Reports Net Revenues of $75.5 Million for the Three
Months Ended September 30, 2018
Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months ended
September 30, 2018.
Third Quarter Highlights
- Net revenues of $75.5 million for the third quarter
- GAAP net income attributable to Amphastar of $2.4 million, or
$0.05 per diluted share, for the third quarter
- Adjusted non-GAAP net income attributable to Amphastar of $5.7
million, or $0.12 per diluted share, for the third quarter
Dr. Jack Zhang, Amphastar’s CEO, commented: “This is a very
exciting time for Amphastar with our recent approval of Primatene®
Mist, our strong sales growth in the quarter and our return to
profitability.”
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Three Months
Ended |
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Nine Months
Ended |
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September 30, |
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September 30, |
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2018 |
|
2017 |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
75,543 |
|
$ |
57,916 |
|
$ |
204,976 |
|
|
$ |
179,773 |
|
GAAP net income (loss) attributable to Amphastar |
|
$ |
2,389 |
|
$ |
99 |
|
$ |
(7,605 |
) |
|
$ |
2,860 |
|
Adjusted non-GAAP net income attributable to Amphastar* |
|
$ |
5,721 |
|
$ |
3,419 |
|
$ |
4,168 |
|
|
$ |
13,219 |
|
GAAP diluted EPS attributable to Amphastar shareholders |
|
$ |
0.05 |
|
$ |
0.00 |
|
$ |
(0.16 |
) |
|
$ |
0.06 |
|
Adjusted non-GAAP diluted EPS attributable to Amphastar
shareholders* |
|
$ |
0.12 |
|
$ |
0.07 |
|
$ |
0.09 |
|
|
$ |
0.28 |
|
____________________________ * Adjusted non-GAAP net income
attributable to Amphastar and Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders are non-GAAP financial
measures. Please see the discussion in the section entitled
“Non-GAAP Financial Measures” and the reconciliation of GAAP to
non-GAAP financial measures in Table III of this press release.
Third Quarter Results
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Three Months
Ended |
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September 30, |
|
Change |
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|
|
2018 |
|
2017 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
(in
thousands) |
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|
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Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Enoxaparin |
|
$ |
18,564 |
|
$ |
6,549 |
|
$ |
12,015 |
|
|
183 |
|
% |
Lidocaine |
|
|
9,875 |
|
|
9,596 |
|
|
279 |
|
|
3 |
|
% |
Naloxone |
|
|
9,432 |
|
|
12,709 |
|
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(3,277 |
) |
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(26 |
) |
% |
Phytonadione |
|
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8,968 |
|
|
9,352 |
|
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(384 |
) |
|
(4 |
) |
% |
Medroxyprogesterone |
|
|
7,552 |
|
|
— |
|
|
7,552 |
|
|
N/A |
|
Epinephrine |
|
|
1,881 |
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|
2,027 |
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(146 |
) |
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(7 |
) |
% |
Other finished pharmaceutical products |
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15,495 |
|
|
14,222 |
|
|
1,273 |
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9 |
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% |
Total finished pharmaceutical products net revenues |
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$ |
71,767 |
|
$ |
54,455 |
|
$ |
17,312 |
|
|
32 |
|
% |
API |
|
|
3,776 |
|
|
3,461 |
|
|
315 |
|
|
9 |
|
% |
Total net revenues |
|
$ |
75,543 |
|
$ |
57,916 |
|
$ |
17,627 |
|
|
30 |
|
% |
Changes in net revenues were primarily driven by:
- Increased sales of enoxaparin, primarily driven by higher
average selling prices, as well as an increase in unit volumes
- Sales of medroxyprogesterone acetate which launched in the
first quarter of 2018 so was not included in third quarter of 2017
results
- Decreased sales of naloxone primarily due to lower unit
volumes
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Three Months
Ended |
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September 30, |
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Change |
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2018 |
|
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2017 |
|
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Dollars |
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% |
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(in
thousands) |
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Net Revenues |
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$ |
75,543 |
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|
$ |
57,916 |
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|
$ |
17,627 |
|
30 |
% |
Cost of Revenues |
|
|
46,283 |
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|
|
37,363 |
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|
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8,920 |
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24 |
% |
Gross Profit |
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$ |
29,260 |
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$ |
