$AMRN
AMARIN CORP PLC\UK

2016 Q2 Form 10-Q Financial Statement

#000119312516670851 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $33.11M $17.71M
YoY Change 86.99% 40.46%
Cost Of Revenue $8.861M $6.381M
YoY Change 38.87% 26.99%
Gross Profit $24.25M $11.33M
YoY Change 114.11% 49.4%
Gross Profit Margin 73.24% 63.96%
Selling, General & Admin $26.07M $26.05M
YoY Change 0.05% 23.51%
% of Gross Profit 107.49% 230.04%
Research & Development $12.58M $12.01M
YoY Change 4.74% 2.4%
% of Gross Profit 51.87% 106.03%
Depreciation & Amortization $200.0K $210.0K
YoY Change -4.76% 0.0%
% of Gross Profit 0.82% 1.85%
Operating Expenses $38.64M $38.06M
YoY Change 1.53% 15.97%
Operating Profit -$14.39M -$26.74M
YoY Change -46.16% 5.93%
Interest Expense -$5.616M -$4.807M
YoY Change 16.83% 11.89%
% of Operating Profit
Other Income/Expense, Net -$182.0K $95.00K
YoY Change -291.58% -97.75%
Pretax Income -$14.38M -$32.05M
YoY Change -55.12% -303.69%
Income Tax -$1.028M -$537.0K
% Of Pretax Income
Net Earnings -$13.35M -$62.85M
YoY Change -78.75% -510.19%
Net Earnings / Revenue -40.33% -354.96%
Basic Earnings Per Share -$0.07 -$0.35
Diluted Earnings Per Share -$0.07 -$0.35
COMMON SHARES
Basic Shares Outstanding 184.5M 180.5M shares
Diluted Shares Outstanding 184.5M 180.5M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.50M $136.1M
YoY Change -46.73% -9.57%
Cash & Equivalents $72.49M $136.1M
Short-Term Investments
Other Short-Term Assets $6.100M $2.800M
YoY Change 117.86% -2.61%
Inventory $20.31M $20.50M
Prepaid Expenses
Receivables $17.64M $9.943M
Other Receivables $0.00 $0.00
Total Short-Term Assets $116.5M $169.3M
YoY Change -31.19% -4.86%
LONG-TERM ASSETS
Property, Plant & Equipment $137.0K $296.0K
YoY Change -53.72% -37.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $174.0K $2.508M
YoY Change -93.06% -50.46%
Total Long-Term Assets $31.12M $25.83M
YoY Change 20.49% -7.28%
TOTAL ASSETS
Total Short-Term Assets $116.5M $169.3M
Total Long-Term Assets $31.12M $25.83M
Total Assets $147.6M $195.2M
YoY Change -24.35% -5.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.81M $13.01M
YoY Change 13.88% 134.64%
Accrued Expenses $31.10M $21.00M
YoY Change 48.1% 59.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.82M $15.41M
YoY Change 100.04% 4.8%
Total Short-Term Liabilities $77.85M $50.27M
YoY Change 54.86% 32.54%
LONG-TERM LIABILITIES
Long-Term Debt $90.15M $90.52M
YoY Change -0.41% 2.05%
Other Long-Term Liabilities $268.0K $626.0K
YoY Change -57.19% 1.13%
Total Long-Term Liabilities $90.42M $91.15M
YoY Change -0.8% 2.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.85M $50.27M
Total Long-Term Liabilities $90.42M $91.15M
Total Liabilities $312.1M $286.5M
YoY Change 8.91% 12.0%
SHAREHOLDERS EQUITY
Retained Earnings -$1.161B -$1.065B
YoY Change 8.99% 15.2%
Common Stock $973.2M $952.7M
YoY Change 2.15% 8.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.197M $334.0K
YoY Change 258.38% 53.92%
Treasury Stock Shares 723.3K shares 134.3K shares
Shareholders Equity -$164.4M -$91.35M
YoY Change
Total Liabilities & Shareholders Equity $147.6M $195.2M
YoY Change -24.35% -5.19%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$13.35M -$62.85M
YoY Change -78.75% -510.19%
Depreciation, Depletion And Amortization $200.0K $210.0K
YoY Change -4.76% 0.0%
Cash From Operating Activities -$8.970M -$25.62M
YoY Change -64.99% 126.33%
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 100.0K 470.0K
YoY Change -78.72% -119.26%
NET CHANGE
Cash From Operating Activities -8.970M -25.62M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 100.0K 470.0K
Net Change In Cash -8.870M -25.15M
YoY Change -64.73% 82.78%
FREE CASH FLOW
Cash From Operating Activities -$8.970M -$25.62M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$8.970M -$25.62M
YoY Change -64.99% 126.33%

Facts In Submission

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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i><u>Concentration of Credit Risk</u></i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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 ending June&#xA0;30, 2016 and 2015 and represented 94% and 96% of the gross accounts receivable balance as of June&#xA0;30, 2016 and 2015, respectively. The Company has not experienced any write-offs of its accounts receivable.</p> </div>
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184262000 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5038000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i><u>Use of Estimates</u></i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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 Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
dei Entity Registrant Name
EntityRegistrantName
AMARIN CORP PLC\UK
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
44864000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-793000
us-gaap Revenues
Revenues
58654000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-11202000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-48000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
58122000
us-gaap Operating Income Loss
OperatingIncomeLoss
-37497000
us-gaap Net Income Loss
NetIncomeLoss
-43125000
us-gaap Interest Paid
InterestPaid
7668000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1321000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3813000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6930000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
793000
us-gaap Licenses Revenue
LicensesRevenue
532000
us-gaap Income Taxes Paid
IncomeTaxesPaid
767000
us-gaap Gross Profit
GrossProfit
42897000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
4560000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
124000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-303000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43125000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-43125000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2324000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44442000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1846000
us-gaap Depreciation
Depreciation
79000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1317000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-21000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
20075000
us-gaap Share Based Compensation
ShareBasedCompensation
6962000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1470000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-67000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
54086000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
10773000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-1416000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-669000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26308000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
322000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-34470000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
15757000
us-gaap Operating Expenses
OperatingExpenses
80394000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
-553000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
14187000
amrn Cash Discount Invoice Terms
CashDiscountInvoiceTerms
P30D
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
CY2016Q1 amrn Number Of Patients Enrolled In Study
NumberOfPatientsEnrolledInStudy
8000 Patient
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
52800000
CY2015Q1 amrn Equity Offering Costs
EquityOfferingCosts
700000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180464000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180464000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
180464000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2015Q2 us-gaap Revenues
Revenues
17707000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4807000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
17707000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-26737000
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 Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
95000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62853000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26054000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-62853000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-32049000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-537000
CY2015Q2 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
31341000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12009000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6381000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
38063000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
184471000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
184471000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
184471000 shares
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2016Q2 us-gaap Revenues
Revenues
33111000
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5616000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
32815000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-14394000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-13354000
CY2016Q2 us-gaap Licenses Revenue
LicensesRevenue
296000
CY2016Q2 us-gaap Gross Profit
GrossProfit
24250000
CY2016Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
5810000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-182000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13354000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13354000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14382000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1028000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26066000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12578000
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
8861000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
38644000

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