Elite Pharmaceuticals Inc (OTCMKTS:ELTP) reported healthy set of financial numbers for 3Q2015. The consolidated revenue jumped 8% to $1.4 million from revenues recorded in 2Q2015. However, the revenue declined by $0.3 million as compared to the revenue posted in the same quarter, a year ago. Here, it is important to mention that the revenue in comparable quarter was better due to one-time $0.6 revenue recorded that time. If that is excluded, the company’s consolidated revenue surged by $0.3million compared to 3Q2014.
Elite Pharmaceuticals reported that the revenue in the first three-quarters of FY2015 surged 65% to $3.8 million compared to the same period, a year ago. The revenue for the first three-quarters was impressive as it came higher despite the fact that one-time revenue was included in 3Q2014. The growth was achieved due to execution of expansion plans and strong growth in generic product line resulting in strong revenue.
Elite Pharmaceuticals has been constantly looking for new initiatives to extend its market share in the “abuse-deterrent opioids” technology industry. It opted for enhanced investment to improve its generic product line. It invested around $2 million in 3Q in just clinical trials and related activities. The total investment on R&D amounted to more than $9 million in first three quarters of FY2015. The expenditure included all the expenses associated with the ELI-200 liability study.
Nasrat Hakim, the CEO of Elite said that the company recorded impressive financial performance in 3Q. The strong performance is expected to continue in the quarter. It aims to divert the resources on the expansion of its generic product line. It was one of the main areas that resulted in strong growth in last quarter. In last trading session, Elite stock price plunged 1.53% to close the trading session at $0.251. The decline came at share volume of 1.19 million compared to average daily volume of 1.07 million.