$AMRN
AMARIN CORP PLC\UK

2018 Q3 Form 10-Q Financial Statement

#000156459018025979 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $55.32M $47.36M
YoY Change 16.81% 44.68%
Cost Of Revenue $13.54M $11.90M
YoY Change 13.79% 40.81%
Gross Profit $41.78M $35.40M
YoY Change 18.03% 45.78%
Gross Profit Margin 75.52% 74.75%
Selling, General & Admin $49.96M $33.20M
YoY Change 50.48% 27.39%
% of Gross Profit 119.57% 93.79%
Research & Development $14.07M $10.70M
YoY Change 31.51% -20.68%
% of Gross Profit 33.68% 30.23%
Depreciation & Amortization $166.0K $180.0K
YoY Change -7.78% -5.26%
% of Gross Profit 0.4% 0.51%
Operating Expenses $64.03M $43.90M
YoY Change 45.86% 11.0%
Operating Profit -$22.25M -$8.500M
YoY Change 161.76% -44.33%
Interest Expense -$2.163M -$2.400M
YoY Change -9.88% -52.48%
% of Operating Profit
Other Income/Expense, Net -$58.00K $0.00
YoY Change -100.0%
Pretax Income -$24.47M -$10.80M
YoY Change 126.58% -35.66%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.47M -$10.83M
YoY Change 126.06% -31.37%
Net Earnings / Revenue -44.23% -22.86%
Basic Earnings Per Share -$0.08 -$0.04
Diluted Earnings Per Share -$0.08 -$0.04
COMMON SHARES
Basic Shares Outstanding 295.6M 270.8M
Diluted Shares Outstanding 295.6M 270.8M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.89M $79.10M
YoY Change 3.53% -32.74%
Cash & Equivalents $81.89M $79.69M
Short-Term Investments
Other Short-Term Assets $3.535M $4.800M
YoY Change -26.35% -23.81%
Inventory $43.67M $28.60M
Prepaid Expenses
Receivables $47.65M $34.60M
Other Receivables $25.65M $0.00
Total Short-Term Assets $202.4M $147.0M
YoY Change 37.69% -8.8%
LONG-TERM ASSETS
Property, Plant & Equipment $69.00K $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $174.0K $11.30M
YoY Change -98.46% 1556.89%
Total Long-Term Assets $7.885M $19.60M
YoY Change -59.77% -40.1%
TOTAL ASSETS
Total Short-Term Assets $202.4M $147.0M
Total Long-Term Assets $7.885M $19.60M
Total Assets $210.3M $166.6M
YoY Change 26.22% -14.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.17M $15.80M
YoY Change 65.66% 130.19%
Accrued Expenses $93.90M $51.60M
YoY Change 81.97% 34.73%
Deferred Revenue $1.220M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.13M $20.40M
YoY Change 47.7% 51.44%
Total Short-Term Liabilities $151.6M $90.10M
YoY Change 68.3% 19.95%
LONG-TERM LIABILITIES
Long-Term Debt $53.92M $104.5M
YoY Change -48.4% 17.89%
Other Long-Term Liabilities $8.652M $18.20M
YoY Change -52.46% 2389.74%
Total Long-Term Liabilities $62.58M $122.7M
YoY Change -49.0% 37.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $151.6M $90.10M
Total Long-Term Liabilities $62.58M $122.7M
Total Liabilities $263.1M $212.7M
YoY Change 23.7% 19.01%
SHAREHOLDERS EQUITY
Retained Earnings -$1.355B
YoY Change
Common Stock $232.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.867M
YoY Change
Treasury Stock Shares $3.220M
Shareholders Equity -$52.83M -$46.10M
YoY Change
Total Liabilities & Shareholders Equity $210.3M $166.6M
YoY Change 26.22% -14.08%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$24.47M -$10.83M
YoY Change 126.06% -31.37%
Depreciation, Depletion And Amortization $166.0K $180.0K
YoY Change -7.78% -5.26%
Cash From Operating Activities -$28.16M -$6.280M
YoY Change 348.41% -66.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$53.00K $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 7.848M -110.0K
YoY Change -7234.55% -100.17%
NET CHANGE
Cash From Operating Activities -28.16M -6.280M
Cash From Investing Activities -53.00K 0.000
Cash From Financing Activities 7.848M -110.0K
Net Change In Cash -20.36M -6.390M
YoY Change 218.7% -114.17%
FREE CASH FLOW
Cash From Operating Activities -$28.16M -$6.280M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$28.16M -$6.280M
YoY Change 348.41% -66.45%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Income Taxes Paid
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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
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<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. Three customers individually accounted for 10% or more of the Company&#8217;s gross product sales. Customers A, B, and C accounted for 26%, 31%, and 31%, respectively,&#160;of gross product sales for the nine months ended September&#160;30, 2018, and represented 37%, 33%, and 17%, respectively, of the gross accounts receivable balance as of September&#160;30, 2018. Customers A, B, and C accounted for 28%, 27%, and 35%, respectively, of gross product sales for the nine months ended September&#160;30, 2017 and represented 36%, 27%, and 24%, respectively, of the gross accounts receivable balance as of September&#160;30, 2017. The Company has not experienced any significant write-offs of its accounts receivable.</p></div>
amrn Number Of Patients Enrolled And Randomized In Study
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8175
amrn Number Of Sales Professionals
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170
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400
amrn Accounts Receivable Credit Period
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AccountsReceivableGrossCurrent
62727000
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
57802000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q3 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-24471000
CY2017Q3 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-10825000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-82776000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-45400000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
295595000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
270803000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
291526000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
270566000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.28
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2018Q3 amrn Long Term Debt Current Net Of Accrued Interest
LongTermDebtCurrentNetOfAccruedInterest
29460000
CY2017Q4 amrn Long Term Debt Current Net Of Accrued Interest
LongTermDebtCurrentNetOfAccruedInterest
21569000
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
83384000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
92403000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P11Y9M18D
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11624000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11624000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3982000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3498000
CY2018Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
8709000
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7044000
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
11597000
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
10844000
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
23655000
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
288000
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
CY2018Q3 us-gaap Inventory Gross
InventoryGross
43961000
CY2017Q4 us-gaap Inventory Gross
InventoryGross
30260000
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12372000
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
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21036913
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5439239
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
259195
CY2018Q3 amrn Cash Discount Percent
CashDiscountPercent
0.02
CY2017Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
48093000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
175167000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
1565000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
106961000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
43617000
CY2018Q3 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
71117000
CY2016Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
27198000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
124571000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
1220000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
82300000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
21623000
CY2017Q3 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
46626000
us-gaap Revenue Practical Expedient Financing Component
RevenuePracticalExpedientFinancingComponent
true
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19054000
amrn Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
2500000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
598000
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20956000
amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
405000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
193000

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