Impax Laboratories, Inc. (NASDAQ: IPXL) today reported fourth quarter and full year ended December 31, 2013 results.
For the fourth quarter 2013, the Company recorded an adjusted net loss of $1.6 million, or ($0.02) per diluted share, compared to adjusted net income of $22.8 million, or $0.33 per diluted share in the prior year period. On a GAAP basis, the Company recorded a net loss of $9.6 million or ($0.14) per diluted share for the fourth quarter 2013, compared to net income of $4.8 million, or $0.07 per diluted share in the prior year period.
The adjusted net loss and loss per diluted share in the fourth quarter 2013 was primarily due to lower revenues from the loss of exclusivity of Zomig ® tablet and orally disintegrating tablet (ZMT) products and customer credits resulting primarily from fourth quarter pricing activities on certain generic products. The net loss on a GAAP basis in the fourth quarter 2013 was primarily due to the addition of $8.7 million in remediation costs related to the Hayward facility, compared to $3.2 million in the prior year period. Refer to the attached “Non-GAAP Financial Measures” for a reconciliation of GAAP to non-GAAP items.
Total revenues in the fourth quarter 2013 declined $40.3 million to $100.7 million, compared to $141.1 million in the prior year period. The reduction includes $19.2 million of customer credits recorded in the fourth quarter relating to certain pricing activities. The remaining $20.1 million decline in fourth quarter 2013 revenues is primarily due to lower Zomig tablet and ZMT product sales, partially offset by higher generic product sales as a result of five new products launched in 2013.“We continue to dedicate significant resources to improve our manufacturing and quality systems and advance our Quality Improvement Program,” said Larry Hsu, Ph.D., president and chief executive officer of Impax Laboratories, Inc. “At the same time, we have successfully commercialized a number of new product opportunities as a result of prior investments in R&D and business development.”
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