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AMRI Announces Fourth Quarter and Full Year 2016 Results and Provides 2017 Outlook
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PR Newswire
ALBANY, New York, Feb. 21, 2017
ALBANY, New York, Feb. 21, 2017 /PRNewswire/ -- AMRI (NASDAQ: AMRI) today reported financial and operating results for the fourth quarter and full year ended December 31, 2016 and provided an outlook for 2017.
Highlights:
- Fourth quarter total revenue of $191.3 million, up 51% from 2015
- Full year total revenue of $570.5 million, up 42% from 2015
- Fourth quarter reported basic and diluted EPS $(0.37); non-GAAP diluted EPS of $0.34
- Full year reported basic and diluted EPS $(1.83); non-GAAP diluted EPS of $0.95
- Fourth quarter reported net loss of $15.4 million; non-GAAP net income of $14.8 million
- Full year reported net loss of $70.2 million; non-GAAP net income of $37.1 million
- Fourth quarter adjusted EBITDA of $36.7 million, up 38% from 2015
- Full year adjusted EBITDA of $102.0 million, up 36% from 2015
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 had a number of successes in 2016 that give us confidence in our growth trajectory for 2017 and beyond," said William S. Marth, president and chief executive officer, AMRI. "Through key acquisitions and organic initiatives, we have scaled our business and strengthened our service offerings in complex science, expanded our global footprint and commercial portfolio of APIs to more than 240, and increased our capacity to address the growing demand for pharmaceutical outsourcing.
Marth continued, "Our strategic vision has been to build a preeminent global contract development and manufacturing organization (CDMO) with a complete suite of services to meet the needs of both large pharmaceutical and smaller biotechnology companies. Specialized services, such as extractables and leachables testing, complement our key product offerings and expertise with sterile products, steroids, controlled substances, high potency compounds, monobactams and hormones. We believe we are well-positioned to capture significant business as more companies outsource their contract research, testing and manufacturing services."
Fourth Quarter 2016 Results
Total revenue for the fourth quarter of 2016 was $191.3 million, an increase of 51% compared to total revenue of $126.4 million in the fourth quarter of 2015.
Total contract revenue for the fourth quarter of 2016 was $189.5 million, an increase of 54% compared to contract revenue of $123.0 million in the fourth quarter of 2015. Contract margins reported under GAAP were 20% in the fourth quarter of 2016, compared with 25% for the fourth quarter of 2015. Non-GAAP contract gross margins were 30% for the fourth quarter of 2016, unchanged from the fourth quarter of 2015. Non-GAAP contract gross margins reflect growth within our Discovery and Development Services (DDS) business, offset by the addition of Euticals to our Active Pharmaceutical Ingredients (API) business and a decline in our Drug Product (DP) margins.
Recurring royalty revenue in the fourth quarter of 2016 was $1.9 million, down from $3.4 million in the fourth quarter of 2015, due primarily to a decline of royalties from the net sales of certain amphetamine salts sold by Teva Pharmaceuticals, partially offset by the addition of royalties resulting from our partner's sales of nitroprusside.
Reported research and development expense in the fourth quarter of 2016 was $4.8 million, up from $2.7 million in the fourth quarter 2015. Non-GAAP research and development expense in the fourth quarter of 2016 was $4.9 million, up from $2.2 million in the fourth quarter 2015, reflecting increased investment in collaboration agreements and our API portfolio.
Reported selling, general and administrative (SG&A) expense in the fourth quarter of 2016 was $32.3 million, up 46% from $22.2 million in the fourth quarter of 2015. Non-GAAP SG&A expense in the fourth quarter of 2016 was $24.8 million, up 52% from $16.3 million in the fourth quarter of 2015, due largely to additional SG&A from acquired businesses and investments we have made in key support functions.
Reported net loss was $(15.4) million, or $(0.37) per basic and diluted share, in the fourth quarter of 2016, compared to net income of $1.8 million, or $0.05 per basic and diluted share in the fourth quarter of 2015, due primarily to increased operating expenses associated with the expanded business. Non-GAAP net income in the fourth quarter of 2016 was $14.8 million, or $0.34 per diluted share, compared to non-GAAP net income of $14.1 million or $0.40 per diluted share in 2015.
Adjusted EBITDA in the fourth quarter of 2016 was $36.7 million, an increase of 38% from $26.7 million in the fourth quarter 2015.
For a reconciliation of non-GAAP financial measures to U.S. GAAP financial measures for the 2016 and 2015 reporting periods, please see Tables 1-3 at the end of this press release.
Full Year 2016 Results
Total revenue for the year ended December 31, 2016 was $570.5 million, an increase of 42% compared to total revenue of $402.4 million for the twelve-month period ended December 31, 2015.
Contract revenue for the year ended December 31, 2016 was $560.4 million, an increase of 46% compared to contract revenue of $384.7 million for the year ended December 31, 2015 due primarily to the acquisitions of Euticals and Gadea Pharmaceuticals (Gadea).
