$AMRN
AMARIN CORP PLC\UK

2017 Q2 Form 10-Q Financial Statement

#000156459017014760 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $45.24M $38.70M $33.11M
YoY Change 36.63% 45.29% 86.99%
Cost Of Revenue $11.40M $10.20M $8.861M
YoY Change 28.66% 21.43% 38.87%
Gross Profit $33.84M $28.50M $24.25M
YoY Change 39.55% 56.59% 114.11%
Gross Profit Margin 74.8% 73.65% 73.24%
Selling, General & Admin $31.50M $31.20M $26.07M
YoY Change 20.85% 32.77% 0.05%
% of Gross Profit 93.09% 109.47% 107.49%
Research & Development $13.70M $10.20M $12.58M
YoY Change 8.92% -23.31% 4.74%
% of Gross Profit 40.48% 35.79% 51.87%
Depreciation & Amortization $180.0K $200.0K $200.0K
YoY Change -10.0% -4.76% -4.76%
% of Gross Profit 0.53% 0.7% 0.82%
Operating Expenses $45.24M $41.40M $38.64M
YoY Change 17.07% 12.5% 1.53%
Operating Profit -$11.40M -$12.90M -$14.39M
YoY Change -20.81% -30.65% -46.16%
Interest Expense -$2.315M -$2.200M -$5.616M
YoY Change -58.78% -63.33% 16.83%
% of Operating Profit
Other Income/Expense, Net $80.00K -$100.0K -$182.0K
YoY Change -143.96% 0.0% -291.58%
Pretax Income -$13.63M -$15.20M -$14.38M
YoY Change -5.2% -35.04% -55.12%
Income Tax $0.00 $12.30M -$1.028M
% Of Pretax Income
Net Earnings -$13.63M -$27.45M -$13.35M
YoY Change 2.1% 25.41% -78.75%
Net Earnings / Revenue -30.14% -70.95% -40.33%
Basic Earnings Per Share -$0.05 -$0.10 -$0.07
Diluted Earnings Per Share -$0.05 -$0.10 -$0.07
COMMON SHARES
Basic Shares Outstanding 270.7M 184.5M
Diluted Shares Outstanding 270.7M 184.5M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.50M $98.30M $72.50M
YoY Change 17.93% -8.13% -46.73%
Cash & Equivalents $85.46M $98.25M $72.49M
Short-Term Investments
Other Short-Term Assets $2.700M $7.600M $6.100M
YoY Change -55.74% 100.0% 117.86%
Inventory $24.81M $20.51M $20.31M
Prepaid Expenses
Receivables $37.48M $19.99M $17.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $150.4M $146.3M $116.5M
YoY Change 29.11% 1.95% -31.19%
LONG-TERM ASSETS
Property, Plant & Equipment $52.00K $78.00K $137.0K
YoY Change -62.04% -67.9% -53.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $173.0K $741.0K $174.0K
YoY Change -0.57% 325.86% -93.06%
Total Long-Term Assets $19.76M $20.67M $31.12M
YoY Change -36.52% -30.41% 20.49%
TOTAL ASSETS
Total Short-Term Assets $150.4M $146.3M $116.5M
Total Long-Term Assets $19.76M $20.67M $31.12M
Total Assets $170.2M $167.0M $147.6M
YoY Change 15.27% -3.6% -24.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.46M $6.062M $14.81M
YoY Change 11.1% -44.04% 13.88%
Accrued Expenses $49.10M $37.70M $31.10M
YoY Change 57.88% 55.79% 48.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $18.83M $15.94M $30.82M
YoY Change -38.89% 27.8% 100.04%
Total Short-Term Liabilities $86.29M $76.25M $77.85M
YoY Change 10.84% 50.32% 54.86%
LONG-TERM LIABILITIES
Long-Term Debt $79.28M $85.16M $90.15M
YoY Change -12.05% -6.95% -0.41%
Other Long-Term Liabilities $1.158M $710.0K $268.0K
YoY Change 332.09% 111.94% -57.19%
Total Long-Term Liabilities $80.44M $85.87M $90.42M
YoY Change -11.03% -6.51% -0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.29M $76.25M $77.85M
Total Long-Term Liabilities $80.44M $85.87M $90.42M
Total Liabilities $208.9M $176.1M $312.1M
YoY Change -33.04% -41.47% 8.91%
SHAREHOLDERS EQUITY
Retained Earnings -$1.239B -$1.204B -$1.161B
YoY Change 6.7% 7.73% 8.99%
Common Stock $1.179B $1.172B $973.2M
YoY Change 21.18% 21.31% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.902M $1.498M $1.197M
YoY Change 225.98% 264.48% 258.38%
Treasury Stock Shares $1.610M $819.5K 723.3K shares
Shareholders Equity -$38.76M -$9.058M -$164.4M
YoY Change
Total Liabilities & Shareholders Equity $170.2M $167.0M $147.6M
YoY Change 15.27% -3.6% -24.35%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$13.63M -$27.45M -$13.35M
YoY Change 2.1% 25.41% -78.75%
Depreciation, Depletion And Amortization $180.0K $200.0K $200.0K
YoY Change -10.0% -4.76% -4.76%
Cash From Operating Activities -$10.50M -$19.32M -$8.970M
YoY Change 17.06% -16.76% -64.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
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 -100.0K 0.000 100.0K
YoY Change -200.0% -100.0% -78.72%
NET CHANGE
Cash From Operating Activities -10.50M -19.32M -8.970M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -100.0K 0.000 100.0K
Net Change In Cash -10.60M -19.32M -8.870M
YoY Change 19.5% 60.87% -64.73%
FREE CASH FLOW
Cash From Operating Activities -$10.50M -$19.32M -$8.970M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$10.50M -$19.32M -$8.970M
YoY Change 17.06% -16.69% -64.99%

