Elanco revises Q4 results, lowers revenue to $985M from $988M

In a regulatory filing, Elanco stated: "On February 21, 2023, Elanco Animal Health Incorporated issued a press release announcing its financial results of operations for the fiscal quarter and full year ended December 31, 2022… Subsequent to that date, in connection with finalization of the audited financial statements for the year ended December 31, 2022, the company determined that an immaterial amount of estimated sales rebates and discounts was not recorded correctly in a Western Europe affiliate. The company also reduced expense related to a management incentive plan. In connection with other immaterial revisions being made to the company’s financial statements related to the previously disclosed valuation allowance for taxes for a Southeast Asia affiliate, the company has further revised its financial statements to accurately reflect results in all periods. The revisions related to the sales rebates and discounts estimates had the following impacts on the company’s results compared to those reported in the company’s earnings release issued on February 21, 2023: Q4 revenue decreased from $988 million to $985 million; Reported net loss increased from $54 million to $55 million, adjusted net income decreased from $95 million to $94 million; Adjusted EBITDA decreased from $174 million to $172 million; Reported and adjusted EPS was unchanged… These revisions have no impact on the company’s 2023 guidance as issued on February 21."