EBITDA increased $11 million, an 83% increase quarter over quarter, illustrating strong and efficient execution and leverage across our operations. We are confident that these trends will continue through the year and are maintaining our outlook for 2017, which includes 28% growth of contract revenue, 7% growth of organic contract revenue, and double digit earnings growth at the midpoint."
First Quarter 2017 Results
Total revenue for the first quarter of 2017 was $163.8 million, an increase of 55%, compared to total revenue of $105.6 million reported in the first quarter of 2016.
Total contract revenue for the first quarter of 2017 was $160.2 million, an increase of 56% compared to contract revenue of $102.8 million reported in the first quarter of 2016, and organic contract revenue increased 7%.
Contract gross margin was 23% for the first quarter of 2017, consistent with contract gross margin for the first quarter of 2016. Non-GAAP contract gross margin was 27% in the first quarter of 2017, consistent with the first quarter of 2016 and reflects increased gross margin within our Drug Product (DP) business, offset by the addition of Euticals' Fine Chemicals (FC) and API businesses.
Recurring royalty revenue in the first quarter of 2017 was $3.6 million, an increase of 31% from $2.7 million in the first quarter of 2016 due primarily to the addition of royalties resulting from our collaboration partner's sales of nitroprusside.
Selling, general and administrative (SG&A) expense in the first quarter of 2017 was $33.4 million, up 36% from $24.6 million in the first quarter of 2016. Non-GAAP SG&A expense in the first quarter of 2017 was $27.0 million, up 47% from $18.4 million in the first quarter of 2016, due largely to additional SG&A from the Euticals' acquisition and investments we have made in key support functions.
Net loss was $(10.7) million, or $(0.25) per basic and diluted share, in the first quarter of 2017, compared to $(10.1) million, or $(0.29) per basic and diluted share for the first quarter of 2016. Non-GAAP net income in the first quarter was $5.7 million, or $0.13 per diluted share, compared to $2.4 million, or $0.07 per diluted share, for the first quarter of 2016.
Adjusted EBITDA in the first quarter of 2017 was $24.0 million, an increase of $11.0 million or 83%, compared to the first quarter of 2016.
At March 31, 2017, AMRI had cash and cash equivalents of $35.2 million, compared to $52.0 million at December 31, 2016. During the first quarter of 2017, we used cash of $6.4 million in operating activities primarily due to the timing of payments attributable to severance, employee compensation and benefits and payments to vendors that were primarily incurred and accrued as of December 31, 2016, as well as payments associated with increased inventory levels during the period. These outflows were partially offset by collections from customers during the period. We used cash of $4.1 million in investing activities, primarily attributable to $3.9 million of capital expenditures, and we used cash of $7.2 million in financing activities, primarily related to the principal payments of long-term debt of $4.0 million and net repayments on short-term borrowings of $2.0 million.
Segment Results
| Active Pharmaceutical Ingredients (API) | | | | | |
| | | | | | |
| | | Three Months Ended | | ||
| | | March 31, | | ||
| (Unaudited; dollars in thousands) | | 2017 | | 2016 | |
| | | | | | |
| API Contract Revenue (1) | | $ 103,364 | | $ 54,369 | |
| API Royalty Revenue | | 2,765 | | 2,741 | |
| API Total Revenue | | $ 106,129 | | $ 57,110 | |
| | | | | | |
| Cost of Contract Revenue (2) | | $ 79,881 | | $ 40,666 | |
| | | | | | |
| Contract Gross Profit | | $ 23,483 | | $ 13,703 | |
| Contract Gross Margin | | 22.7% | | 25.2% | |
| | | | | | |
| Non-GAAP Contract Gross Profit (3) | | $ 28,334 | | $ 17,239 | |
| Non-GAAP Contract Gross Margin (3) | | 27.4% | | 31.7% | |
| | | | | | |
| Gross Profit (4) | | $ 26,248 | | $ 16,444 | |
| Gross Margin (4) | | 24.7% | | 28.8% | |
| | | | | | |
| Non-GAAP Gross Profit (3) (4) | | $ 31,099 | | $ 19,980 | |
| Non-GAAP Gross Margin (3) (4) | | 29.3% | | 35.0% | |
| | | | | | |
| (1) To conform to current year presentation, contract revenue for the three months ended March 31, 2016 in the amount of $333 related to medium-scale activities in our Wisconsin facility has been reclassified from API to DDS. | |||||
| | |||||
| (2) To better align with underlying activities and to conform to current year presentation, cost of contract revenue for the three months ended March 31, 2016 in the amount of $142 previously classified as DDS has been reclassified to API. | |||||
| | |||||
| (3) Refer to Table 1 included in this release for the reconciliation of U.S. GAAP to non-GAAP measures. | |||||
| | |||||
| (4) Includes royalties | |||||
API contract revenue for the first quarter of 2017 increased 90% compared to the first quarter of 2016, due to $43.4 million of incremental revenue from our Euticals' API business and organic growth.
API contract gross margin for the first quarter of 2017 decreased 3 percentage points compared to the first quarter of 2016, primarily due to gross margins attributable to Euticals as compared to our legacy API business. API non-GAAP contract gross margin for the first quarter of 2017 decreased 4 percentage points from the first quarter of 2016 also as a result of lower margins of Euticals' API business as compared to our legacy API business.
| Discovery, Development and Analytical Services (DDS) | | | | ||
| | | | | | |
| | | Three Months Ended | | ||
| | | March 31, | | ||
| (Unaudited; dollars in thousands) | | 2017 | | 2016 | |
| | | | | | |
| DDS Contract Revenue (1) | | $ 29,167 | | $ 23,536 | |
| Cost of Contract Revenue (2) | | 20,974 | | 17,261 | |
| Contract Gross Profit | | $ 8,193 | | $ 6,275 | |
| Contract Gross Margin | | 28.1% | | 26.7% | |
| | | | | | |
| Non-GAAP Contract Gross Profit (3) | | $ 8,627 | | $ 6,688 | |
| Non-GAAP Contract Gross Margin(3) | | 29.6% | | 28.4% | |
| | | | | | |
| (1) To conform to current year presentation, contract revenue for the three months ended March 31, 2016 in the amount of $333 related to medium-scale activities in our Wisconsin facility has been reclassified from API to DDS. | | ||||
| | | ||||
| (2) To better align with underlying activities and to conform to current year presentation, cost of contract revenue for the three months ended March 31, 2016 in the amount of $249 previously classified as DDS has been reclassified to API ($142) and DP ($108). | | ||||
| | | ||||
| (3) Refer to Table 1 included in this release for the reconciliation of U.S. GAAP to non-GAAP measures. | |||||
DDS contract revenue for the first quarter of 2017 increased 24% compared to the first quarter of 2016, due primarily to strong growth in Discovery and Chemical Development. DDS contract gross margin increased 1 percentage point in the first quarter of 2017 as compared to the first quarter of 2016. DDS non-GAAP contract gross margin increased 1 percentage point to 30% in the first quarter of 2017, driven by higher discovery services and chemical development margins.
| Drug Product (DP) | | | | |
| | | | | |
| | | Three Months Ended | ||
| | | March 31, | ||
| (Unaudited; dollars in thousands) | | 2017 | | 2016 |
| | | | | |
| DP Contract Revenue | | $ 22,534 Werbung Mehr Nachrichten zur Albany Molecular Research Aktie kostenlos abonnieren
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