Waiting for the next wave...
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I would add _IB should kiss NH feet!!!
Finally a king who does something!!!
If enough of us who are not happy to have a bully as a moderator maybe they will do something.
Hilarious!!!
Bipolar hooch!!
Great diagnosis!!!
I like hopium. I adopt.
Hoptimistic
@Sharkey, I am sure in another life you were a miner
Great Job mining the shortage ⛏️
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Quote:
Some people take both Vyvanse and Adderall
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Yes - and some are on this board lol
I know I am a pumper... I believe in the stock!!!
but YOU went overboard...
Can I get what you are smoking ???
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This could jump to $8 a share without warning
We need intel...
Take them to lunch
we owe 3 million to Mikah - stfu!
It did not happen in a long time….
Elite Pharmaceuticals Inc. (Eltp) has reported a substantial increase in its financial performance for the third quarter of the 2024 fiscal year, which concluded on March 31, 2024. The company's total revenues reached $15.5 million, marking a 67% increase from the same period in the previous year. The operating income also saw a significant rise, jumping 75% year-over-year to $3.5 million. This growth is attributed to the successful launch of their Elite label in April 2023. With three quarters of the fiscal year completed, Elite Pharmaceuticals' revenues nearly hit the $39 million mark, outpacing the previous year's total of $34 million.
Key Takeaways
Elite Pharmaceuticals' Q3 revenues surged to $15.5 million, a 67% increase year-over-year.
Operating income for the quarter was $3.5 million, up by 75% from the previous year.
The growth was driven by the successful introduction of the Elite label.
Research and development expenses stood at $1.4 million for the quarter.
A future tax benefit of $20.2 million was recorded from net operating loss carryforwards.
Despite strong revenues and profits, the company is managing cash burn due to rapid growth.
The balance sheet remains robust, with a 32% increase in working capital over nine months.
Company Outlook
Elite Pharmaceuticals anticipates positive cash flows as inventory and receivables begin to generate working capital.
The company's CEO is confident in continued growth and future prospects, including facility and infrastructure expansion.
Bearish Highlights
The company is experiencing cash burn as it navigates through a period of rapid growth.
Total liabilities have increased due to the revaluation of existing liabilities with stock price movements.
Bullish Highlights
Elite Pharmaceuticals has maintained a strong sales and distribution performance with no supply interruptions.
Ongoing research and development efforts are in place, with potential high-level generic products in the pipeline.
Misses
There is a slight decrease in inventory levels, although the company assures there are no supply issues.
Q&A Highlights
Elite Pharmaceuticals is not currently engaged in stock buybacks, preferring to allocate funds elsewhere.
The company does not have an employee stock purchase program but may consider one in the future.
Prospects of a buyout or uplift to NASDAQ are possible within a couple of years.
Elite Pharmaceuticals' CFO elaborated on the financials, explaining the increase in total liabilities as a result of stock price fluctuations. The CEO praised the company's transition to direct sales and the success of commercial products. In terms of strategic partnerships, Elite is satisfied with its collaboration with Prasco and is exploring international opportunities with Dexcel. Updates on new packaging and warehousing facilities were also provided.
The company touched on ongoing litigations with Purdue Pharma and discussed the potential development of a generic version of Pfizer (NYSE:PFE)'s OxyER. Despite these challenges, the leadership team, including Kirko and Doug, has led the sales and distribution team to a smooth transition without any supply disruptions. Looking ahead, Elite Pharmaceuticals is optimistic about beating revenue projections in the coming years and is open to significant strategic moves, including a potential buyout or listing on NASDAQ within a shorter timeframe than previously suggested. The call concluded with a note of optimism for the year ahead and gratitude to the participants.
InvestingPro Insights
Elite Pharmaceuticals Inc. has recently caught the attention of investors, showcasing a significant financial upswing as reflected in their latest quarterly results. To provide a deeper understanding of the company's market position and future potential, InvestingPro has offered some insightful metrics and tips.
