Concordia Healthcare Q1 Results Miss Expectations

Concordia Healthcare Corp CXRX suffered a GAAP net loss in the first quarter compared to a profit in the last year's same quarter. Revenue jumped 570 percent year-over-year due to some acquisitions, but was not enough to meet the Street analysts' estimations. The company's adjusted earnings also failed to come in line.

Concordia Healthcare reported net loss from continuing operations of $4.8 million or a loss per share of $0.09 for the first quarter. In comparison, the company earned net income from continuing operations of $3.79 million or $0.12 a share in the corresponding period of the preceding year. However, adjusted earnings from continuing operations jumped to $1.35 a share from $0.54 a share in the comparable period.

The company's total revenues climbed 570 percent to $228.54 million from $34.11 million. Street analysts estimated earnings of $1.52 a share and revenue of $231.0 million.

Founder, Chairman and CEO, Mark Thomson, said, "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."

He added, "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."

Concordia said its board approved a $0.075 a share dividend on May and that it would be payable on July 29.

The stock traded 1.67 percent down on Thursday.