Amryt has reported $44.6M unaudited Q1 revenues representing 30% for the first quarter ended March 31, 2020, while the net loss for the period was $17.0M, compared to 2.8 in the same period last year.
Amryt said in the financial report that the Q1 operating loss of $17.0M includes the impact of non-cash items including amortisation, depreciation and the impact of share-based compensation expenses, plus acquisition & severance related costs associated with the Aegerion acquisition. Amryt noted that the Aegerion integration was completed successfully and ahead of schedule.
Adjusting for these non-cash items, the company delivered $4.6M of EBITDA for the quarter (or $5.5m if also adjusted for acquisition & severance related costs), Amryt said.
The company has reported cash generated from operating activities in Q1 was $6.2M. During the quarter, the company said it paid $1.4M in net finance payments and $0.1M in capital expenditure. At March 31, 2020, the company had unrestricted cash and cash equivalents of $67.0M (unaudited), compared to unrestricted cash and cash equivalents at December 31, 2019 of $65.2M (audited), it said in the financial report.
Joe Wiley, CEO of Amryt Pharma, said: “The positive momentum we experienced during 2019 has continued into Q1 2020. Our performance so far is exceeding expectations this year as our business performs and grows across a host of metrics. Most importantly, we have experienced strong revenue growth and the business is significantly EBITDA positive a quarter ahead of schedule.
We believe Amryt is now very well positioned to execute on our strategy of becoming a global leader in rare and orphan diseases and most importantly, delivering therapies to patients with unmet needs. We look forward to the top-line data readout from our EASE study in late Q3 or early Q4 which will represent a significant milestone for Amryt.