Facts In Submission

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us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-67000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-33780000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Use of Estimates</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Concentration of Credit Risk</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A significant portion of the Company&#8217;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&#8217;s top three customers accounted for 92% and 95% of gross product sales for the six months ended June&#160;30, 2017 and 2016, respectively, and represented 86% and 94% of the gross accounts receivable balance as of June&#160;30, 2017 and 2016, respectively. The Company has not experienced any write-offs of its accounts receivable.</p></div>
amrn Number Of Patients Enrolled And Randomized In Study
NumberOfPatientsEnrolledAndRandomizedInStudy
8175
CY2017Q2 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
35934000
CY2015Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
15796000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
44864000
CY2017Q2 amrn Cash Discount Percent
CashDiscountPercent
0.02
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
27198000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
553000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
20075000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
14187000
CY2016Q2 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
25845000
amrn Number Of Sales Professionals
NumberOfSalesProfessionals
150
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
76790000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
1221000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
45210000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
21623000
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
CY2017Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
48367000
CY2016Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
24127000
CY2017Q2 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-13634000
CY2016Q2 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-13354000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-34575000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-43125000
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
270725000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
184471000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
270445000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
184262000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2017Q2 amrn Write Offs Of Accounts Receivables
WriteOffsOfAccountsReceivables
0
CY2017Q2 amrn Long Term Debt Current Net Of Accrued Interest
LongTermDebtCurrentNetOfAccruedInterest
15365000
CY2016Q4 amrn Long Term Debt Current Net Of Accrued Interest
LongTermDebtCurrentNetOfAccruedInterest
8437000
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
94648000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
93592000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P13Y1M6D
CY2017Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11624000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11624000
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3175000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2852000
CY2017Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7345000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4430000
CY2017Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10099000
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10716000
CY2017Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7370000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5361000
CY2017Q2 us-gaap Deferred Revenue
DeferredRevenue
14800000
CY2016Q4 us-gaap Deferred Revenue
DeferredRevenue
15100000
CY2016Q4 amrn Convertible Debt Carrying Value Exchanged
ConvertibleDebtCarryingValueExchanged
127300000
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.05
CY2015Q1 amrn Private Placement Closing Date
PrivatePlacementClosingDate
2015-03-30
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
52800000
CY2015Q1 amrn Equity Offering Costs
EquityOfferingCosts
700000
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.50
CY2015Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
0.1
CY2015Q1 us-gaap Share Price
SharePrice
2.39
CY2015Q2 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
31300000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23710305
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12102429
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
221345
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
83020

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