$AMRN
AMARIN CORP PLC\UK

2015 Q2 Form 10-Q Financial Statement

#000119312515280984 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $17.71M $12.61M
YoY Change 40.46% 129.2%
Cost Of Revenue $6.381M $5.025M
YoY Change 26.99% 76.69%
Gross Profit $11.33M $7.581M
YoY Change 49.4% 185.43%
Gross Profit Margin 63.96% 60.14%
Selling, General & Admin $26.05M $21.09M
YoY Change 23.51% -37.89%
% of Gross Profit 230.04% 278.25%
Research & Development $12.01M $11.73M
YoY Change 2.4% -32.95%
% of Gross Profit 106.03% 154.69%
Depreciation & Amortization $210.0K $210.0K
YoY Change 0.0% -4.55%
% of Gross Profit 1.85% 2.77%
Operating Expenses $38.06M $32.82M
YoY Change 15.97% -36.21%
Operating Profit -$26.74M -$25.24M
YoY Change 5.93% -48.27%
Interest Expense -$4.807M -$4.296M
YoY Change 11.89% -54.03%
% of Operating Profit
Other Income/Expense, Net $95.00K $4.225M
YoY Change -97.75% -1127.98%
Pretax Income -$32.05M $15.73M
YoY Change -303.69% -139.62%
Income Tax -$537.0K $411.0K
% Of Pretax Income 2.61%
Net Earnings -$62.85M $15.32M
YoY Change -510.19% -138.53%
Net Earnings / Revenue -354.96% 121.55%
Basic Earnings Per Share -$0.35 $0.09
Diluted Earnings Per Share -$0.35 $0.08
COMMON SHARES
Basic Shares Outstanding 180.5M shares 172.9M shares
Diluted Shares Outstanding 180.5M shares 207.7M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.1M $150.5M
YoY Change -9.57% 0.74%
Cash & Equivalents $136.1M $150.5M
Short-Term Investments
Other Short-Term Assets $2.800M $2.875M
YoY Change -2.61% 32.43%
Inventory $20.50M $17.14M
Prepaid Expenses
Receivables $9.943M $6.364M
Other Receivables $0.00 $0.00
Total Short-Term Assets $169.3M $178.0M
YoY Change -4.86% -3.65%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0K $472.0K
YoY Change -37.29% -33.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.508M $5.063M
YoY Change -50.46% -5.1%
Total Long-Term Assets $25.83M $27.86M
YoY Change -7.28% -6.99%
TOTAL ASSETS
Total Short-Term Assets $169.3M $178.0M
Total Long-Term Assets $25.83M $27.86M
Total Assets $195.2M $205.8M
YoY Change -5.19% -4.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.01M $5.543M
YoY Change 134.64% -42.78%
Accrued Expenses $21.00M $13.20M
YoY Change 59.09% -8.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.41M $14.70M
YoY Change 4.8% 53.13%
Total Short-Term Liabilities $50.27M $37.93M
YoY Change 32.54% 7.04%
LONG-TERM LIABILITIES
Long-Term Debt $90.52M $88.70M
YoY Change 2.05% 2.32%
Other Long-Term Liabilities $626.0K $619.0K
YoY Change 1.13% -22.14%
Total Long-Term Liabilities $91.15M $89.32M
YoY Change 2.05% 2.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.27M $37.93M
Total Long-Term Liabilities $91.15M $89.32M
Total Liabilities $286.5M $255.8M
YoY Change 12.0% -17.21%
SHAREHOLDERS EQUITY
Retained Earnings -$1.065B -$924.5M
YoY Change 15.2% 8.82%
Common Stock $952.7M $874.8M
YoY Change 8.91% 15.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $334.0K $217.0K
YoY Change 53.92% 0.0%
Treasury Stock Shares 134.3K shares 20.08K shares
Shareholders Equity -$91.35M -$49.98M
YoY Change
Total Liabilities & Shareholders Equity $195.2M $205.8M
YoY Change -5.19% -4.11%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$62.85M $15.32M
YoY Change -510.19% -138.53%
Depreciation, Depletion And Amortization $210.0K $210.0K
YoY Change 0.0% -4.55%
Cash From Operating Activities -$25.62M -$11.32M
YoY Change 126.33% -78.55%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 470.0K -2.440M
YoY Change -119.26% -680.95%
NET CHANGE
Cash From Operating Activities -25.62M -11.32M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 470.0K -2.440M
Net Change In Cash -25.15M -13.76M
YoY Change 82.78% -73.72%
FREE CASH FLOW
Cash From Operating Activities -$25.62M -$11.32M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$25.62M -$11.32M
YoY Change 126.33% -78.55%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Trading Symbol
TradingSymbol
AMRN
dei Entity Central Index Key
EntityCentralIndexKey
0000897448
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
dei Entity Filer Category
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Accelerated Filer
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
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Q2
us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i><u>Concentration of Credit Risk</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalents in financial institutions believed to be of high-credit quality.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> A significant portion of the Company&#x2019;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. The Company&#x2019;s top three customers accounted for 95% of gross product sales for each of the six months ended June&#xA0;30, 2015 and 2014, and represented 96% of the gross accounts receivable balance as of June&#xA0;30, 2015 and 2014. The Company has not experienced any write-offs of its accounts receivable.</p> </div>
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dei Entity Registrant Name
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AMARIN CORP PLC\UK
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 56px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i><u>Use of Estimates</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Accounting estimates are based on historical experience and other factors that are considered reasonable under the circumstances. Estimates are used in determining such items as provisions for sales returns, rebates and incentives, chargebacks, and other sales allowances, depreciable/amortizable lives, asset impairments, valuation allowance on deferred taxes, amounts recorded for licensing revenue, contingencies and accruals and valuations of derivative and long-term debt instruments. Because of the uncertainties inherent in such estimates, actual results may differ from these estimates. Management periodically evaluates estimates used in the preparation of the condensed consolidated financial statements for continued reasonableness.</p> </div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
178036000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-94847000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
-641000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
52149000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-63647000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4840000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-33000
us-gaap Licenses Revenue
LicensesRevenue
375000
us-gaap Operating Income Loss
OperatingIncomeLoss
-53786000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6766000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5000
us-gaap Sales Revenue Net
SalesRevenueNet
