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Akorn reports 23% revenue increase over last year

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Akorn reported revenue of $90.6 million, a 23% increase from last year’s first quarter revenue of $73.9 million, according to a press release.

The company also announced a record operating cash flow of $23.4 million for their first quarter results.

Consolidated gross margin was 54.8%, compared with 53% last year. Net income was $9.8 million, or $0.08 per diluted share, for the first quarter of 2014, compared with a net income of $10.8 million, or $0.10 per diluted share, for last year’s first quarter.

Acquisition of Hi-Tech Pharmacal — manufacturer of Azasite, Cosopt, CosoptPF and Betimol — on April 17, 2014, may have contributed to the revenue increase, according to the release. First quarter net income included $6.4 million of acquisition-related expenses.

Non-GAAP adjusted net income was $18.4 million, or $0.16 per diluted share, in this year’s first quarter, compared with $14.4 million, or $0.13 per diluted share, during the same time last year.

The company expects a revenue of $20 million annual run-rate for synergies, and to incur an additional $20 million to $22 million in one-time acquisition-related expenses to close the Hi-Tech transaction, according to the release.