Paladin Labs (TSX:PLB) is winning through the diversity of its offerings, says its interim CEO.
This morning, Paladin reported its Q2, 2013 results. The company earned $14.4-million, or $.64 a share, beating the street’s expectation of $.55. The company’s topline came in at $52.3-million, up 41% from the same period last year.
The market is cheering the results. At press time, shares of Paladin were up 10.1% to $61.86.
Marc Beaudet, President & CEO, Paladin Labs was on BNN’s “The Street” today to talk about the numbers.
Beaudet says the biggest threat to a company such as Paladin is the genericization of its product spaces. He says the company is fighting this through diversity.
“We run a very diversified business,” says Beaudet. “In Canada, for instance, we have over sixty-five products and we have expanded internationally. So we are really diversifying our revenue and our profit base, which gives us some comfort.”
Beaudet says the company’s international expansion strategy is working in places like Latin America and Africa. Earlier this year, Paladin took a controlling stake in South African health-care company Litha, and the Paladin boss says this company was a good performer in this quarter.
Beaudet tooks the reigns at Montreal-based Paladin after then CEO Jonathan Goodman was involved in a serious cycling accident. Goodman, now recovering, assumed the role of Chairman of the Board of Paladin in May.
The company says the aren’t closing the door on Goodman’s return, but a timeline cannot be provided, given the nature of his injuries. Goodman owns approximately 35% of Paladin.
One thing is certain: Goodman’s cycling days are over. “He will not be getting back on the bike,” Beaudet told the Financial Post recently. “His wife won’t let him.”