Teligent, Inc. Announces Second Quarter 2021 Earnings Report and Provides Business Update
16 Agosto 2021 - 1:00PM
Teligent, Inc. (NASDAQ: TLGT), a New Jersey-based
generics pharmaceutical company, today announced its financial
results for the second quarter of 2021 and provided a business
update.
“Product demand in our core business was impacted by a
combination of factors, including remediation-related activities,
the ongoing effects of the COVID-19 pandemic, and modest generic
pricing erosion seen within the topicals segment,” said Tim Sawyer,
Teligent’s President & Chief Executive Officer. “Looking ahead,
we are assessing several new opportunities within the injectables
segment of our end markets, which we believe will help strengthen
the long-term growth prospects of our business. We look forward to
providing further details on our assessment in our earnings call
and updating our investors on these initiatives throughout the
second half of 2021.”
Second Quarter 2021 - Financial Highlights
- Total revenues were $10.4 million for
the three-months ended June 30, 2021 versus $13.6 million in Prior
Period for 2020. The decrease was driven primarily by lost contract
volume due to remediation-related activities, the continuing
effects of the COVID-19 pandemic, and modest product price erosion
due to generic competition.
- Cost of revenues increased $2.1
million to $13.1 million for the Current Period, versus $11.1
million for the Prior Period mainly attributable to the cost of
inventory reserves as well as the ongoing cost of remediation and
period expenses combined with lower absorption.
- Selling, general and administrative
expenses of $5.7 million for the Current Period, increased from
$5.0 million for the Prior Period. The increase was primarily due
to higher professional fees resulting from our debt restructuring,
offset slightly by a decrease in personnel related costs.
- Product development and research
expenses were $2.2 million for the Current Period, versus $1.9
million for the Prior Period. The increase was primarily due to API
related expenses offset by decreases in personnel costs, outside
testing and pilot batch expenses.
- Net loss attributable to common
stockholders decreased by $1.5 million, or 10%, to
$12.9 million for the Current Period, from $14.3 million
for the Prior Period. The decrease was primarily due to a decrease
in interest and other expenses of $4.5 million and a $4.6 million
decrease in change in the fair value of derivative liabilities.
Operating loss has increased by $6.3 million from period-to-period
to $10.7 million as a result of lower net product revenues and
higher overall costs and expenses discussed above.
Full Year 2021 Financial Guidance As previously
noted in our first quarter 2021 earnings release, the Company will
not be providing financial guidance for the year
ending December 31, 2021 at this time or in the immediate
term. There are a number of factors which weigh on our inability to
provide such financial guidance, including, but not limited to, the
continuing macroeconomic volatility triggered by the COVID-19
global pandemic and its continued impact on the Company’s business
plans, our efforts to resolve the Warning Letter issued by the FDA
in November 2019, as well as the currently on-going inspection
and reinspection of our facilities and the unknown results from
such inspection and reinspection. An additional factor contributing
to this inability is the uncertainty regarding the timing for the
FDA to conduct the pre-approval inspection of our newly constructed
sterile injectable manufacturing facility in Buena, New
Jersey. We do, however, look forward to a time in the future when
we can provide such financial guidance.
FDA Warning Letter Update As previously
reported, based on management’s assessment of our remediation
efforts at the Buena NJ manufacturing facility, the Company issued
prior guidance stating that it believed it would be ready to inform
the FDA of its inspection readiness during the third quarter of
2021.
Prior to our informing the FDA of our inspection readiness, the
Company was informed by the FDA that it would commence a periodic
Current Good Manufacturing Practices (“CGMP”) inspection and
reinspection to follow-up on FDA Warning Letter remediation actions
in mid-July. This inspection and reinspection remain ongoing and no
formal communication from the FDA to the Company regarding the
outcome or providing the final results of the inspection and
reinspection has been issued, nor is the timing of such
communications determinable at this time. Therefore, until such
time as the results of the FDA’s inspection and reinspection are
formally made available to us and we have had ample opportunity to
review and analyze the same with our consultants and advisors we
will have no further comment on this matter.
COVID-19 Response Summary In alignment with the
directives in the state of New Jersey, as a Pharmaceutical
manufacturing facility, we are considered "essential". During the
COVID-19 Public Health Emergency and State of Emergency in order to
continue to supply our products to the patients that need them, we
maintained our manufacturing operations and monitored conditions in
order to maintain a safe workplace for our employees. The Company
has taken several preventative measures to help ensure business
continuity, while maintaining safe and stable operations. We have
implemented social distancing measures on-site at our manufacturing
facility to protect employees and our products. Our employees are
provided daily personal protective equipment upon their arrival to
the site and we have implemented temperature monitoring services at
our newly established single point of entrance. We have also
implemented a more frequent sanitization process of the facility.
