ANI Pharmaceuticals, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved net revenues of $148.3 million for the third quarter, a 12.5% increase from $131.8 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $423.8 million, up 19.3% from $355.2 million year-over-year. This growth was primarily driven by a substantial increase in the Rare Disease segment, which saw revenues rise to $56.4 million in Q3 2024, compared to $29.7 million in Q3 2023, largely due to the performance of Cortrophin Gel.

Despite the revenue growth, ANI Pharmaceuticals reported a net loss of $24.2 million for Q3 2024, a stark contrast to a net income of $9.9 million in Q3 2023. The nine-month net loss also reflected a downturn, totaling $8.2 million compared to a net income of $17.6 million in the prior year. The operating loss for Q3 2024 was $(20.5) million, compared to an operating income of $17.9 million in Q3 2023. The increase in costs was attributed to higher selling, general, and administrative expenses, which surged to $79.1 million from $42.0 million, driven by increased employment costs, legal expenses, and transaction costs related to the acquisition of Alimera Sciences, Inc.

The acquisition of Alimera, completed on September 16, 2024, was a strategic move to enhance ANI's Rare Disease platform, adding products like ILUVIEN and YUTIQ. The merger involved a cash payment of $302.3 million and the repayment of $78.5 million in Alimera's debt. The company incurred approximately $12.2 million in transaction costs related to the merger during the nine months ended September 30, 2024.

Cash flow from operating activities decreased to $48.2 million for the nine months ended September 30, 2024, down from $74.2 million in 2023. The company reported net cash used in investing activities of $394.0 million, primarily due to the Alimera acquisition, while financing activities provided $269.9 million, bolstered by proceeds from a new credit facility and convertible senior notes.

As of September 30, 2024, ANI Pharmaceuticals had total assets of approximately $430.8 million, with a significant portion attributed to goodwill from the Alimera acquisition. The company continues to focus on expanding its Rare Disease business and enhancing its operational capabilities through strategic acquisitions and product development.