20,553 |
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|
$ |
8,707 |
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42 |
% |
as % of net revenues |
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39 |
% |
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35 |
% |
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|
Changes in cost of revenues and the resulting increase to gross
margin were primarily due to:
- The launch of medroxyprogesterone acetate and isoproterenol
hydrochloride, which both have higher margins
- Higher average selling prices of enoxaparin
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Three Months
Ended |
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September 30, |
|
Change |
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2018 |
|
2017 |
|
Dollars |
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% |
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
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Selling, distribution and marketing |
|
$ |
1,963 |
|
$ |
1,756 |
|
$ |
207 |
|
12 |
% |
General and administrative |
|
|
13,407 |
|
|
11,665 |
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|
1,742 |
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15 |
% |
Research and development |
|
|
11,340 |
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|
10,075 |
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|
1,265 |
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13 |
% |
- Selling, distribution and marketing expenses increased
primarily due to increased freight costs
- General and administrative expenses increased primarily due to
higher legal fees
- Research and development expenses increased primarily due to
expenditures related to the expansion of our ANP facility as well
as an increase in FDA, or Food and Drug Administration filing
fees
Cash flow provided by operating activities for the nine months
ended September 30, 2018 was $28.7 million.
Certain GAAP and non-GAAP measures for comparative periods in
2017 were revised for immaterial errors.
Pipeline Information
The Company currently has four abbreviated new drug
applications, or ANDAs, filed with the FDA targeting products with
a market size of approximately $0.7 billion, three biosimilar
products in development targeting products with a market size of
over $14 billion, and 11 generic products in development targeting
products with a market size of over $12 billion. This market
information is based on IQVIA data for the 12 months ended
September 30, 2018. The Company’s proprietary pipeline includes a
new drug application for intranasal naloxone. The Company is
currently developing four other proprietary products, which include
injectable, inhalation and intranasal dosage forms.
Amphastar’s Chinese subsidiary, Amphastar Nanjing
Pharmaceuticals, currently has nine Drug Master Files, or DMFs, on
file with the FDA and is developing nine additional DMFs.
Company Information
Amphastar is a specialty pharmaceutical company that focuses
primarily on developing, manufacturing, marketing, and selling
technically-challenging generic and proprietary injectable,
inhalation, and intranasal products. Additionally, the Company
sells insulin API products. Most of the Company’s finished
products are used in hospital or urgent care clinical settings and
are primarily contracted and distributed through group purchasing
organizations and drug wholesalers. More information is
available at the Company’s website at www.amphastar.com.
Amphastar’s logo and other trademarks or service marks of
Amphastar Pharmaceuticals, Inc., including, but not limited to
Primatene®, Amphadase® and Cortrosyn®, are the property of
Amphastar Pharmaceuticals, Inc.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles, or GAAP, the Company is disclosing non-GAAP
financial measures when providing financial results. The Company
believes that an evaluation of its ongoing operations (and
comparisons of its current operations with historical and future
operations) would be difficult if the disclosure of its financial
results were limited to financial measures prepared only in
accordance with GAAP. As a result, the Company is disclosing
certain non-GAAP results, including (i) Adjusted non-GAAP net
income (loss) attributed to Amphastar Pharmaceuticals, Inc. and
(ii) Adjusted non-GAAP diluted EPS attributed to Amphastar
Pharmaceuticals, Inc. shareholders, which exclude amortization
expense, share-based compensation, and impairment charges in order
to supplement investors’ and other readers’ understanding and
assessment of the Company’s financial performance because the
Company’s management uses these measures internally for
forecasting, budgeting, and measuring its operating performance.
Whenever the Company uses such non-GAAP measures, it will provide a
reconciliation of non-GAAP financial measures to their most
directly comparable GAAP financial measures. Investors and other
readers are encouraged to review the related GAAP financial
measures and the reconciliation of non-GAAP measures to their most
directly comparable GAAP measures set forth below and should
consider non-GAAP measures only as a supplement to, not as a
substitute for or as a superior measure to, measures of financial
performance prepared in accordance with GAAP.
