Mallinckrodt Slips To Loss In Q4 - Quick Facts

(RTTNews) - Mallinckrodt plc (MNK) slipped to loss in the fourth quarter, reflecting rise in expenses as well as certain other charges. However, sales climbed 44.8%, boosted by the inclusion and performance of Acthar and acetaminophen injection and due to the continuing strength in the Specialty Controlled Substance Generics portfolio.

The company posted net loss of $352.4 million or $4.14 per share, compared with a profit of $33.5 million or $0.58 per share a year ago.

Excluding the impact of certain items, the group earned $1.68 per share. On average, 14 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.41 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales improved to $789.3 million from $545.2 million a year ago, while analysts expected it to be $757.86 million.

Selling, general and administrative expenses were $280.5 million, higher than $135.5 million in the year-ago period.

The firm recorded a $355.6 million of non-cash impairment charges in the quarter primarily related to Global Medical Imaging segment goodwill and intangibles, and $75.1 million of restructuring charges.