Boston, MA 05/06/2014 (wallstreetpr) – Speciality healthcare solutions company, Endo International PLC (NASDAQ:ENDP) has announced its Q1 2014 results last week. Despite a poor performance compared to last year’s Q1, shares of the company were trading high after results.
Endo has reported its total quarterly revenues of $595 million compared to $658 million in Q1 2013. Last year Q1, they had posted an income of $15 million which has gone down to a loss of $437 million in Q1 2014. The adjusted net income has seen an increase of 9% from $123 million in Q1 2013 to $134 million this quarter. Adjusted diluted earnings per share have decreased by 16%, from $1.09 in Q1 2013 to $0.92 in Q1 2014.
The loss incurred by Endo International PLC (NASDAQ:ENDP) has been attributed to the charge made for increasing product liability reserve. Endo has made a pre-tax and non-cash charge of approximately $625 million, to resolve all pending and estimated future claims, around 20,000, most of which are related to vaginal mesh products.
Endo Transforming To Become Global Leader
As per President and Chief Executive Officer of Endo, Rajiv De Silva, Endo has shown a solid first quarter operating results. They are working towards their strategic plans to take the company to a global leader position. Endo is focusing on allocation of capital to strategic growth opportunities for business development, thereby, having a diversified and sustainable portfolio of product offerings. They are expecting annual revenue in the range of $2.55 billion to $2.64 billion, this year.
In a step towards transforming to a global speciality health care leader, Endo International PLC (NASDAQ:ENDP) has announced acquisitions of Grup Farmaceutico Somar and Sumavel DosePro. They have also reached an agreement in principal to settle a substantial majority of AMS litigation cases. The resolution of these cases will see an expense of approximately $830 million of pre-tax amount.
