ANI Pharmaceuticals (ANIP) FY2021 results: revenue $216 million, up 3.7% on the year

ANI Pharmaceuticals Inc. (ANIP) reported revenue of $216 million for fiscal 2021, the year ended 31 December 2021, up 3.7% on the year before. Net income was -$43 million, and diluted earnings per share $-3.40. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2022.

Revenue

$216 million

+3.7% on the year

FY2014FY2021

Operating margin

-18.4%

-7.7% a year earlier

FY2014FY2021

Net income

-$43 million

FY2014FY2021

Diluted EPS

-$3.40

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	216	208	207	+3.7%
Cost of revenue	101	87.2	63.2	+15.4%
Gross profit	116	121	143	-4.8%
Gross margin	53.5%	58.2%	69.4%
Research and development	11.4	16.0	19.8	-28.9%
Selling, general and administrative	84.3	65.0	55.8	+29.7%
Operating income	-39.8	-16.0	16.4
Operating margin	-18.4%	-7.7%	7.9%
Interest expense	11.9	9.5	13.5	+26.0%
Pre-tax income	-56.1	-26.0	3.2
Income tax	-13.5	-3.4	-2.9
Effective tax rate	n/a	n/a	-93.0%
Net income	-42.6	-22.5	6.1
Net margin	-19.7%	-10.8%	3.0%
Diluted EPS	-$3.40	-$1.88	$0.50

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	3.3	15.3	45.6	-78.2%
Capital expenditure	2.6	6.1	6.6	-58.3%
Free cash flow	0.8	9.1	39.0	-91.6%
Free cash flow margin	0.4%	4.4%	18.9%
Cash from investing	-105	-68.3	-27.5
Cash from financing	195	-1.4	1.2
Depreciation and amortisation	47.3	44.6	44.6	+5.9%
Share-based compensation	10.5	12.9	9.2	-18.9%
Buybacks	0.9	1.5	1.0	-41.6%
Dividends paid	0.2	0.0	0.0
Diluted shares, weighted	13m	12m	12m	+5.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	334	196	213	+70.6%
Redeemable equity	24.9	0.0	n/a
Debt	287	186	186	+54.8%
Operating lease liabilities	1.0	0.2	0.3	+478.5%
Other liabilities	124	79.6	58.0	+56.3%
Total liabilities and equity	772	461	457	+67.3%
Fixed assets	52.7	41.3	40.6	+27.6%
Goodwill	27.9	3.6	3.6	+679.0%
Intangible assets	294	189	180	+56.0%
Cash and equivalents	100	7.9	62.3	+1,175.4%
Receivables	129	95.8	72.1	+34.2%
Inventory	81.7	60.8	48.2	+34.4%
Other assets	86.4	63.4	49.6	+36.3%
Total assets	772	461	457	+67.3%

10-K for the year ended 31 December 2021, filed 15 March 2022: the filing.