InvestingPro Data reveals a robust revenue growth of 24.7% over the last twelve months as of Q2 2024, with an impressive quarterly revenue growth of 64.89% in Q2 2024. This aligns with the company's reported surge in Q3 revenues and indicates a strong upward trend. The company's market capitalization stands at $188.17M, illustrating a solid presence in the market. Additionally, the operating income margin has improved to 13.14%, further demonstrating Elite Pharmaceuticals' increasing profitability.
Two key InvestingPro Tips to consider are the company's high return over the last year and the notable price uptick over the last six months, with a 380.26% one-year price total return and a 277.35% six-month price total return. These metrics underscore the company's robust performance and may suggest a positive trajectory for investors looking at the long-term potential.
Investors interested in a comprehensive analysis can find additional InvestingPro Tips on Elite Pharmaceuticals at https://www.investing.com/pro/ELTP. There are 9 more tips available that could offer valuable insights into the company's financial health and stock performance. To access these tips and other in-depth financial data, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro
Goatgland reinforcement
Me too
Great stuff
From 10-Q
Mikah Pharma, LLC Agreements
In May 2020, Praxgen (formerly known as SunGen Pharma LLC), pursuant to an asset purchase agreement, assigned its rights and obligations under the Praxgen Agreement for Amphetamine IR and Amphetamine ER to Mikah Pharma LLC ("Mikah”). The ANDAs for Amphetamine IR and Amphetamine ER are now registered under Elite’s name. Mikah will now be Elite’s partner with respect to Amphetamine IR and ER and will assume all the rights and obligations for these products from Praxgen. Mikah was founded in 2009 by Nasrat Hakim, a related party and the Company’s President, Chief Executive Officer and Chairman of the Board.
In June 2021, the Company entered into a development and license agreement with Mikah, pursuant to which Mikah will engage in the research, development, sales and licensing of generic pharmaceutical products. In addition, Mikah will collaborate to develop and commercialize generic products including formulation development, analytical method development, manufacturing, sales and marketing of generic products. Initially two generic products were identified for the parties to develop.
As of December 31, 2023, the Company owes an aggregate of $3,389,949 to Mikah in accordance with the agreements, with such amount being recorded as an accrued expense on the unaudited condensed consolidated balance sheets.
For all the investors who are worried about how much taxes they will pay, I recommend to use this tax calculator.
But before that, build a budget for your retirement so you know roughly how much you will spend each year. You will be able to balance your sources of retirement funding optimally.
It knows how much taxes you will have to pay for each type of revenue you may have.
Cheers !!
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?msclkid=8b426580f5f5173507750024e6538d32&msclkid=8b426580f5f5173507750024e6538d32&gclid=COPA6uqt3YMDFb4giAkdD_ECJw&gclsrc=ds
And the winner of the Ignore contest is: rack186 !!!
lol
You opened the pandora box.
The only known activity of mikah in the last 3 years was to save elite and inject cash to elite by providing bridge loans or help in R&d funding.
I like it but not everyone
Yes there are 3 millions accrued for mikah. Same in September.
Thanks ama.
I put the goatlanders on ignore. Life is beautiful
Way to go! Mansions and castles. 🤴
When we have andas worth 10 billion dollars approved , we will. We have an incredible sales force and management. This is not too far away.
Carter said that they are spending 500k more on salaries. Most of this is the sales force. Money well spent.
Confirmation that we have a winning lottery ticket in our wallet!!!
If you are married…
Would your queen agree to sell the castle and invest all your possessions into elite?
My wife would not…
I can see a buyout after the vyvanse approval in September this year
If we hire short people, we could do 3 floors lol
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New space is 34,000 ft with nearly 20 ft ceilings so if you stack high double the space
thats two stores high
We are going to be FOO KING millionaires
1.1 Million shares Friday before long weekend - not bad
Feb 15 2026
I would say if we are talking of 2 years from now - $4 a share.
