$AMRN
AMARIN CORP PLC\UK

2015 Q3 Form 10-Q Financial Statement

#000119312515365184 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $21.48M $14.15M
YoY Change 51.83% 68.38%
Cost Of Revenue $7.478M $5.366M
YoY Change 39.36% 45.74%
Gross Profit $14.01M $8.783M
YoY Change 59.46% 86.04%
Gross Profit Margin 65.19% 62.08%
Selling, General & Admin $26.73M $19.27M
YoY Change 38.7% -31.85%
% of Gross Profit 190.84% 219.4%
Research & Development $13.09M $14.46M
YoY Change -9.44% -14.05%
% of Gross Profit 93.48% 164.6%
Depreciation & Amortization $200.0K $210.0K
YoY Change -4.76% -8.7%
% of Gross Profit 1.43% 2.39%
Operating Expenses $39.82M $33.73M
YoY Change 18.06% -25.21%
Operating Profit -$25.81M -$24.94M
YoY Change 3.49% -38.22%
Interest Expense -$5.061M -$4.876M
YoY Change 3.79% -42.23%
% of Operating Profit
Other Income/Expense, Net -$102.0K -$247.0K
YoY Change -58.7% -18.21%
Pretax Income -$31.21M -$25.60M
YoY Change 21.9% -49.32%
Income Tax -$532.0K $449.0K
% Of Pretax Income
Net Earnings -$32.32M -$26.05M
YoY Change 24.07% -46.71%
Net Earnings / Revenue -150.45% -184.11%
Basic Earnings Per Share -$0.18 -$0.15
Diluted Earnings Per Share -$0.18 -$0.17
COMMON SHARES
Basic Shares Outstanding 183.2M shares 174.5M shares
Diluted Shares Outstanding 183.2M shares 175.1M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0M $135.4M
YoY Change -12.11% -40.06%
Cash & Equivalents $119.0M $135.4M
Short-Term Investments
Other Short-Term Assets $6.200M $2.980M
YoY Change 108.05% -15.75%
Inventory $19.70M $11.89M
Prepaid Expenses
Receivables $11.24M $6.667M
Other Receivables $0.00 $0.00
Total Short-Term Assets $156.1M $158.0M
YoY Change -1.2% -39.81%
LONG-TERM ASSETS
Property, Plant & Equipment $266.0K $424.0K
YoY Change -37.26% -34.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.297M $4.823M
YoY Change -52.37% -9.6%
Total Long-Term Assets $26.28M $27.33M
YoY Change -3.86% -12.63%
TOTAL ASSETS
Total Short-Term Assets $156.1M $158.0M
Total Long-Term Assets $26.28M $27.33M
Total Assets $182.4M $185.4M
YoY Change -1.59% -36.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.90M $6.059M
YoY Change 195.41% -2.79%
Accrued Expenses $22.50M $15.40M
YoY Change 46.1% 23.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.00M $13.79M
YoY Change 1.49% 26.51%
Total Short-Term Liabilities $55.32M $35.34M
YoY Change 56.56% 12.89%
LONG-TERM LIABILITIES
Long-Term Debt $91.01M $89.15M
YoY Change 2.08% 2.1%
Other Long-Term Liabilities $608.0K $640.0K
YoY Change -5.0% -21.09%
Total Long-Term Liabilities $91.62M $89.79M
YoY Change 2.03% 1.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.32M $35.34M
Total Long-Term Liabilities $91.62M $89.79M
Total Liabilities $293.5M $254.6M
YoY Change 15.28% -18.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.097B -$950.6M
YoY Change 15.45% 5.8%
Common Stock $962.3M $881.6M
YoY Change 9.16% 0.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $368.0K $217.0K
YoY Change 69.59% 0.0%
Treasury Stock Shares 152.1K shares 20.08K shares
Shareholders Equity -$111.1M -$69.24M
YoY Change
Total Liabilities & Shareholders Equity $182.4M $185.4M
YoY Change -1.59% -36.91%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$32.32M -$26.05M
YoY Change 24.07% -46.71%
Depreciation, Depletion And Amortization $200.0K $210.0K
YoY Change -4.76% -8.7%
Cash From Operating Activities -$22.55M -$19.88M
YoY Change 13.43% -55.66%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $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 5.480M 4.790M
YoY Change 14.41% -96.05%
NET CHANGE
Cash From Operating Activities -22.55M -19.88M
Cash From Investing Activities -10.00K 0.000
Cash From Financing Activities 5.480M 4.790M
Net Change In Cash -17.08M -15.09M
YoY Change 13.19% -119.74%
FREE CASH FLOW
Cash From Operating Activities -$22.55M -$19.88M
Capital Expenditures -$10.00K $0.00
Free Cash Flow -$22.54M -$19.88M
YoY Change 13.38% -55.66%

