2022 Q1 Form 10-Q Financial Statement

#000095017022007188 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $94.63M $142.2M
YoY Change -33.44% -8.27%
Cost Of Revenue $22.24M $28.33M
YoY Change -21.49% -18.62%
Gross Profit $72.39M $113.8M
YoY Change -36.41% -5.28%
Gross Profit Margin 76.5% 80.08%
Selling, General & Admin $90.65M $105.8M
YoY Change -14.32% -21.01%
% of Gross Profit 125.22% 92.93%
Research & Development $10.05M $9.377M
YoY Change 7.19% -8.77%
% of Gross Profit 13.88% 8.24%
Depreciation & Amortization $780.0K $511.0K
YoY Change 52.64% 0.99%
% of Gross Profit 1.08% 0.45%
Operating Expenses $100.7M $115.2M
YoY Change -12.57% -20.14%
Operating Profit -$28.31M -$1.331M
YoY Change 2026.75% -94.46%
Interest Expense $203.0K $471.0K
YoY Change -56.9% -61.01%
% of Operating Profit
Other Income/Expense, Net -$246.0K -$142.0K
YoY Change 73.24% 56.04%
Pretax Income -$28.35M -$1.002M
YoY Change 2729.34% -95.63%
Income Tax $3.213M $624.0K
% Of Pretax Income
Net Earnings -$31.56M -$1.626M
YoY Change 1841.14% -92.09%
Net Earnings / Revenue -33.35% -1.14%
Basic Earnings Per Share -$0.08 $0.00
Diluted Earnings Per Share -$0.08 $0.00
COMMON SHARES
Basic Shares Outstanding 397.8M 394.6M
Diluted Shares Outstanding 397.8M 394.6M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $362.6M $514.7M
YoY Change -29.56% -5.07%
Cash & Equivalents $219.2M $291.0M
Short-Term Investments $143.4M $223.7M
Other Short-Term Assets $32.01M $33.61M
YoY Change -4.77% 36.25%
Inventory $267.8M $230.9M
Prepaid Expenses
Receivables $110.2M $151.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $772.6M $930.5M
YoY Change -16.97% 13.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.281M $9.820M
YoY Change -86.96% -9.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $26.70M $24.00M
YoY Change 11.24% -70.55%
Other Assets $456.0K $456.0K
YoY Change 0.0% -57.54%
Total Long-Term Assets $201.1M $59.80M
YoY Change 236.29% -44.82%
TOTAL ASSETS
Total Short-Term Assets $772.6M $930.5M
Total Long-Term Assets $201.1M $59.80M
Total Assets $973.7M $990.3M
YoY Change -1.68% 6.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.75M $94.26M
YoY Change -3.72% -4.14%
Accrued Expenses $207.6M $228.7M
YoY Change -9.23% 33.97%
Deferred Revenue $2.198M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $300.6M $325.8M
YoY Change -7.73% 4.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.490M $29.87M
YoY Change -74.93% 1.04%
Total Long-Term Liabilities $7.490M $29.87M
YoY Change -74.93% 1.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $300.6M $325.8M
Total Long-Term Liabilities $7.490M $29.87M
Total Liabilities $332.6M $355.6M
YoY Change -6.48% 4.63%
SHAREHOLDERS EQUITY
Retained Earnings -$1.453B
YoY Change
Common Stock $294.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $61.26M
YoY Change
Treasury Stock Shares $7.648M $6.891M
Shareholders Equity $641.1M $634.6M
YoY Change
Total Liabilities & Shareholders Equity $973.7M $990.3M
YoY Change -1.67% 6.98%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$31.56M -$1.626M
YoY Change 1841.14% -92.09%
Depreciation, Depletion And Amortization $780.0K $511.0K
YoY Change 52.64% 0.99%
Cash From Operating Activities -$98.85M -$18.70M
YoY Change 428.48% -552.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $99.05M $127.9M
YoY Change -22.58% -143.58%
Cash From Investing Activities $99.05M $127.9M
YoY Change -22.58% -143.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -505.0K -5.193M
YoY Change -90.28% -79.91%
NET CHANGE
Cash From Operating Activities -98.85M -18.70M
Cash From Investing Activities 99.05M 127.9M
Cash From Financing Activities -505.0K -5.193M
Net Change In Cash -303.0K 104.0M
YoY Change -100.29% -132.97%
FREE CASH FLOW
Cash From Operating Activities -$98.85M -$18.70M
Capital Expenditures $0.00
Free Cash Flow -$18.70M
YoY Change -581.32%

Facts In Submission

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CY2022Q1 us-gaap Concentration Risk Credit Risk
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<p style="margin-left:2.267%;text-indent:0.0%;font-size:10.0pt;margin-top:13.5pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, short-term and long-term investments, and accounts receivable. The Company maintains substantially all of its cash and cash equivalents and short-term and long-term investments, in financial institutions believed to be of high-credit quality.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">A significant portion of the Company’s sales are to wholesalers in the pharmaceutical industry. The Company monitors the creditworthiness of customers to whom it grants credit terms and has not experienced any credit losses. The Company does not require collateral or any other security to support credit sales. </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> customers individually accounted for 10% or more of the Company’s gross product sales, Customers A, B, and C accounted for </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">21</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">31</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of gross product sales for the three months ended March 31, 2022, and represented </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">29</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">37</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">28</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of the gross accounts receivable balance as of March 31, 2022. Customers A, B, and C accounted for </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">27</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">35</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">31</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of gross product sales for the three months ended March 31, 2021 and represented </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">35</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">36</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">24</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of the gross accounts receivable balance as of March 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. The Company has not experienced any significant write-offs of its accounts receivable. All customer accounts are actively managed and no losses in excess of amounts reserved are currently expected; however, the Company is monitoring the potential negative impact of COVID-19 on the Company’s customers’ ability to meet their financial obligations.</span></p>
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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