Exhibit 99.1

 

AMRI Announces First Quarter 2017 Results

 

Albany, NY (May 9, 2017) – AMRI (NASDAQ: AMRI) today reported financial and operating results for the first quarter ended March 31, 2017 and provided an update to its outlook for 2017.

 

Highlights:

 

·First quarter total revenue of $163.8 million, up 55% from 2016

 

·First quarter basic and diluted EPS $(0.25); non-GAAP diluted EPS of $0.13

 

·First quarter net loss of $(10.7) million; non-GAAP net income of $5.7 million

 

·First quarter adjusted EBITDA of $24.0 million, up 83% from 2016

 

·Company confirms 2017 financial guidance

 

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 delivered an excellent first quarter, driven by 56 percent growth in contract revenue, 7 percent on an organic basis, including double digit organic growth in our Discovery, Development and Analytical Services (DDS) and Active Pharmaceutical Ingredient (API) businesses,” said William S. Marth, AMRI’s president and chief executive officer. “GAAP income from operations increased $6 million, a 150% increase quarter over quarter, and adjusted EBITDA increased $11 million, an 83% increase quarter over quarter, illustrating strong and efficient execution and leverage across our operations. We are confident that these trends will continue through the year and are maintaining our outlook for 2017, which includes 28% growth of contract revenue, 7% growth of organic contract revenue, and double digit earnings growth at the midpoint.”

 

First Quarter 2017 Results

 

Total revenue for the first quarter of 2017 was $163.8 million, an increase of 55%, compared to total revenue of $105.6 million reported in the first quarter of 2016.

 

Total contract revenue for the first quarter of 2017 was $160.2 million, an increase of 56% compared to contract revenue of $102.8 million reported in the first quarter of 2016, and organic contract revenue increased 7%.

 

Contract gross margin was 23% for the first quarter of 2017, consistent with contract gross margin for the first quarter of 2016. Non-GAAP contract gross margin was 27% in the first quarter of 2017, consistent with the first quarter of 2016 and reflects increased gross margin within our Drug Product (DP) business, offset by the addition of Euticals’ Fine Chemicals (FC) and API businesses.

 

Recurring royalty revenue in the first quarter of 2017 was $3.6 million, an increase of 31% from $2.7 million in the first quarter of 2016 due primarily to the addition of royalties resulting from our collaboration partner’s sales of nitroprusside.

 


The following information was filed by Albany Molecular Research Inc (AMRI) on Wednesday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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