33640000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-94966000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2101000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
33265000
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-119000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
-187000
us-gaap Interest Paid
InterestPaid
5829000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
31000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1325000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-318000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-9692000
us-gaap Net Income Loss
NetIncomeLoss
-62638000
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
868000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
12202000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
54130000
us-gaap Gross Profit
GrossProfit
21632000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-136000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
117000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
-641000
us-gaap Income Taxes Paid
IncomeTaxesPaid
171000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
21968000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-117000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
85000
us-gaap Operating Expenses
OperatingExpenses
75418000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
323000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1009000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
52149000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
14625000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
52800000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3688000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-731000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16511000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
11000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2713000
us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
31341000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
868000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
4804000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-641000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
50795000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
6976000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
0
us-gaap Cost Of Goods Sold
CostOfGoodsSold
12008000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24623000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
240000
amrn Other Estimated Offering Costs
OtherEstimatedOfferingCosts
700000
amrn Cash Discount Invoice Terms
CashDiscountInvoiceTerms
P30D
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
-157000
amrn Derivative Liabilities Transferred To Stockholders Equity
DerivativeLiabilitiesTransferredToStockholdersEquity
1814000
amrn Class Of Warrant Expiration Date
ClassOfWarrantExpirationDate
2015-02-27
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
amrn Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
1844585 shares
amrn Amount Of Potential Future Financial Obligations
AmountOfPotentialFutureFinancialObligations
53300000
amrn Stock Issued During Period Share Exercise Of Stock Options Vesting Of Restricted Stock
StockIssuedDuringPeriodShareExerciseOfStockOptionsVestingOfRestrictedStock
639500 shares
amrn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
1844585 shares
amrn Range Of Percentage Of Gross Margin Payable For Co Promotion Agreement
RangeOfPercentageOfGrossMarginPayableForCoPromotionAgreement
From the high single digits in 2014 to the low twenty percent levels in 2018.
amrn Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
2713000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
-6376000
amrn Proceeds From Warrant Exercises Gross
ProceedsFromWarrantExercisesGross
2800000
amrn Adjustments To Additional Paid In Capital Preferred Stock Purchase Option
AdjustmentsToAdditionalPaidInCapitalPreferredStockPurchaseOption
946000
amrn Derivative Liabilities Transferred To Equity Classifications
DerivativeLiabilitiesTransferredToEquityClassifications
868000
CY2014Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
31526000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
963000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172886000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207674000 shares
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15323000
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
38034000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15734000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4225000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-25240000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
12606000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15667000
CY2014Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1960000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
12606000
CY2014Q2 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-1416000
CY2014Q2 us-gaap Gain On Derivative Instruments Pretax
GainOnDerivativeInstrumentsPretax
-200000
CY2014Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4296000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
15323000
CY2014Q2 us-gaap Gross Profit
GrossProfit
7581000
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
3011000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
32821000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
411000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21094000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5025000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11727000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180464000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180464000 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62853000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-32049000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
95000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-26737000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
17707000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-62853000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
17707000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4807000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-31512000
CY2015Q2 us-gaap Gross Profit
GrossProfit
11326000
CY2015Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-600000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
38063000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-537000
CY2015Q2 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
31341000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26054000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6381000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12009000

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