Caraco announced its Q1 results today and they were extremely good. The highlights:
- $150M of revenue. I believe this is their best quarterly performance ever. Albeit this quarter includes revenue for Protonix, which the company has stopped distributing.
- Company made a profit this quarter. Even after no manufacturing and compliance expenses, the profit is a major milestone.
- Company filed 2 ANDAs. For a company that is still working on cGMP compliance, the filing of ANDAs shows management’s belief that they will get compliance soon.
- Caraco received the FDA seized inventory. I believe this is $25M in value.
- Caraco’s plan has been approved by the FDA. Now CPD is waiting on final go ahead from the consultants and FDA before resuming manufacturing.
Today’s results shows that Caraco is on the track to gaining compliance shortly. It is now the toughest part of investing, sitting patiently and watching the market realize the value.