Conference Call Information
The Company will hold a conference call to discuss its financial
results today, November 8, 2018, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877)
881-2595 or (315) 625-3083 for international callers, five minutes
before the conference. The passcode for the conference call is
5587773.
The call can also be accessed on the Investors page
on the Company’s website at www.amphastar.com.
Forward Looking Statements
All statements in this press release and in the conference call
referenced above that are not historical are forward-looking
statements, including, among other things, statements relating to
the Company’s expectations regarding future financial performance,
backlog, sales and marketing of its products, market size and
growth, the timing of FDA filings or approvals, including the DMFs
of ANP, the timing of product launches, acquisitions and other
matters related to its pipeline of product candidates, its share
buyback program and other future events. These statements are not
historical facts but rather are based on Amphastar’s historical
performance and its current expectations, estimates, and
projections regarding Amphastar’s business, operations and other
similar or related factors. Words such as “may,” “might,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expect,” “intend,” “plan,” “project,” “believe,”
“estimate,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Amphastar’s control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Amphastar’s
filings with the Securities and Exchange Commission. You can locate
these reports through the Company’s website at
http://ir.amphastar.com and on the SEC’s website at
www.sec.gov. Amphastar undertakes no obligation to revise or
update information in this press release or the conference call
referenced above to reflect events or circumstances in the future,
even if new information becomes available or if subsequent events
cause Amphastar’s expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.Bill PetersChief Financial
Officer(909) 980-9484
Table IAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Statement of Operations(Unaudited; in thousands,
except per share data)
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|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
75,543 |
|
|
$ |
57,916 |
|
|
$ |
204,976 |
|
|
$ |
179,773 |
|
|
Cost of revenues |
|
|
46,283 |
|
|
|
37,363 |
|
|
|
132,680 |
|
|
|
109,754 |
|
|
Gross profit |
|
|
29,260 |
|
|
|
20,553 |
|
|
|
72,296 |
|
|
|
70,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (income) expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
|
1,963 |
|
|
|
1,756 |
|
|
|
5,560 |
|
|
|
4,831 |
|
|
General and administrative |
|
|
13,407 |
|
|
|
11,665 |
|
|
|
36,074 |
|
|
|
35,237 |
|
|
Research and development |
|
|
11,340 |
|
|
|
10,075 |
|
|
|
40,830 |
|
|
|
32,117 |
|
|
Gain on sale of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,643 |
) |
|
Total operating expenses |
|
|
26,710 |
|
|
|
23,496 |
|
|
|
82,464 |
|
|
|
69,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
2,550 |
|
|
|
(2,943 |
) |
|
|
(10,168 |
) |
|
|
477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense), net |
|
|
24 |
|
|
|
829 |
|
|
|
(347 |
) |
|
|
1,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
2,574 |
|
|
|
(2,114 |
) |
|
|
(10,515 |
) |
|
|
2,394 |
|
|
Income tax expense (benefit) |
|
|
958 |
|
|
|
(2,213 |
) |
|
|
(2,137 |
) |
|
|
(466 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,616 |
|
|
$ |
99 |
|
|
$ |
(8,378 |
) |
|
$ |
2,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interests |
|
$ |
(773 |
) |
|
$ |
— |
|
|
$ |
(773 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Amphastar |
|
$ |
2,389 |
|
|
$ |
99 |
|
|
$ |
(7,605 |
) |
|
$ |
2,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to Amphastar
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
(0.16 |
) |
|
$ |
0.06 |
|
|
Diluted |
|
$ |
0.05 |
|
|
$ |
0.00 |
|
|
$ |
(0.16 |
) |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income
(loss) per share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,241 |
|
|
|
46,101 |
|
|
|
46,437 |
|
|
|
46,065 |
|
|
Diluted |
|
|
48,281 |
|
|
|
48,215 |
|
|
|
46,437 |
|
|
|
48,046 |
|
|
The comparative periods in 2017 were revised for immaterial
errors.