As the Public Health Emergency, State of Emergency and restrictions
have abated, we have implementing a phased ‘return to office’
protocol under which we will maintain social distanced workspace
and continue to sanitize our facilities.
About Teligent, Inc.Teligent is a
specialty generic pharmaceutical company. Our mission is to be a
leading player in the specialty generic prescription drug market.
Learn more on our
website www.teligent.com.Forward-Looking
StatementsThis press release includes certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, plans, objectives,
expectations and intentions, and other statements contained in this
press release that are not historical facts and statements
identified by words such as “plan,” “believe,” “continue,” “should”
or words of similar meaning. Factors that could cause actual
results to differ materially from these expectations include, but
are not limited to: our inability to meet current or future
regulatory requirements in connection with existing or future
ANDAs; our inability to achieve profitability; our failure to
obtain FDA approvals as anticipated; our inability to execute and
implement our business plan and strategy; the potential lack of
market acceptance of our products; our inability to protect our
intellectual property rights; changes in global political,
economic, business, competitive, market and regulatory factors; and
our inability to successfully complete future product acquisitions.
These statements are based on our current beliefs or expectations
and are inherently subject to various risks and uncertainties,
including those set forth under the caption “Risk Factors”
in Teligent, Inc.’s most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other periodic reports we file
with the Securities and Exchange Commission. Teligent,
Inc. does not undertake any obligation to update any
forward-looking statements contained in this document as a result
of new information, future events or otherwise, except as required
by law.
Contact: |
Philip YachmetzTeligent,
Inc.(856) 776-4632pyachmetz@teligent.comwww.teligent.com |
Source: Teligent, Inc.
|
TELIGENT, INC. AND SUBSIDIARIES |
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
(in thousands, except share and per share
information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
|
|
|
(Unaudited) |
|
(Audited) |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
22,626 |
|
|
$ |
5,946 |
|
|
|
Restricted cash |
|
206 |
|
|
|
206 |
|
|
|
Accounts receivable, net |
|
9,849 |
|
|
|
11,257 |
|
|
|
Inventories |
|
17,059 |
|
|
|
23,396 |
|
|
|
Prepaid expenses and other receivables |
|
1,761 |
|
|
|
3,486 |
|
|
|
Total current assets |
|
51,501 |
|
|
|
44,291 |
|
|
|
|
|
|
|
|
|
Property plant and equipment, net |
|
15,928 |
|
|
|
16,131 |
|
|
|
Intangible assets, net |
|
19,161 |
|
|
|
22,964 |
|
|
|
Goodwill |
|
518 |
|
|
|
501 |
|
|
|
Other assets |
|
3,311 |
|
|
|
3,901 |
|
|
|
Total assets |
$ |
90,419 |
|
|
$ |
87,788 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,960 |
|
|
$ |
7,972 |
|
|
|
Accrued expenses |
|
7,564 |
|
|
|
14,713 |
|
|
|
Customer deposits |
|
568 |
|
|
|
- |
|
|
|
Capital lease obligation, current |
|
476 |
|
|
|
436 |
|
|
|
Total current liabilities |
|
12,568 |
|
|
|
23,121 |
|
|
|
|
|
|
|
|
Series C Senior Secured Convertible Notes, net of debt discount and
debt issuance costs (face of $- and $50,323 as of June 30, 2021 and
December 31, 2020, respectively) |
|
- |
|
|
|
31,922 |
|
|
Series D Senior Convertible Notes, net of debt discount and debt
issuance costs (face of $277 and $3,352 as of June 30, 2021 and
December 31, 2020, respectively) |
|
297 |
|
|
|
5,796 |
|
|
Revolver, net of debt issuance costs (face of $25,000 and $25,000
as of June 30, 2021 and December 31, 2020, respectively) |
|
25,000 |
|
|
|
25,000 |
|
|
2023 Term Loan, net of debt issuance costs (face of $86,605 and
$102,905 as of June 30, 2021 and December 31, 2020,
respectively) |
|
91,208 |
|
|
|
99,490 |
|
