CORRECTION FROM SOURCE/Paladin Labs Reports First Quarter 2013 Results: Achieves Record Revenues
(firmenpresse) - MONTREAL, CANADA -- (Marketwired) -- 05/09/13 -- This document corrects and replaces the press release that was sent today at 6:30 am ET. The error occurred in the Consolidated Statements of Cash Flows - Line: Purchases of property, plant and equipment.
Paladin Labs Inc. (TSX: PLB), a leading specialty pharmaceutical company, today reported its financial results for the quarter ended March 31, 2013.
2013 First Quarter Highlights
Financial
Product Development
Corporate Development
Subsequent to the quarter
"The early part of 2013 has been marked by important business development and commercial activities. We continue to invest in our product portfolio and pipeline with the in-licensing of Pollinex-R and APN311. We also had important product launches namely Silenor and OTC products Amniosense and Vagisense. Finally, our strong quarterly financial results have contributed to Paladin's record cash position of $278 million dollars which will be leveraged to grow the Company both locally and internationally" said Mark Beaudet, interim President and CEO of Paladin Labs.
Financial Results
Adjusted(2) revenues increased $13.6 million or 35% to $52.2 million for the first quarter of 2013 from $38.6 million for the same period in 2012. The increase is mostly attributable to the proportionate consolidation of Litha's revenues of $13.5 million for the quarter ended March 31, 2013. Paladin's promoted products, including Tridural®, Trelstar®, Testim®, Abstral®, Digifab®, Glucagen® and Oralair®, combined increased by 16% for the quarter.
Consolidated revenues for the quarter ended March 31, 2013 were $69.0 million, an increase of 79% over the same period last year. The increase is mostly attributable to the consolidation of Litha's revenues of $30.3 million for the quarter.
First quarter 2013 adjusted(2) EBITDA(1) increased 14% to $20.5 million, compared to adjusted(2) EBITDA(1) of $18.1 million in the first quarter of 2012. This increase is primarily due to the acquisition of Litha, which contributed $1.7 million to adjusted(2) EBITDA(1). The increase in adjusted(2) EBITDA(1) for Paladin was driven by the strong sales performance of our promoted products, partially offset by increased costs associated with the launch of new products. Litha's adjusted(2) EBITDA(1) includes the costs associated with promotion activities in anticipation of launch of new products as well as the impact of the continued decline in the South African Rand. In addition, Litha's adjusted(2) EBITDA(1) was negatively impacted by fair value adjustments on acquisition by Paladin.
Consolidated EBITDA(1) was $22.6 million, an increase of 25% over the consolidated EBITDA(1) for the quarter ended March 31, 2012. This increase is primarily due to the consolidation of Litha, which contributed $3.8 million in consolidated EBITDA(1) for the quarter.
Net income attributable to shareholders for the quarter was $10.8 million or $0.51 per fully diluted share, compared to net income attributable to shareholders of $11.3 million or $0.54 per fully diluted share the same quarter a year ago.
As at March 31 2013, Paladin's cash, cash equivalents and investments in marketable securities net of bank overdraft totaled a record $277.6 million. From this strong cash position, Paladin continues to pursue business and corporate development opportunities.
Product Developments
During the first quarter of 2013, Paladin demonstrated its commitment to grow its domestic and international product portfolio with the acquisition of distribution rights for Pollinex-R and an in-licensing agreement for APN311.
Paladin obtained Canadian distribution rights with an option for Sub-Saharan Africa for Pollinex-R, an allergy vaccine for the treatment of allergic rhinitis due to ragweed pollen. Paladin will co-promote Pollinex-R through August 2013 before taking over all selling and distribution activities. Furthermore, Paladin obtained exclusive rights to market and sell APN311, a novel antibody-based immunotherapy for children with high-risk neuroblastoma, in Canada and Sub-Saharan Africa. APN 311 is undergoing phase III trial in Europe.
During the first months of 2013, Paladin advanced its product portfolio with the launch of three products. Silenor, indicated for the treatment and symptomatic relief of insomnia, will compete in the Canadian prescription sleep aid market valued at over $90 million. In addition, the OTC portfolio was expanded with the launch of Vagisense used to detect bacterial vaginosis or trichomonas infections and Amniosense which is Canada's first OTC amniotic fluid leak detection test.
