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ANI Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenues of $148.3 million, an increase from $131.8 million in the same quarter the previous year. This growth was driven by increased sales of Cortrophin Gel and the acquisition of Alimera Sciences, Inc. (ALIM0.00%)
Cost of sales for the quarter was $63.1 million, representing 42.5% of sales, compared to 36.5% in the same quarter of the previous year. The increase is attributed to a shift in product mix and the amortization of inventory step-up related to the Alimera acquisition.
Operating expenses, including research and development and selling, general, and administrative expenses, totaled $105.8 million, up from $65.8 million in the previous year. The increase was due to transaction and integration expenses related to the Alimera acquisition and increased marketing activities.
The company reported an operating loss of $20.5 million for the quarter, compared to operating income of $17.9 million in the previous year.
Interest expense, net decreased to $2.3 million from $6.4 million, due to increased interest income from cash balances and interest rate swaps.
The company recorded a loss on extinguishment of debt of $7.5 million related to the repayment of its previous credit facility.
ANI Pharmaceuticals reported a net loss of $24.2 million for the quarter, compared to net income of $9.9 million in the previous year. The loss was impacted by increased operating expenses and a loss on debt extinguishment.
Cash provided by operating activities was $48.2 million, while cash used in investing and financing activities was $394.0 million and $269.9 million, respectively, primarily due to the acquisition of Alimera and the repayment of debt.
The filing also details the company's new capital structure, including a $325.0 million term loan and $316.3 million in convertible senior notes.
ANI Pharmaceuticals continues to focus on expanding its rare disease platform and strengthening its generics and established brands segment through strategic acquisitions and investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ANI Pharmaceuticals Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.