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Replies to post #224652 on Biotech Values
05/08/23 11:45 AM
Catalent, Inc…today announced that it will be delaying the release of its third fiscal quarter results and investor conference call, previously scheduled for Tuesday, May 9, 2023. The Company currently anticipates filing a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission no later than May 11, 2023. The Company now expects to file its Quarterly Report on Form 10-Q on May 15, 2023, prior to the expiration of the extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934.
On April 14, 2023, the Company issued a press release providing a business update, which stated that the Company expected that productivity issues and higher-than-expected costs experienced at three of its facilities, including two of its largest manufacturing facilities, will materially and adversely impact the Company’s financial results for the third fiscal quarter and its outlook for the remainder of the 2023 fiscal year. In addition to these operational challenges, the Company has also since identified significant issues with its forecasts over the past year, which are currently being addressed.
…When combining the operational and productivity issues, the prior forecasting challenges, and, less significantly, the potential non-cash adjustments, the Company expects to significantly reduce both its fiscal 2023 net revenue and Adjusted EBITDA guidance by more than $400 million each.
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