Corporate Developments
Subsequent to the quarter, Paladin issued a combined balance of $4.2 million in secured loans to two pharmaceutical companies. The loans have a maturity period of three years and are secured by the revenue generating assets of the two companies.
Furthermore, subsequent to the quarter, Paladin entered into a license agreement for certain intellectual property and related technology of Labopharm Inc. to Altus Formulation Inc. ("Altus") in exchange for a 35% equity ownership interest, option to in-license and royalty rights on future products developed by Altus. Altus will focus on specialty drug formulation and development with the aim of creating cost effective, safer to use drugs utilizing various proprietary delivery technologies.
In February 2013, Paladin received regulatory approval from the Toronto Stock Exchange to carry out a normal course issuer bid. Paladin has been authorized to purchase up to 906,669 of its common shares, or approximately 10% of its public float of 9,066,691 common shares as at February 15, 2013. No shares have been purchased to date under this normal course issuer bid.
Management team
The company also announced the following changes to its management team:
Mike Freeman, Vice President Government Affairs, has announced his departure from Paladin labs effective July 5, 2013. The entire team at Paladin expresses their thanks to Mike for all his contributions to the success of company over the last fourteen years and wish him continued success in his future endeavors.
Mark Nawacki, previously Vice President, Business, Corporate and Product Development has been promoted to Executive Vice President, Business, Corporate and Product Development. Mark joined Paladin in 2003 and over the past 10 years has led the business development team in the successful completion of many of the key business building initiatives that have accounted for Paladin's consistent growth. The promotion to Executive Vice President recognizes the increased scope and contribution of Mark's work at Paladin.
Frank Desrosiers, previously Director of Marketing - Consumer Health Products and Market Data, has been appointed as Vice-President International Commercial Operations and Management Information Systems. Frank joined Paladin in 2009 as Associate Director, Product Planning and Market Data and was promoted to Director, Consumer Healthcare and Market Data in 2010. Prior to joining Paladin, Frank Desrosiers worked for the global strategy consulting firm Oliver Wyman, where he focused on market entry strategy, cost reduction and strategic planning for clients in North America, Europe, Africa and the Middle East. Frank will lead a newly created team that will be operationally responsible for Paladin's increasing international portfolio of product assets and investments. Frank will also retain responsibility for the market data team whose mandate moving forward will be expanded to include responsibility for all company's key management information systems and assets.
"I'd like to thank and congratulate both Mark and Frank on their promotions," said Mark Beaudet, interim President and CEO of Paladin Labs. "Our business continues grow and these changes will better position our company to continue to execute its plans with excellence."
(1) EBITDA - NON-IFRS FINANCIAL MEASURES
The term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, other expense (income), taxes, depreciation and amortization, foreign exchange gains (losses), share of net income (loss) in associates and joint venture and unusual items; such as write-downs and gains (losses) on intellectual property and investments. EBITDA is calculated and presented consistently from period to period and agrees, on a consolidated basis, with the amount disclosed as "Earnings before under-noted items" on the consolidated statements of income. The Company believes EBITDA to be an important measurement that allows it to assess the operating performance of its ongoing business on a consistent basis without the impact of amortization expenses. The Company excludes amortization expenses because their level depends substantially on non-operating factors such as the historical cost of intangible assets. The Company's method for calculating EBITDA may differ from that used by other issuers and, accordingly, this measure may not be comparable to EBITDA used by other issuers.
(2) ADJUSTED
The term "adjusted" refers to the proportional consolidation of Litha's and Ativa's results. Given that Litha and Ativa is being accounted for on a consolidated basis, the consolidated results include amounts attributable to minority shareholders. Consequently, adjusted results have been provided to highlight Paladin's 44.54% and 50.01% economic interest in Litha's and Ativa's results respectively.
Conference Call Notice
Paladin will host a conference call to discuss its first quarter results today at 10:00 a.m. EST. The dial-in number for the conference call is 1-800-748-2715 or 416-981-9000. The call will be audio-cast live and archived for 30 days at .
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. With this strategy, a focused Canadian national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information, please visit the Company's web site at .
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2012. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other fillings found on SEDAR at .
Reconciliation of the adjusted(2) consolidated results from operations
Contacts:
Samira Sakhia, MBA, CPA, CA
Chief Financial Officer
Paladin Labs Inc.
Tel: 514-669-5367
514-344-4675 (FAX)
Email:info(at)paladinlabs.com
Website:
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Datum: 09.05.2013 - 09:21 Uhr
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