Catalent
received a notice from the New York Stock Exchange that it wasn’t in compliance with listing requirements after delaying the release of quarterly earnings.
Catalent
(ticker: CTLT), the contract drug manufacturer, said Friday that it will again be delaying the release of earnings. The company now has six months to file its 10-Q with the Securities and Exchange Commission to regain compliance with NYSE listing standards.
“The company was unable to file the Form 10-Q within the prescribed period due to, among other things, the identification of certain accounting adjustments in its previously issued financial statements related to its operations in Bloomington, Indiana,”
Catalent
said in a statement.
The company told investors earlier this month that it was delaying the release of its fiscal third-quarter results, originally scheduled for May 9, to May 15. At that time, Catalent said it expected to “significantly reduce” guidance for the fiscal year.
Then on May 12, the company said it was postponing the release of its financial results again, and moved its conference call to May 19.
“The Company is working diligently to complete the necessary work to file the Form 10-Q as soon as practicable and currently expects to file the Form 10-Q within the six-month period granted by the NYSE Notice; however, there can be no assurance that the Form 10-Q will be filed within such period,” Catalent said.
On a conference call Friday, Catalent said it was reducing its fiscal 2023 net revenue guidance to between $4.25 billion to $4.35 billion. Analysts surveyed by FactSet were expecting revenue of $4.43 billion.
“Our financial performance and operational execution have fallen significantly short of our expectations and of our February forecast, and we accept responsibility for disappointing you,” Chief Executive Alessandro Maselli said on the call.
Catalent, however, said on the call Friday that its customer supply situation remains “healthy,” and that the company continues to “win significant new business.”
Investors seemed confident in the update provided by management. Shares of Catalent were gaining 13% to $36.43 after falling earlier. The stock has declined 19% this year.
Write to Angela Palumbo at [email protected]
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