Avadel Pharma (AVDL) Tops Q2 EPS by 14c, Beats on Revenues; Lowers FY17 Revenue Guidance Below Consensus

Avadel Pharma (NASDAQ: AVDL) reported Q2 EPS of $0.19, $0.14 better than the analyst estimate of $0.05. Revenue for the quarter came in at $46.13 million versus the consensus estimate of $45.13 million.

2017 Guidance

As a result of continued pricing pressure in the ephedrine market and increased competition in the neostigmine market, the Company is revising its revenue guidance to between $165 and $175 million, compared to previous guidance of between $170 and $185 million.

As a result of lower than expected spending during the first two quarters of 2017, R&D is now expected to be in the range of $30 to $40 million compared to previous guidance of $40 to $50 million. Diluted adjusted EPS is unchanged from previous guidance of $0.30 to $0.45.

GUIDANCE:

Avadel Pharma sees FY2017 EPS of $0.30-$0.45, versus the consensus of $0.54. Avadel Pharma sees FY2017 revenue of $165-175 million, versus the consensus of $177.26 million.

Highlights Include:

• Total revenues for the second quarter 2017 were $46.3 million, compared to $38.9 million in the second quarter 2016.
• GAAP net income for the second quarter of 2017 was $28.9 million, or $0.68 per diluted share, compared to GAAP net loss of $20.0 million, or $0.48 per diluted share, in the second quarter of 2016.
• Adjusted net income for the second quarter of 2017 was $8.2 million, or $0.19 per diluted share, compared to an adjusted net loss of $1.0 million, or $0.02 per diluted share, in the second quarter of 2016.(1)
• Cash and marketable securities at June 30, 2017 were $173.8 million, up from $154.2 million at December 31, 2016.
• Cash used for share repurchases totaled $13.1 million for the six months ended June 30, 2017.

For earnings history and earnings-related data on Avadel Pharma (AVDL) click here.

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