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Free Post Earnings Research Report: Lannett Co.’s Revenue Grew 4.1%

LONDON, UK / ACCESSWIRE / December 19, 2017 / Active-Investors free earnings report on Lannett Co., Inc. (NYSE: LCI) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=LCI. The Company posted its financial results on November 07, 2017, for the first quarter fiscal 2018. The generic drug Company's revenue and adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Lannett most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

www.active-investors.com/registration-sg/?symbol=LCI

Earnings Highlights and Summary

For three months ended September 30, 2017, Lannett's net revenue decreased 4.1% to $154.96 million from $161.56 million in Q1 FY17. The Company's net revenue surpassed analysts' expectations of $153.2 million.

During Q1 FY18, Lannett's gross profit decreased 17.3% to $67.67 million from $81.85 million in the same period last year. For the reported quarter, the Company's gross margin decreased 700 basis points to 44% of revenue from 51% of revenue in Q1 FY17. For the reported quarter, the Company's adjusted gross margin decreased 800 basis points to 50% of revenue from 58% of revenue in Q1 FY17.

For the reported quarter, the Company's total operating expenses decreased 73.6% to $26.99 million from $102.16 million in Q1 FY17.

During Q1 FY18, Lannett's operating income was $40.68 million compared to operating loss of $20.31 million in the same period last year. During Q1 FY18, Lannett's adjusted operating income decreased 16.6% to $50.66 million from $60.75 million in the same period last year. For the reported quarter, the Company's adjusted operating margin decreased 490 basis points to 32.7% of revenue from 37.6% of revenue in Q1 FY17.

During Q1 FY18, Lannett's earnings before tax (EBT) was positive $20.68 million compared to negative $42.27 million in the same period last year.

For the reported quarter, Lannett's net income was $13.26 million compared to net loss of $29.41 million in Q1 FY17. During Q1 FY18, the Company's diluted EPS was positive $0.35 compared to negative $0.80 in the same period last year. For the reported quarter, Lannett's adjusted net income decreased 21.8% to $22.68 million from $28.99 million in Q1 FY17. During Q1 FY18, the Company's adjusted diluted EPS decreased 22.1% to $0.60 from $0.77 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.52.

Balance Sheet

As on September 30, 2017, Lannett's cash and cash equivalents decreased 21.5% to $92.46 million from $117.74 million on June 30, 2017. For the reported quarter, the Company's net long-term debt decreased 1.4% to $831.67 million from $843.53 million in Q4 FY17.

For the reported quarter, the Company's net accounts receivable increased 19.2% to $243.33 million from $204.07 million in Q4 FY17. The Company's accounts payable increased 10.1% to $49.23 million in Q1 FY18 from $44.72 million in the fourth quarter of 2017.

During Q1 FY18, the Company filed its first New Drug Application for C-Topical, received five product approvals, dismissal of a class action lawsuit, and the signing of a license agreement to market generic Thalidomide.

Outlook

For FY18, the Company expects net revenue to be in the range of $710 million to $720 million and gross profit to be in the range of 46% to 47% of revenue. The Company estimates effective tax rate to be 35% and capital expenditure to be in the range of $65 million to $75 million for fiscal 2018.

Stock Performance Snapshot

December 18, 2017 - At Monday's closing bell, Lannett's stock slightly fell 0.54%, ending the trading session at $27.50.

Volume traded for the day: 405.46 thousand shares.

Stock performance in the last month – up 14.82%; previous three-month period – up 66.16%; past twelve-month period – up 15.55%; and year-to-date – up 24.72%

After yesterday's close, Lannett's market cap was at $1.05 billion.

Price to Earnings (P/E) ratio was at 24.58.

The stock is part of the Healthcare sector, categorized under the Drugs - Generic industry. This sector was up 0.1% at the end of the session.

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