Radius Health, Inc. | Understand Stock

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 9, 2022. Its latest SEC filing is a SC 13D/A from Aug 30, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells TYMLOS, an osteoporosis injection for postmenopausal women at high fracture risk, and develops medicines for bone and neuroscience conditions while partnering on a cancer medicine.

How Did They Make Money?

Radius sells TYMLOS to specialty distributors and pharmacies, with product revenue counted when the drug is delivered. License partners may pay upfront, when development or sales milestones are met, and as royalties on sales.

revenue

Segment	Share	Revenue	How money arrives
Product revenue, net Sold outright	95% FY2018: 100%		Sold outright
License revenue Licensed	4.8% FY2018: 0.0%		Licensed

Who Were Their Customers?

Radius sells TYMLOS to specialty distributors and pharmacies; healthcare providers and payors also have rebate and discount arrangements related to product purchases.

Did Revenues Turn Into Profits?

No. It lost $70.2M in FY2021.

Operating income, FY2021

−24% of revenue

▼ −34% (Loss) vs FY2020 (−$82.4M, −35%)

Net income, FY2021

−31% of revenue

▼ −36% (Loss) vs FY2020 (−$109.2M, −46%)

Free cash flow, FY2021

−10% of revenue

▼ −70% (Loss) vs FY2020 (−$73.9M, −31%)

How Were They Changing?

Since the FY2021 annual report

Latest quarter: Q2 FY2022, the three months to Jun 30, 2022

Revenue: ▲ +13%; vs $51.8M in Q2 FY2021
Net income: ▼ −24% (Loss); vs −$16.8M in Q2 FY2021

Product revenue, net share of revenue vs 100.0% in Q2 FY2021

Aug 15, 2022 Merger completed; shares converted under its terms At closing, each issued share was converted into the right to receive the offer price.
Aug 2, 2022 Agreed to supply finished abaloparatide to Teijin Radius will supply finished cartridges for Japan and receive an annual fee and per-unit supply price.
Jun 23, 2022 Agreed to be acquired through a tender offer and merger The offer included $10 per share in cash and a contingent $1 payment tied to TYMLOS sales.
Jun 8, 2022 Stopped development and commercialization of transdermal abaloparatide Radius terminated its Kindeva supply agreement after deciding to cease the product’s development and commercialization.

Grew. Revenue grew 19.0x in 4 years, from $12.1M in FY2017 to $230M in FY2021, about 109% a year.

Oncology moved to partners The older report described Radius as developing elacestrant and a breast-cancer candidate internally; the latest says elacestrant was licensed to Berlin-Chemie and its other oncology asset sold to Ellipses Pharma.

Added neuroscience development The older report framed the business around osteoporosis and oncology; the latest also describes development of a synthetic cannabidiol solution for Prader-Willi syndrome.

Revenue over time

Product revenue, net License revenue

$250M$125M$0

FY2017 FY2018 FY2019 FY2020 FY2021

Who Did They Compete With?

Competes with Amgen, Lilly, Pfenex, Alvogen, Teva Pharmaceutical Industries, APOTEX, UCB, Corium, Levo Therapeutics, GW Pharmaceuticals, ConSynance Therapeutics, Helsinn Group, Lipidio Pharmaceuticals, Neuracle Science, OptiNose, Rhythm Pharmaceuticals, and Saniona