UPDATE: Mallinckrodt Beats FQ4 Views

Mallinckrodt plc

reported upbeat results for the fiscal fourth quarter. The Dublin, Ireland-based company posted a quarterly net loss of $352.4 million, or $4.14 per share, versus net income of $33.5 million, or $0.54 per share, in the year-ago period. On a non-GAAP basis, Mallinckrodt's earnings came in at $1.68 per share. Its sales jumped 44.8% to $789.3 million. However, analysts were expecting earnings of $1.36 per share on revenue of $759 million. Net sales in the Specialty Pharmaceuticals segment jumped to $564.8 million from $304.4 million in the quarter, while net sales in the Global Medical Imaging segment slipped to $213.4 million from $229.0 million. Gross profit, as a percentage of net sales, widened to 50.8% in the quarter from 46.2%, while selling, general and administrative expenses increased to $280.5 million from $135.5 million. “We had a solid quarter in what was a strong year for Mallinckrodt, and believe that we are well-positioned strategically and financially for long-term success,” said Mark Trudeau, Chief Executive Officer and President, Mallinckrodt. “The meaningful top-line and bottom-line growth we achieved is being driven by strength in our Specialty Pharmaceuticals segment in both the Brands and Specialty Controlled Substance Generics portfolios, paired with streamlined costs from our ongoing restructuring initiatives.” Mallinckrodt shares gained 0.42% to close at $88.80 yesterday.