There is currently only 1 earnings estimate for Hi-Tech Pharmacal Co., Inc. (HITK), but it has, nonetheless, gained 60% over the past 2 months and 35% over the past 30 days.
The Zacks Consensus Estimate is currently at $1.42 per share for the year ending April 2010.
Today, the company is a Zacks #1 Rank Top Performer with a share price that has gained more than 6%.
HITK is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and OTC products. It specializes in difficult-to-manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products.
Volume today is underwhelming at about 298,000 shares, compared to the daily average of 517,000.
HITK is 1 of 4 companies from the Medical – Generic Drugs industry on today’s Zacks #1 Rank List. The other 3 companies are Impax Laboratories, Inc. (IPXL), Par Pharmaceutical Companies, Inc. (PRX) and Dr. Reddy’s Laboratories Ltd. (RDY).
Strong Fiscal First Quarter
During its fiscal first quarter, HITK enjoyed a strong performance from its generic pharmaceuticals segment, where net sales soared 193% to $36.7 million $12.5 million a year earlier.
This outcome led to solid numbers in the quarter, including earnings per share of 61 cents that beat the consensus by nearly 240%. A year earlier, HITK had lost 17 cents.
Net sales advanced 175% to $43.5 million, compared to $15.8 million last year.
The generic pharmaceuticals segment was helped by recent product launches, including glaucoma treatments Dorzolamide and Timolol ophthalmic solution and Dorzolomide ophthalmic solution.
Generic drugs wasn’t the only winner for HITK though. The company’s Health Care Products division, which markets OTC-branded products, saw sales increase 13% to nearly $2.1 million, thanks to higher sales of Diabetic Tussin.
In addition, ECR Pharmaceuticals, a division acquired in February 2009 that markets branded prescription products, participated with $3.25 million to sales in the quarter.