Exhibit 99.1
NEWS RELEASE
Cambrex Releases Selected Preliminary Third Quarter 2019 Financial Results
East Rutherford, NJ - October 24, 2019 - Cambrex Corporation (NYSE: CBM), the leading small molecule company providing drug substance, drug product and analytical services across the entire drug lifecycle, today announced that in connection with the debt portion of the financing for the pending acquisition by an affiliate of the Permira Funds, they are making the following third quarter 2019 preliminary unaudited financial information available to prospective lenders.
CAMBREX CORPORATION
For the Three Months Ended September 30, 2019 and 2018
(in thousands, unaudited)
| Three Months Ended September 30, | ||||||||
| 2019 | 2018 | |||||||
Net Revenue by Segment | ||||||||
Drug Substance | $ | 103,584 | $ | 94,062 | ||||
Drug Product | 22,464 | 5,154 | ||||||
Early Stage Development & Testing | 22,515 | 5,402 | ||||||
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Total Net Revenue | $ | 148,563 | $ | 104,618 | ||||
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Operating Profit | $ | 17,460 | $ | 6,632 | ||||
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Consolidated Capital Expenditures | $ | 10,444 | $ | 10,812 | ||||
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Reconciliation of GAAP toNon-GAAP Results
For the Three Months Ended September 30, 2019 and 2018
(in thousands, unaudited)
Operating Profit | $ | 17,460 | $ | 6,632 | ||||
Depreciation and Amortization | 14,963 | 9,184 | ||||||
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EBITDA | 32,423 | 15,816 | ||||||
Merger, Acquisition and Integration Expenses | 4,431 | 7,388 | ||||||
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Adjusted EBITDA | $ | 36,854 | $ | 23,204 | ||||
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CAMBREX CORPORATION
For the Nine Months Ended September 30, 2019 and 2018
(in thousands, unaudited)
| Nine Months Ended September 30, | ||||||||
| 2019 | 2018 | |||||||
Net Revenue by Segment | ||||||||
Drug Substance | $ | 344,612 | $ | 376,657 | ||||
Drug Product | 71,306 | 5,154 | ||||||
Early Stage Development & Testing | 68,951 | 15,950 | ||||||
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Total Net Revenue | $ | 484,869 | $ | 397,761 | ||||
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Operating Profit | $ | 70,677 | $ | 81,665 | ||||
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Consolidated Capital Expenditures | $ | 45,532 | $ | 43,545 | ||||
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Reconciliation of GAAP toNon-GAAP Results
For the Nine Months Ended September 30, 2019 and 2018
(in thousands, unaudited)
Operating Profit | $ | 70,677 | $ | 81,665 | ||||
Depreciation and Amortization | 43,943 | 24,203 | ||||||
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EBITDA | 114,620 | 105,868 | ||||||
Merger, Acquisition and Integration Expenses | 11,049 | 7,727 | ||||||
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Adjusted EBITDA | $ | 125,669 | $ | 113,595 | ||||
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The financial results presented above are unaudited and preliminary estimates that (i) represent the most current information available to management as of the date of this press release, (ii) are subject to completion of financial closing and procedures that could result in significant changes to the estimated amounts, and (iii) do not present all information necessary for an understanding of Cambrex’s financial condition as of, and its results of operations for the quarter ended, September 30, 2019. Accordingly, undue reliance should not be placed on such preliminary estimates.
Use ofNon-GAAP Financial Measures
EBITDA and Adjusted EBITDA arenon-GAAP financial measures(“non-GAAP financial measures”). Other companies may have different definitions of thesenon-GAAP financial measures, and as a result they may not be comparable withnon-GAAP financial measures provided by other companies.
EBITDA and Adjusted EBITDA should not be considered alternatives to measurements required by U.S. GAAP, such as Operating profit, and should not be considered a measure of Cambrex’s liquidity.
Cambrex uses thesenon-GAAP financial measures, among several other metrics, to assess and analyze its operational results and trends. Cambrex also believes these measures are useful to investors because they are common operating performance metrics as well as metrics routinely used to assess potential enterprise value. Cambrex has provided a reconciliation of U.S. GAAP amounts tonon-GAAP amounts within this press release.
About Cambrex
Cambrex is the leading small molecule company that provides drug substance, drug product and analytical services across the entire drug lifecycle. The company provides customers withan end-to-end partnership for the research, development and manufacture of small molecule therapeutics. With over 35 years’ experience and a growing team of over 2,000 experts servicing global clients from sites in North America and Europe, Cambrex is a trusted partner in branded and generic markets for API and dosage form development and manufacturing.
Cambrex offers a range of specialist drug substance technologies and capabilities including biocatalysis, continuous flow, controlled substances, solid state science, material characterization and highly potent APIs. In addition, Cambrex can support conventional dosage forms including oral solids, semi-solids and liquids and has the expertise to manufacture specialist dosage forms such as modified-release, fixed dose combination,pediatric, bi-layer tablets, stick packs, topicals, controlled substances, sterileand non-sterile ointments.
For more information, please visit www.cambrex.com
Contact: | Stephanie LaFiura | |
Investor Relations Associate | ||
Tel: +1 201.804.3037 | ||
Email:stephanie.lafiura@cambrex.com |
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