Contract gross margins reported under GAAP were 22% for the twelve-month period ended December 31, 2016, compared to 23% in 2015. Non-GAAP contract gross margins were 30% for the twelve month period ended December 31, 2016, compared with 26% for the twelve month period ended December 31, 2015.
Recurring royalty revenue for the twelve month period ended December 31, 2016 was $10.0 million, a decrease of 43% from $17.6 million in 2015, due to the expiration of Allegra (fexofenadine) royalties in the second quarter of 2015. Recurring royalty revenue for the twelve-month period ended December 31, 2016 includes $6.4 million from the net sales of mixed amphetamine salts, royalties from an API sourced from our business in Spain and royalties from net sales of nitroprusside.
Reported net loss was $(70.2) million, or $(1.83) per basic and diluted share for the twelve-month period ended December 31, 2016, compared to a reported net loss of $(2.3) million, or $(0.07) per basic and diluted share for the twelve-month period ended December 31, 2015, due primarily to increased operating expenses associated with the expanded business. Non-GAAP net income for the twelve-month period ended December 31, 2016 was $37.1 million or $0.95 per diluted share, compared to non-GAAP net income of $33.0 million, or $0.96 per diluted share, for the twelve-month period ended December 31, 2015. Non-GAAP net income for 2016 reflects the contribution from recently acquired businesses, offset by a $7.6 million decline in royalty income.
Adjusted EBITDA for the twelve-month period ended December 31, 2016 was $102.0 million, an increase of $26.8 million or 36%, compared to the twelve-month period ended December 31, 2015.
The fourth quarter and full year 2016 reported GAAP net loss and non-GAAP net income, reported basic and diluted EPS and non-GAAP EPS results reported herein are based on an estimated tax provision that may be subject to adjustment as the Company completes the preparation of its 2016 consolidated financial statements. Any changes to the results reported herein will be set forth in the Company's Annual Report on Form 10-K.
At December 31, 2016, AMRI had cash, cash equivalents and restricted cash of $50.8 million, compared to $45.0 million at September 30, 2016 and $52.3 million at December 31, 2015, respectively.
Segment Results
| Active Pharmaceutical Ingredients (API) | | | | | | | | |
| | | | | | | | | |
| | | Three Months Ended | | Twelve Months Ended | ||||
| | | December 31, | | December 31, | ||||
| (Unaudited; $ in thousands) | | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | | | | | |
| API Contract Revenue | | $ 128,120 | | $ 70,867 | | $ 337,835 | | $ 204,868 |
| API Royalty Revenue | | 1,239 | | 3,380 | | 9,391 | | 12,077 |
| API Total Revenue | | $ 129,359 | | $ 74,247 | | $ 347,226 | | $ 216,945 |
| | | | | | | | | |
| Cost of Contract Revenue | | $ 107,640 | | $ 54,243 | | $ 272,867 | | $ 154,670 |
| | | | | | | | | |
| Contract Gross Profit | | $ 20,479 | | $ 16,624 | | $ 64,967 | | $ 50,198 |
| Contract Gross Margin | | 16.0% | | 23.5% | | 19.2% | | 24.5% |
| | | | | | | | | |
| Non-GAAP Contract Gross Profit (1) | | $ 39,954 | | $ 21,739 | | $ 105,191 | | $ 59,200 |
| Non-GAAP Contract Gross Margin (1) | | 31.2% | | 30.7% | | 31.1% | | 28.9% |
| | | | | | | | | |
| Gross Profit (2) | | $ 21,719 | | $ 20,004 | | $ 74,358 | | $ 62,275 |
| Gross Margin (2) | | 16.8% | | 26.9% | | 21.4% | | 28.7% |
| | | | | | | | | |
| Non-GAAP Gross Profit (1) (2) | | $ 41,194 | | $ 25,119 | | $ 114,582 | | $ 71,277 |
| Non-GAAP Gross Margin (1) (2) | | 31.8% | | 33.8% | | 33.0% | | 32.9% |
| | | | | | | | | |
| (1) Refer to Table 1 included in this release for the reconciliation of U.S. GAAP to non-GAAP measures. | ||||||||
| | | | | | | | | |
| (2) Includes royalties | ||||||||
API contract revenue for the fourth quarter of 2016 increased 81% compared to the fourth quarter of 2015 primarily due to $69 million of incremental revenue from the acquisition of Euticals, partially offset by lower revenue at our Rensselaer, N.Y. facility.
API reported contract gross margin for the fourth quarter of 2016, decreased 8 percentage points compared to the fourth quarter of 2015, inclusive of the impact of acquisition accounting associated with Euticals. API non-GAAP contract gross margin for the fourth quarter of 2016 increased slightly from the fourth quarter of 2015, reflecting an enhanced product mix and operational enhancements.
API royalty revenue in the fourth quarter of 2016 declined $2.1 million from 2015, reflecting lower royalties from the net sales of mixed amphetamine salts.
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