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SC14D9C
ADVANCED ACCELERATOR APPLICATIONS S.A. filed this Form SC14D9C on 11/17/2017
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Third Quarter 2017 Financial Results

 

Total sales for the third quarter of 2017 were €37.2 million (US$43.9 million(1)), a 39% increase compared to €26.7 million (US$31.5 million(1)) in the third quarter of 2016. The increase in sales was primarily driven by the PET product category, which increased by 72% to €27.0 million (US$31.9 million(1)), compared to €15.8 million (US$18.7 million(1)) in the prior year period. This includes €8.9 million (US$10.5 million(1)) in US sales of NETSPOT® in the third quarter. Therapeutic sales for the third quarter were €5.4 million (US$6.4 million(1)), compared to €5.4 million (US$6.4 million(1)). SPECT sales for the third quarter were €2.1 million (US$2.5 million(1)), compared to €2.3 million (US$2.7 million(1)) for the third quarter of 2016. Third quarter sales of other products were €2.7 million (US$3.2 million(1)), compared to €3.2 million (US$3.8 million(1)) for the same period in 2016.

 

Operating loss for the third quarter was €3.7 million (US$4.4 million(1)), compared to a loss of €5.1 million (US$6.0 million(1)) for the prior year period. The Company experienced higher personnel costs and operating expenses during the third quarter of 2017, primarily related to the launch of new products and ongoing pipeline development; although these increases were partially offset by higher revenues.

 

Net loss for the quarter was €22.7 million (US$26.8 million(1)), compared to a net loss of €6.2 million (US$7.3 million(1)) for the third quarter of 2016. The increase in net loss was primarily the result of changes in fair value of contingent consideration for prior owners of a AAA subsidiary.

 

Adjusted EBITDA (see corresponding reconciliation exhibit below) for the quarter was a gain of €0.1 million (US$0.1 million(1)) compared to a loss of €1.7 million (US$2.0 million(1)) for the same period in 2016.

 

Cash, cash equivalents and short-term investments at September 30, 2017 were €192.7 million (US$227.6 million(1)).

 

(1) Translated solely for convenience into US$ at the noon buying rate of €1.00 = $1.1813 at September 30, 2017.

 

Recent Operational Updates

 

On October 30, the Company announced that it has entered into a Memorandum of Understanding with Novartis, pursuant to which Novartis proposes to make a cash tender offer to acquire all the outstanding shares of AAA, including shares represented by American Depositary Shares (the “ADSs”), for US$41 per ordinary share and US$82 per ADS (each representing 2 ordinary shares), in a transaction that is valued at approximately US$3.9 billion. This represents a 47% premium to the 30 volume-weighted trading days prior to the unaffected share price on NASDAQ on September 27, 2017. The Memorandum of Understanding has been filed with the U.S. Securities and Exchange Commission.

 

On September 29, the Company announced that the European Commission has approved the marketing authorization of lutetium Lu 177 dotatate* (Lutathera®) for “the treatment of unresectable or metastatic, progressive, well differentiated (G1 and G2), somatostatin receptor positive GEP-NETs in adults”. This approval allows for the marketing of lutetium Lu 177 dotatate* (Lutathera®) in all 28 European Union member states, as well as Iceland, Norway and Liechtenstein.

 

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