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Endo Health Solutions Q4 revenues $585 million

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Staff writer ▼ | March 3, 2014
Endo Health Solutions reported fourth quarter 2013 revenues of $585 million, compared to $750 million for the same quarter of 2012.
Endo Health Solutions
Endo Health SolutionsEndo Health Solutions reported fourth quarter 2013 revenues of $585 million, compared to $750 million for the same quarter of 2012.


On February 3, 2014, Endo completed the sale of its former HealthTronics business. Financial results related to HealthTronics are presented as income (loss) from discontinued operations, net of tax and non-controlling interest expense on the consolidated statements of income, and are excluded from all other results and 2014 financial guidance.

Endo reported a net loss of $776 million in fourth quarter 2013 compared to a net loss of $716 million in fourth quarter 2012. As detailed in the supplemental financial information below, adjusted net income for the three months ended December 31, 2013 decreased by 34 percent to $124 million, compared to $187 million for the same period in 2012.

The net loss reported for the period is primarily attributable to two charges that were previously disclosed. A pre-tax, non-cash asset impairment charge of approximately $495 million, primarily related to goodwill attributable to the company's acquisition of American Medical Systems.

And, a pre-tax, non-cash charge of $316 million, to increase the company's product liability reserve for all known, pending and estimated future claims primarily related to vaginal mesh cases.

The change in the accrual for product liability claims is primarily associated with the company's ongoing evaluation of the vaginal mesh litigation, including the inherent uncertainty of this litigation and potential settlement costs.

Reported diluted loss per share for the fourth quarter 2013 was $6.74, compared to $6.35 for the fourth quarter of 2012. Adjusted diluted EPS decreased by 41 percent to $0.96 for the fourth quarter of 2013 compared to $1.62 for the same period in 2012.


 

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