Clarus Corporation (NASDAQ: CLAR) stock is trading a bit higher on Thursday.
Clarus, Wins Jatenzo Patent Infringement Case Brought By Lipocine
- The U.S. District Court for the District of Delaware Has Granted Clarus Therapeutics’ motion for summary judgment against remaining patents in a patent infringement case brought by Lipocine Inc (NASDAQ: LPCN) regarding Clarus’s oral testosterone replacement product, Jatenzo.
- Federal Circuit Judge found all of the asserted Lipocine patents claims invalid.
- The company announced the nomination of Susan Ottmann to its board. Shareholders will vote for five director nominees, including Susan, at the Company’s Annual Meeting on June 2, 2021. The other four nominees up for election are current members of the Company’s Board.
- Clarus Corporation announced that its board of directors has confirmed its regular quarterly cash dividend of $0.025 per share.
- Clarus corporation Sales increased 41% to $75.3 million in First Quarter 2021. Gross margin improved 130 basis points to 35.9%; adjusted gross margin up 180 basis points to 36.4%. Cash and cash equivalents totaled $6.5 million compared to $17.8 million.
- Clarus now anticipates the fiscal year 2021 sales to grow approximately 32% to $295 million ($280 million prior) compared to 2020. By brand, the company now expects sales for Black Diamond to increase 20% to $205 million ($200 million prior), and Sierra and Barnes combined with increasing 71% to $90 million ($80 million prior) compared to 2020.
- The company now expects adjusted EBITDA in 2021 to increase approximately 70% to $38 million ($35 million prior) than 2020 with capital expenditures of roughly $7.5 million and free cash flow of approximately $15 million.
Market Action
As of 11:59 AM, CLAR’s stock has moved up by 1.04% from its previous day close of $23.02.the stock has traded 19,697 shares below its average volume of 180,166 shares. The stock opened at $23.29 and moved in a range between $23.13 – 23.54.
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