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheet(Unaudited; in thousands, except per
share data)
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2018 |
|
|
2017 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
68,734 |
|
|
$ |
65,594 |
|
Short-term investments |
|
|
2,829 |
|
|
|
2,635 |
|
Restricted cash and short-term investments |
|
|
4,155 |
|
|
|
4,155 |
|
Accounts receivable, net |
|
|
43,816 |
|
|
|
35,996 |
|
Inventories |
|
|
65,414 |
|
|
|
63,609 |
|
Income tax refunds and deposits |
|
|
3,186 |
|
|
|
6,036 |
|
Prepaid expenses and other assets |
|
|
6,670 |
|
|
|
9,753 |
|
Total current assets |
|
|
194,804 |
|
|
|
187,778 |
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
202,526 |
|
|
|
180,545 |
|
Goodwill and intangible assets, net |
|
|
42,727 |
|
|
|
45,140 |
|
Other assets |
|
|
11,127 |
|
|
|
8,663 |
|
Deferred tax assets |
|
|
29,458 |
|
|
|
28,946 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
480,642 |
|
|
$ |
451,072 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
76,362 |
|
|
$ |
57,555 |
|
Income taxes payable |
|
|
1,667 |
|
|
|
3,325 |
|
Current portion of long-term debt and capital
leases |
|
|
18,592 |
|
|
|
6,312 |
|
Total current liabilities |
|
|
96,621 |
|
|
|
67,192 |
|
|
|
|
|
|
|
|
Long-term reserve for income tax liabilities |
|
|
879 |
|
|
|
879 |
|
Long-term debt and capital leases, net of current portion |
|
|
32,606 |
|
|
|
40,844 |
|
Deferred tax liabilities |
|
|
1,303 |
|
|
|
1,361 |
|
Other long-term liabilities |
|
|
7,963 |
|
|
|
7,060 |
|
Total liabilities |
|
|
139,372 |
|
|
|
117,336 |
|
Commitments and contingencies: |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock: par value $0.0001; 20,000,000
shares authorized; no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock: par value $0.0001; 300,000,000 shares
authorized; 50,883,467 and 46,159,652 shares issued and outstanding
as of September 30, 2018 and 50,039,212 and 46,623,581 shares
issued and outstanding as of December 31, 2017, respectively |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
330,265 |
|
|
|
313,891 |
|
Retained earnings |
|
|
65,618 |
|
|
|
72,642 |
|
Accumulated other comprehensive loss |
|
|
(3,576 |
) |
|
|
(2,100 |
) |
Treasury stock |
|
|
(72,896 |
) |
|
|
(50,702 |
) |
Total Amphastar stockholders’ equity |
|
|
319,416 |
|
|
|
333,736 |
|
Non-controlling interests |
|
|
21,854 |
|
|
|
— |
|
Total equity |
|
|
341,270 |
|
|
|
333,736 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
480,642 |
|
|
$ |
451,072 |
|
The December 31, 2017 figures were revised for immaterial
errors.
