Lannett Company (NYSE:LCI) changed -3.21% to recent value of $6.03. The stock transacted 1904688 shares during most recent day however it has an average volume of 1023.93K shares. It spotted trading -42.31% off 52-week high price. On the other end, the stock has been noted 81.08% away from the low price over the last 52-weeks.
On Aug. 27, 2019, Lannett Company (NYSE:LCI) declared financial results for its fiscal 2019 fourth quarter and full year ended June 30, 2019.
In fiscal 2019, we made excellent progress rebuilding our business, said Tim Crew, chief executive officer of Lannett. We feel positive about our company’s future following a number of significant accomplishments. Since January 2018, we have launched 25 products with annualized sales of approximately $100 million, acquired or in-licensed more than 40 ANDAs and paid down approximately $187 million of our outstanding debt, which included $87 million of voluntary payments. In the past year, we have expanded existing strategic alliances and established new ones, and submitted to the FDA nine product applications, all while we implemented and recently completed a net $33 million cost savings plan.
Financial results for our fiscal 2019 fourth quarter, the first full quarter of the fiscal year without sales of Levothyroxine, exceeded or were at the upper end of our expectations. The quarter did benefit from a few items that were related to timing.
Looking ahead, we expect to launch a number of new products that will continue to build our business in the near term and have begun adding products to our pipeline that have significant potential in the medium term and beyond.
For the fiscal 2019 fourth quarter, on a GAAP basis, net sales were $133.8 million compared with $170.9 million for the fourth quarter of fiscal 2018. Gross profit was $49.3 million, or 37% of total net sales, compared with $66.5 million, or 39% of total net sales. Research and development (R&D) expenses were $9.4 million compared with $8.3 million for the fiscal 2018 fourth quarter. Selling, general and administrative (SG&A) expenses were $22.2 million compared with $20.6 million. Restructuring expenses were $2.4 million compared with $4.1 million. Asset impairment charges were $5.9 million compared with $25.0 million for the prior year fourth quarter. Operating income increased to $9.4 million from $8.6 million. Interest expense decreased to $20.2 million from $21.2 million for the fourth quarter of fiscal 2018. Net loss was $7.6 million, or $0.20 per share, compared with $11.4 million, or $0.30 per share, for the fiscal 2018 fourth quarter. LCI has a gross margin of 37.70% and an operating margin of -38.10% while its profit margin remained -39.80% for the last 12 months. Its earnings per share (EPS) expected to touch remained -29.70% for this year while earning per share for the next 5-years is expected to reach at 15.00%.
The company has 41.83M of outstanding shares and 28.57M shares were floated in the market. According to the most recent quarter its current ratio was 2.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -9.87% from the mean of 20 days, -4.23% from mean of 50 days SMA and performed -10.99% from mean of 200 days price. Company’s performance for the week was -14.47%, -8.22% for month and YTD performance remained 21.57%.
Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.
