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Concordia has $301.8 million of cash to meet needs for the year
By Devika Patel
Knoxville, Tenn., Aug. 11 – Concordia International Corp. has enough cash – $301.8 million - and cash flow to meet its needs for the year ahead.
“At the present time, we believe that cash and cash equivalents as of June 30, 2017, along with positive cash flows from operations, will be sufficient to meet current liquidity needs [for] at least the next 12 months,” chief financial officer David Price said on the company’s second quarter earnings conference call on Friday.
As of June 30, liquidity was substantially comprised of $301.8 million of cash and cash equivalents. The $301.8 million cash position compares to $397.9 million of cash at the same time last year.
Second quarter adjusted EBITDA was $81.8 million, compared to $142.3 million for the same period in 2016, and $84.2 million in the first quarter of 2017.
Oakville, Ont.-based Concordia International makes legacy pharmaceutical acquisitions and develops orphan drugs.
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