Elite maintained a strong cash position during our transition to sales. We have supported working capital needs as well as R&D pipeline costs, while maintaining our cash levels. Regarding the research and development pipeline, Elite has four ANDAs, filed under FDA reviews. And antimetabolite ANDA used to treat arthritis, inflammatory arthritis, a generic dopamine agonist, ANDA for the treatment of Parkinson's. An ANDA for treatment of pain management, a CNS stimulus ANDA used for attention deficit disorder. And all of them are under FDA review.
Elite continues to provide support to whatever FDA requests they make and they make a lot of requests. And Elite will issue a PR upon approval. Regarding the pain management ANDA generic OxyContin. One of the common outcomes of ANDA filing is a lawsuit by the Brand company. Most generic companies contend with such lawsuits in the standard course of business. Elite too has a complaint filed as a part of the Paragraph IV filing. This is an expected event, and Elite expects to manage this as a normal course of business.
Elite has other products in the formulation development stage that has not reached a reportable milestone yet. We will update you on them upon reaching these milestones. Regarding the facility and infrastructure, with our success in moving to direct sales, Elite is expanding our inventory and packaging space to meet the growing demands.
We have taken an additional 34,000 square feet to support expanded packaging inventory and warehouse. We closed the deal and took possession of the facility, literally right across from our manufacturing facility in January.
Only positives :)
For eatman: (2 good reasons to attribute this to him):
We are not flattening in sales. We are actually growing, and I see all the signs for us to continue to grow, as if I just have reported to you. Elite, successfully transitioned from a CMO private label model to a national distribution with the Elite Label.
We created an organizational structure to support our new business model and increased production, revenues and profits for all of Elite products, not just Amphetamine IR and ER, which are the stars of the show, but also for the rest of our commercial products. The bariatric products, Phentermine and Phendimetrazine. Our hypertension drug Isradipine. Our antidepressant and nerve pain drug Trimipramine.
Our schizophrenia and eustachian drug Loxapine. All of them have increased and have been sold under Elite's label since April 1st, 2023, and they are all growing. Elite's transition to direct sales is complete and has been a tremendous success. A major credit goes to Kirko, Doug and their teams.
One reason is obvious - it talks of growth - the second is about Loxapine - take your meds eatman
More from Carter:
So to sum things up, when you look at 2022, December compared to December 2023, Elite Pharmaceuticals, we are looking at a very different company than from one year ago. Revenues are up 67%. Operating profits are up 77%. Nine months revenue are already more than last year's 12 months revenue.
For the investor who asked about Account receivables: Response from Carter:
Sales are strong, profits are increasing, but also on the flip side, inventory and receivables are also growing. Those two together grew almost $18 million for us. Whenever you have this type of growth, it takes in our industry, approximately nine to 12 months for these receivables and inventories to start rotating into positive cash flow. We have to buy the inventory, manufacture, sell it, ship it, collect our accounts receivable. So there's a whole process.
And roughly, it takes nine to 12 months, before what I call rotations happening, and we start achieving positive cash flows. And we are now nine months into that, and we're just entering that phase. So as we continue to grow, I look for the inventory and the receivables from the prior period, things that we already booked to start generating working capital, and that working capital will support the ongoing revenue expansion.
So as long as we keep going up, there's always going to be working capital demands, as you go up until you hit a steady state and then things level off. Now on to the balance sheet. Our working capital that's current assets minus current liabilities has increased by $4.3 million, approximately 32% over the past nine months, since March 31st.
Profits drive working capital and our financials, they clearly demonstrate this. So I had some questions on total liabilities increasing at a rate that is faster than the rate that total assets have been increasing. So this is a question on the rates of increase.
Tax benefits in balance sheet: So now we're showing that we have a future tax benefit, that we will be able to use going forward. So when that happens, you have to book an asset, which we have, we have a deferred tax asset on our balance sheet of $20.2 million
THIS IS MONEY WE WILL NOT PAY TO THE IRS.