$AMRN
AMARIN CORP PLC\UK

2016 Q3 Form 10-Q Financial Statement

#000119312516757909 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $32.73M $21.48M
YoY Change 52.37% 51.83%
Cost Of Revenue $8.451M $7.478M
YoY Change 13.01% 39.36%
Gross Profit $24.28M $14.01M
YoY Change 73.39% 59.46%
Gross Profit Margin 74.18% 65.19%
Selling, General & Admin $26.06M $26.73M
YoY Change -2.49% 38.7%
% of Gross Profit 107.32% 190.84%
Research & Development $13.49M $13.09M
YoY Change 3.04% -9.44%
% of Gross Profit 55.55% 93.48%
Depreciation & Amortization $190.0K $200.0K
YoY Change -5.0% -4.76%
% of Gross Profit 0.78% 1.43%
Operating Expenses $39.55M $39.82M
YoY Change -0.67% 18.06%
Operating Profit -$15.27M -$25.81M
YoY Change -40.85% 3.49%
Interest Expense -$5.051M -$5.061M
YoY Change -0.2% 3.79%
% of Operating Profit
Other Income/Expense, Net -$100.0K -$102.0K
YoY Change -1.96% -58.7%
Pretax Income -$16.79M -$31.21M
YoY Change -46.21% 21.9%
Income Tax -$1.015M -$532.0K
% Of Pretax Income
Net Earnings -$15.77M -$32.32M
YoY Change -51.2% 24.07%
Net Earnings / Revenue -48.18% -150.45%
Basic Earnings Per Share -$0.08 -$0.18
Diluted Earnings Per Share -$0.08 -$0.18
COMMON SHARES
Basic Shares Outstanding 209.1M shares 183.2M shares
Diluted Shares Outstanding 209.1M shares 183.2M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.6M $119.0M
YoY Change -1.18% -12.11%
Cash & Equivalents $117.6M $119.0M
Short-Term Investments
Other Short-Term Assets $6.300M $6.200M
YoY Change 1.61% 108.05%
Inventory $19.77M $19.70M
Prepaid Expenses
Receivables $17.50M $11.24M
Other Receivables $0.00 $0.00
Total Short-Term Assets $161.2M $156.1M
YoY Change 3.23% -1.2%
LONG-TERM ASSETS
Property, Plant & Equipment $102.0K $266.0K
YoY Change -61.65% -37.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $682.0K $2.297M
YoY Change -70.31% -52.37%
Total Long-Term Assets $32.72M $26.28M
YoY Change 24.52% -3.86%
TOTAL ASSETS
Total Short-Term Assets $161.2M $156.1M
Total Long-Term Assets $32.72M $26.28M
Total Assets $193.9M $182.4M
YoY Change 6.29% -1.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.864M $17.90M
YoY Change -61.65% 195.41%
Accrued Expenses $38.30M $22.50M
YoY Change 70.22% 46.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.47M $14.00M
YoY Change -3.74% 1.49%
Total Short-Term Liabilities $75.11M $55.32M
YoY Change 35.78% 56.56%
LONG-TERM LIABILITIES
Long-Term Debt $88.65M $91.01M
YoY Change -2.6% 2.08%
Other Long-Term Liabilities $731.0K $608.0K
YoY Change 20.23% -5.0%
Total Long-Term Liabilities $89.38M $91.62M
YoY Change -2.45% 2.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.11M $55.32M
Total Long-Term Liabilities $89.38M $91.62M
Total Liabilities $178.7M $293.5M
YoY Change -39.11% 15.28%
SHAREHOLDERS EQUITY
Retained Earnings -$1.177B -$1.097B
YoY Change 7.21% 15.45%
Common Stock $1.169B $962.3M
YoY Change 21.45% 9.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.350M $368.0K
YoY Change 266.85% 69.59%
Treasury Stock Shares 771.4K shares 152.1K shares
Shareholders Equity $15.18M -$111.1M
YoY Change
Total Liabilities & Shareholders Equity $193.9M $182.4M
YoY Change 6.29% -1.59%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$15.77M -$32.32M
YoY Change -51.2% 24.07%
Depreciation, Depletion And Amortization $190.0K $200.0K
YoY Change -5.0% -4.76%
Cash From Operating Activities -$18.72M -$22.55M
YoY Change -16.98% 13.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 63.80M 5.480M
YoY Change 1064.23% 14.41%
NET CHANGE
Cash From Operating Activities -18.72M -22.55M
Cash From Investing Activities 0.000 -10.00K
Cash From Financing Activities 63.80M 5.480M
Net Change In Cash 45.08M -17.08M
YoY Change -363.93% 13.19%
FREE CASH FLOW
Cash From Operating Activities -$18.72M -$22.55M
Capital Expenditures $0.00 -$10.00K
Free Cash Flow -$18.72M -$22.54M
YoY Change -16.95% 13.38%

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us-gaap Concentration Risk Credit Risk
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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="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; 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 nine months ending September&#xA0;30, 2016 and 2015 and represented 95% of the gross accounts receivable balance as of September&#xA0;30, 2016 and 2015. The Company has not experienced any write-offs of its accounts receivable.</p> </div>
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-21000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
64614000
us-gaap Share Based Compensation
ShareBasedCompensation
10376000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
192618000 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
94272 shares
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
-0.31
dei Entity Registrant Name
EntityRegistrantName
AMARIN CORP PLC\UK
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1177000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
7478000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
39819000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
71318000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-946000
us-gaap Revenues
Revenues
91388000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-16253000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
508000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-48000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
128115000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
127437000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
90563000
us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
678000
us-gaap Operating Income Loss
OperatingIncomeLoss
-52765000
us-gaap Net Income Loss
NetIncomeLoss
-58897000
us-gaap Interest Paid
InterestPaid
13839000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
788000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3678000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10385000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
946000
us-gaap Licenses Revenue
LicensesRevenue
825000
us-gaap Income Taxes Paid
IncomeTaxesPaid
1093000
us-gaap Gross Profit
GrossProfit
67180000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
8170000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
136000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
64614000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-58897000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-58897000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2589000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
396000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
381000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
80147000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
40110000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7246000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
10149000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-4730000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
63126000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
39798000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
484000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10601000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
24208000
us-gaap Operating Expenses
OperatingExpenses
119945000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
136000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
-489000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
14203000
amrn Cash Discount Invoice Terms
CashDiscountInvoiceTerms
P30D
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
209149000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209149000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
209149000 shares
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
amrn Number Of Patients Enrolled And Randomized In Study
NumberOfPatientsEnrolledAndRandomizedInStudy
8175 Patient
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
52800000
CY2015Q1 amrn Equity Offering Costs
EquityOfferingCosts
700000
CY2015Q2 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
31300000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
183245000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
183245000 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
183245000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.18
CY2015Q3 us-gaap Revenues
Revenues
21483000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5061000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
21320000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-25814000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-30675000
CY2015Q3 us-gaap Licenses Revenue
LicensesRevenue
163000
CY2015Q3 us-gaap Gross Profit
GrossProfit
14005000
CY2015Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-230000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32321000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-32321000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-31207000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-532000
CY2015Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
102000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26727000
CY2015Q3 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
1646000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13092000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2016Q3 us-gaap Revenues
Revenues
32734000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5051000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
32441000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-15268000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-15772000
CY2016Q3 us-gaap Licenses Revenue
LicensesRevenue
293000
CY2016Q3 us-gaap Gross Profit
GrossProfit
24283000
CY2016Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
3610000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15772000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15772000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16787000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1015000
CY2016Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
78000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26061000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13490000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
8451000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
39551000

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