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|ACETO Reports Fiscal 2017 Third Quarter Results|
Third Quarter Fiscal 2017 versus Third Quarter Fiscal 2016
"The third quarter represents our first operating quarter with full inclusion of the recently-acquired Citron and Lucid products. The expansion of our product portfolio also brought us one step further along in our strategic transition towards human health with our human health and pharma ingredients business segments collectively accounting for over 75% of total sales for the first time ever," said
"Human Health sales and gross profit for the quarter grew to
"During the quarter, we resolved the API supply disruptions that had previously caused back orders on two Rising products and we launched four Rising products for a total of nine products year-to-date. We also launched two Citron products," added Mr. Guccione. "We continue to expect to launch three to six additional Rising generic products during the fourth quarter. We also expect to launch seven Citron products in the fourth quarter, fewer than previously anticipated, for a total of 19 to 22 generic product launches during fiscal 2017."
"In part because of these launch delays and also due to competitive pressures on our generics products portfolio, we now expect fiscal year 2017 sales growth to be in the low-to-mid teens percentage range and non-GAAP Adjusted EPS to be flat to 10% below fiscal 2016, largely dependent upon the timing and success of a particular anticipated new product launch. On a GAAP basis, which reflects costs related to the strategic acquisition and non-cash purchase accounting charges, EPS is expected to be below last year by approximately 50% to 60%. Despite this fiscal year's operational challenges and difficult industry conditions, we are encouraged by the progress we have made in working through these challenges, and expect to see sequential growth by the legacy Rising products in the fiscal fourth quarter. Our resolve in returning to a steady annual growth state is unwavering," concluded Mr. Guccione.
Third Quarter Financial Review
Net sales for the third quarter of fiscal 2017 were
Pharmaceutical Ingredients segment sales were
Performance Chemicals segment sales were
Total selling, general and administrative expenses were
Operating income in the third quarter of fiscal 2017 was
Management will host a conference call to discuss the operating and financial results at
The call is also being webcast with an accompanying presentation, which can be accessed through the investor relations section of the Company's website, www.aceto.com. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software and download the presentation.
A telephone replay of the conference call will be available from
Use of Non-GAAP Financial Information
In addition to U.S. GAAP results, this press release also includes certain non-GAAP financial measures as defined by the
Pursuant to the requirements of Regulation G, reconciliations of Adjusted Net Income and Adjusted EPS to U.S. GAAP net income and GAAP EPS are presented in the table Non-GAAP Reconciliation of this press release.
This news release contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this news release may not occur. Generally, these statements relate to our business plans or strategies, projected or anticipated benefits or other consequences of ACETO's plans or strategies, financing plans, projected or anticipated benefits from acquisitions that
Any one or more of these uncertainties, risks and other influences could materially affect ACETO's results of operations and whether forward-looking statements made by
(Financial Tables Follow)
Investor Relations Contact: LHA Jody Burfening email@example.com (212) 838-3777