Endo International plc reported fourth quarter 2014 revenues of $800 million, an increase of 37% compared to fourth quarter 2013 revenues of $585 million, including new product revenue from 2014 strategic M&A transactions.
Article continues below
Endo reported a fourth quarter 2014 net loss of $53 million compared to a fourth quarter 2013 net loss of $776 million.
Adjusted net income for the three months ended December 31, 2014 increased 49 percent to $185 million, compared to adjusted net income of $124 million for the fourth quarter of 2013.
Reported diluted loss per share for the fourth quarter of 2014 was $0.35, compared to the fourth quarter 2013 reported loss per share of $6.74. Adjusted diluted earnings per share increased 21 percent to $1.16 for the fourth quarter of 2014 compared to $0.96 for the same period in 2013.
In a separate press release today, Endo announced it has entered into a definitive agreement to sell its American Medical Systems' (AMS) Men's Health and Prostate Health businesses to Boston Scientific for up to $1.65 billion, with $1.6 billion in upfront cash.
The transaction is expected to close in the third quarter of 2015. In addition, Endo is currently evaluating strategic alternatives for the AMS Women's Health business.
In the fourth quarter 2014, Endo reported device sales of $137 million compared to fourth quarter 2013 sales of $132 million. Full year 2014 sales for the Devices segment increased 1 percent compared to full year 2013 sales which met the company's previously stated expectation for a return to sales growth for the segment.
Sales for AMS' benign prostatic hyperplasia (BPH) products increased 14 percent in the fourth quarter of 2014 when compared to the fourth quarter of 2013. This increase is attributable to increased sales of GreenLight fiber and sales of StoneLight and Aura XP consoles.
In the fourth quarter 2014, worldwide Men's Health sales increased 2 percent compared to the fourth quarter 2013.
In the fourth quarter 2014 Women's Health sales decreased by 4 percent compared to the same period last year. The decrease in Women's Health sales is attributable to year-over-year declines in U.S.-based procedural volumes. ■