Concordia Healthcare Announces First Quarter 2016 Results Re - First quarter 2016 revenue of $228.5 million, an increase of 19 per cent over the fourth quarter of 2015 and 570 per cent over the first quarter in 2015
- First quarter 2016 adjusted EBITDA1 of $140.8 million, an increase of 17 per cent over the fourth quarter of 2015 and 631 per cent over the first quarter in 2015
- Subsequent to quarter end, entered into an agreement to acquire four products that add to the Company's diverse product mix
- Concordia International segment launched 10 new products since October 21, 2015; the Company remains on track to meet its target of 60 plus launches in the next three years
- Reaffirms 2016 guidance2 of $1,020 million to $1,060 million in revenue and adjusted EBITDA of $610 million to $640 million
OAKVILLE, ON, May 13, 2016 /PRNewswire/ - Concordia Healthcare Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today announced its financial and operational results for the three months ended March 31, 2016. All financial references are in U.S. dollars unless otherwise noted.
"Concordia's first quarter consolidated and division results demonstrate the growing strength and diversity of our business," said Mark Thompson, Founder, Chairman and Chief Executive Officer of Concordia. "Our North America segment performed in-line with our expectations, while our Concordia International segment continued to deliver strong results. We are also excited about the acquisition of the four new products, which further diversifies our product portfolio. We intend to continue to acquire products where the multiples present attractive opportunities. Finally, the launch of 10 new products is evidence of our commitment to our pipeline and future growth."
First Quarter 2016 Highlights
- Reported Concordia North America segment revenue of $85.9 million compared to $74.2 million in the fourth quarter of 2015.
- Reported Concordia International segment revenue of $139.9 million compared to $115.7 million in the fourth quarter of 2015.
- Since October 21, 2015, launched 10 products across the U.K., Scandinavia and Australia.
- On May 9, 2016, Concordia's board of directors approved a $0.075 dividend per common share payable on July 29, 2016 to shareholders of record on July 15, 2016. All future quarterly dividends will be subject to quarterly financial review and board approval.
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