Impax Laboratories Earnings: Here’s Why Investors are Not Happy Now
Impax Laboratories Inc. (NASDAQ:IPXL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.33%.
Impax Laboratories Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 61.67% to $0.23 in the quarter versus EPS of $0.60 in the year-earlier quarter.
Revenue: Decreased 22.14% to $129.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Impax Laboratories Inc. reported adjusted EPS income of $0.23 per share. By that measure, the company beat the mean analyst estimate of $0.04. It beat the average revenue estimate of $120.75 million.
Quoting Management: “We were able to offset some of the revenue decline by successfully capturing sales and segment share with our non-AB rated oxymorphone hydrochloride extended-release products during our 180-day exclusivity period that expired in early July of this year,” said Larry Hsu, Ph.D., president and CEO, Impax Laboratories, Inc. “However, until we are able to close out the warning letter at our Hayward facility, we expect continued delays in receiving approval for a number of products pending at the FDA that could drive future growth. The absence of new product approvals, combined with additional generic competition and significant segment erosion of Zomig’s two largest dosage forms, will likely result in operating losses in the second half of this year.”
Key Stats (on next page)…