Despite FDA Woes Impax's Second Quarter 2014 Revenues Increased 45% to $188.1M
Impax Laboratories, today reported total revenues increased 45.1% to $188.1 million for the second quarter ended June 30, 2014, compared to $129.6 million in the prior year period. Adjusted diluted earnings per share increased to $0.60 for the second quarter 2014, compared to $0.3 per diluted share in the prior year period. On a GAAP basis, diluted earnings per share increased to $0.50 for the second quarter 2014, compared to $0.08 per diluted share in the prior year period.
Second quarter 2014 adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) increased $40.0 million to $76.2 million, compared to $36.2 million in the prior year period. Cash, cash equivalents and short-term investments were $413.0 million as of June 30, 2014.
"We delivered strong revenue growth of 45%, adjusted gross margins of 64%, and nearly tripled our adjusted net income this quarter, compared to last year's second quarter" said Fred Wilkinson, president and chief executive officer of Impax Laboratories. "We experienced strong performance by several key generic products, including the successful launch of authorized generic RENVELA, as well as continued growth of Zomig@ nasal spray in our brand division." "We remain excited about the business development and M&A landscape, which consists of a number of strategic prospects that fit our acquisition criteria. In July we acquired two generic products - Ursodiol tablets and Lamotrigine orally disintegrating tablets - as part of our strategy to expand our product offerings." "As previously announced, the FDA completed their inspections at both our Taiwan and Hayward facilities, both of which resulted in Form 483's being issued. We are preparing responses for the FDA, while continuing to advance our quality improvement initiatives." "We continue to analyze our internal generic and brand pipelines to identify opportunities for improvement that will drive growth and will communicate our progress as these plans are finalized."