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
2015-09-30
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 nine months ended September&#xA0;30, 2015 and 2014, and represented 95% and 96% of the gross accounts receivable balance as of September&#xA0;30, 2015 and 2014, respectively. The Company has not experienced any write-offs of its accounts receivable.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
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dei Amendment Flag
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false
us-gaap Stock Issued During Period Shares Stock Options Exercised
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dei Entity Registrant Name
EntityRegistrantName
AMARIN CORP PLC\UK
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i><u>Use of Estimates</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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, probabilities of achievement of performance conditions for certain equity awards, 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
179780000 shares
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5971000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-127168000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
57853000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-94854000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10172000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-135000
us-gaap Licenses Revenue
LicensesRevenue
538000
us-gaap Operating Income Loss
OperatingIncomeLoss
-79600000
us-gaap Sales Revenue Net
SalesRevenueNet
55123000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-127287000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3397000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
54585000
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
10225000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
31000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2056000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-529000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-14753000
us-gaap Net Income Loss
NetIncomeLoss
-93313000
us-gaap Gross Profit
GrossProfit
35637000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-366000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
151000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
-707000
us-gaap Income Taxes Paid
IncomeTaxesPaid
526000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
37944000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-151000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
125000
us-gaap Operating Expenses
OperatingExpenses
115237000
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
868000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
25143000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
59547000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
484000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1541000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
57666000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
14461000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
52800000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5654000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1582000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-563000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-1399000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2713000
us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
32987000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
868000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
4804000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
77522000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
14902000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
19486000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
37715000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
222000
amrn Other Estimated Offering Costs
OtherEstimatedOfferingCosts
700000
amrn Cash Discount Invoice Terms
CashDiscountInvoiceTerms
P30D
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
-244000
amrn Derivative Liabilities Transferred To Stockholders Equity
DerivativeLiabilitiesTransferredToStockholdersEquity
1814000
amrn Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
1844585 shares
amrn Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
1844585 shares
amrn Class Of Warrant Expiration Date
ClassOfWarrantExpirationDate
2015-02-27
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
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 level in 2018.
amrn Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
2713000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
-6383000
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
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
183245000 shares
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
amrn Excess Tax Benefit Tax Deficiency From Share Based Compensation Operating Activities
ExcessTaxBenefitTaxDeficiencyFromShareBasedCompensationOperatingActivities
-707000
amrn Excess Tax Benefit Tax Deficiency From Share Based Compensation Financing Activities
ExcessTaxBenefitTaxDeficiencyFromShareBasedCompensationFinancingActivities
-707000
CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
639000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
174502000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175141000 shares
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26050000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-25601000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-247000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-24944000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
14149000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-30442000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14149000
CY2014Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-4392000
CY2014Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4876000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-26050000
CY2014Q3 us-gaap Gross Profit
GrossProfit
8783000
CY2014Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
4466000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
33727000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
449000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19270000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5366000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14457000
CY2014Q3 amrn Proceeds From Refund Of Stock Issuance Costs
ProceedsFromRefundOfStockIssuanceCosts
3191000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
183245000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32321000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-31207000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-102000
CY2015Q3 us-gaap Licenses Revenue
LicensesRevenue
163000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-25814000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
21483000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-32321000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
21320000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5061000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-30675000
CY2015Q3 us-gaap Gross Profit
GrossProfit
14005000
CY2015Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-230000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
39819000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-532000
CY2015Q3 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
1646000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26727000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
7478000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13092000

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