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For Immediate Release
AMRI Announces Fourth Quarter and Full
Year 2016 Results
and Provides 2017 Outlook
Albany, NY (February 21, 2017) – 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.
|·||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.
The following information was filed by Albany Molecular Research Inc (AMRI) on Tuesday, February 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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