|
Derivative liabilities |
|
- |
|
|
|
7,507 |
|
|
Deferred tax liability |
|
196 |
|
|
|
190 |
|
|
Other long term liabilities |
|
4,663 |
|
|
|
4,914 |
|
|
|
|
|
133,932 |
|
|
|
197,940 |
|
|
|
|
|
|
|
|
Mezzanine equity: |
|
|
|
|
|
Series D Preferred Stock, $0.01 par value, 1,000,000 shares
authorized, 85,412 shares issued and outstanding as of June 30,
2021 |
|
15,374 |
|
|
|
- |
|
|
|
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized,
92,817,674 and 21,754,223 shares issued and outstanding as of June
30, 2021 and December 31, 2020, respectively |
|
1,232 |
|
|
|
220 |
|
|
|
Additional paid-in capital |
|
197,372 |
|
|
|
135,218 |
|
|
|
Accumulated deficit |
|
(254,209 |
) |
|
|
(243,496 |
) |
|
|
Accumulated other comprehensive loss |
|
(3,282 |
) |
|
|
(2,094 |
) |
|
|
Total stockholders’ deficit |
|
(58,887 |
) |
|
|
(110,152 |
) |
|
|
Total liabilities, mezzanine equity and stockholders' deficit |
$ |
90,419 |
|
|
$ |
87,788 |
|
|
TELIGENT,
INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in
thousands, except shares and per share information) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenue,
net |
$ |
10,433 |
|
|
$ |
13,586 |
|
|
$ |
22,021 |
|
|
$ |
21,033 |
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
Cost of revenues |
|
13,136 |
|
|
|
11,084 |
|
|
|
25,935 |
|
|
|
19,694 |
|
Selling, general and administrative expenses |
|
5,735 |
|
|
|
4,989 |
|
|
|
12,007 |
|
|
|
11,706 |
|
Impairment charges |
|
- |
|
|
|
- |
|
|
|
24 |
|
|
|
8,373 |
|
Product development and research
expenses |
|
2,227 |
|
|
|
1,880 |
|
|
|
3,690 |
|
|
|
3,680 |
|
Total
costs and expenses |
|
21,098 |
|
|
|
17,953 |
|
|
|
41,656 |
|
|
|
43,453 |
|
Operating
loss |
|
(10,665 |
) |
|
|
(4,367 |
) |
|
|
(19,635 |
) |
|
|
(22,420 |
) |
|
|
|
|
|
|
|
|
Other income
expense: |
|
|
|
|
|
|
|
Foreign currency exchange gain
(loss) |
|
785 |
|
|
|
2,125 |
|
|
|
(1,307 |
) |
|
|
528 |
|
Interest and other expense, net |
|
(2,989 |
) |
|
|
(7,520 |
) |
|
|
(7,108 |
) |
|
|
(13,396 |
) |
Gain on debt restructuring |
|
- |
|
|
|
- |
|
|
|
22,439 |
|
|
|
- |
|
Inducement loss |
|
- |
|
|
|
- |
|
|
|
(1,889 |
) |
|
|
- |
|
Change in fair value of derivative
liabilities |
|
- |
|
|
|
(4,591 |
) |
|
|
(3,186 |
) |
|
|
(5,849 |
) |
Loss before
income tax expense |
|
(12,869 |
) |
|
|
(14,353 |
) |
|
|
(10,686 |
) |
|
|
(41,137 |
) |
|
|
|
|
|
|
|
|
Income tax
(benefit) expense |
|
(3 |
) |
|
|
(21 |
) |
|
|
27 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
Loss
attributable to common shareholders |
$ |
(12,866 |
) |
|
$ |
(14,332 |
) |
|
$ |
(10,713 |
) |
|
$ |
(41,168 |
) |
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
Basic and diluted loss per share |
$ |
(0.14 |
) |
|
$ |
(2.56 |
) |
|
$ |
(0.14 |
) |
|
$ |
(7.50 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares of common stock outstanding: |
|
|
|
|
|
|
|
Basic and diluted shares |
|
93,410,017 |
|
|
|
5,593,557 |
|
|
|
76,037,735 |
|
|
|
5,491,554 |
|
TELIGENT,
INC. AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(in
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
Net
loss |
$ |
(10,713 |
) |
|
$ |
(41,168 |
) |
|
|
Non-cash
expenses |
|
(7,180 |
) |
|
|
30,110 |
|
|
|
Changes in
operating assets and liabilities |
|
478 |
|
|
|
(85 |
) |
|
Net cash used in operating activities |
|
(17,415 |
) |
|
|
(11,143 |
) |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(229 |
) |
|
|
(2,369 |
) |
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
34,392 |
|
|
|
3,371 |
|
|
|
|
|
|
|
|
Effect of exchange rate on cash and cash equivalents |
|
(68 |
) |
|
|
484 |
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
16,680 |
|
|
|
(9,657 |
) |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
6,712 |
|
|
|
16,182 |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
23,392 |
|
|
$ |
6,525 |
|
|
Grafico Azioni Teligent (NASDAQ:TLGT)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Teligent (NASDAQ:TLGT)
Storico
Da Set 2023 a Set 2024