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
1,616 |
|
|
$ |
99 |
|
|
$ |
(8,378 |
) |
|
$ |
2,860 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
271 |
|
|
|
713 |
|
|
|
1,722 |
|
|
|
2,139 |
|
Share-based compensation |
|
|
3,908 |
|
|
|
4,157 |
|
|
|
12,770 |
|
|
|
12,905 |
|
Impairment of long-lived assets |
|
|
10 |
|
|
|
— |
|
|
|
390 |
|
|
|
— |
|
Income tax expense on pre-tax adjustments |
|
|
(788 |
) |
|
|
(1,550 |
) |
|
|
(3,040 |
) |
|
|
(4,685 |
) |
Non-GAAP net income |
|
$ |
5,017 |
|
|
$ |
3,419 |
|
|
$ |
3,464 |
|
|
$ |
13,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss attributable to non-controlling interests |
|
$ |
(704 |
) |
|
$ |
— |
|
|
$ |
(704 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to Amphastar |
|
$ |
5,721 |
|
|
$ |
3,419 |
|
|
$ |
4,168 |
|
|
$ |
13,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share attributable to Amphastar
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.29 |
|
Diluted |
|
$ |
0.12 |
|
|
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP
net income per share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,241 |
|
|
|
46,101 |
|
|
|
46,437 |
|
|
|
46,065 |
|
Diluted |
|
|
48,281 |
|
|
|
48,215 |
|
|
|
48,713 |
|
|
|
48,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018 |
|
|
Cost
of revenue |
|
Selling,distributionand
marketing |
|
Generalandadministrative |
|
Researchanddevelopment |
|
Incometax
expense (benefit) |
GAAP |
|
$ |
46,283 |
|
|
$ |
1,963 |
|
|
$ |
13,407 |
|
|
$ |
11,340 |
|
|
$ |
958 |
Intangible amortization |
|
|
(230 |
) |
|
|
— |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
Share-based compensation |
|
|
(884 |
) |
|
|
(86 |
) |
|
|
(2,615 |
) |
|
|
(323 |
) |
|
|
— |
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
Income tax expense on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
788 |
Non-GAAP |
|
$ |
45,169 |
|
|
$ |
1,877 |
|
|
$ |
10,751 |
|
|
$ |
11,007 |
|
|
$ |
1,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017 |
|
|
Cost
of revenue |
|
Selling,distributionand
marketing |
|
Generalandadministrative |
|
Researchanddevelopment |
|
Incometax
expense (benefit) |
GAAP |
|
$ |
37,363 |
|
|
$ |
1,756 |
|
|
$ |
11,665 |
|
|
$ |
10,075 |
|
|
$ |
(2,213 |
) |
Intangible amortization |
|
|
(677 |
) |
|
|
— |
|
|
|
(36 |
) |
|
|
— |
|
|
|
— |
|
Share-based compensation |
|
|
(815 |
) |
|
|
(88 |
) |
|
|
(2,948 |
) |
|
|
(306 |
) |
|
|
— |
|
Income tax expense on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,550 |
|
Non-GAAP |
|
$ |
35,871 |
|
|
$ |
1,668 |
|
|
$ |
8,681 |
|
|
$ |
9,769 |
|
|
$ |
(663 |
) |
The comparative periods in 2017 were revised for immaterial
errors.
Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2018 |
|
|
Cost
of revenue |
|
Selling,distributionand
marketing |
|
Generalandadministrative |
|
Researchanddevelopment |
|
Incometax
expense (benefit) |
GAAP |
|
$ |
132,680 |
|
|
$ |
5,560 |
|
|
$ |
36,074 |
|
|
$ |
40,830 |
|
|
$ |
(2,137 |
) |
Intangible amortization |
|
|
(1,602 |
) |
|
|
— |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
Share-based compensation |
|
|
(3,025 |
) |
|
|
(297 |
) |
|
|
(8,251 |
) |
|
|
(1,197 |
) |
|
|
— |
|
Impairment of long-lived assets |
|
|
(77 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
(309 |
) |
|
|
— |
|
Income tax expense on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,040 |
|
Non-GAAP |
|
$ |
127,976 |
|
|
$ |
5,263 |
|
|
$ |
27,699 |
|
|
$ |
39,324 |
|
|
$ |
903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017 |
|
|
Cost
of revenue |
|
Selling,distributionand
marketing |
|
Generalandadministrative |
|
Researchanddevelopment |
|
Incometax
expense (benefit) |
GAAP |
|
$ |
109,754 |
|
|
$ |
4,831 |
|
|
$ |
35,237 |
|
|
$ |
32,117 |
|
|
$ |
(466 |
) |
Intangible amortization |
|
|
(2,031 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
— |
|
Share-based compensation |
|
|
(2,843 |
) |
|
|
(237 |
) |
|
|
(8,715 |
) |
|
|
(1,110 |
) |
|
|
— |
|
Income tax expense on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,685 |
|
Non-GAAP |
|
$ |
104,880 |
|
|
$ |
4,594 |
|
|
$ |
26,414 |
|
|
$ |
31,007 |
|
|
$ |
4,219 |
|
The comparative periods in 2017 were revised for immaterial
errors.
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