$AMRN
AMARIN CORP PLC\UK

2020 Q2 Form 10-Q Financial Statement

#000156459020035730 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $135.3M $143.3M $100.8M
YoY Change 34.25% 85.28% 91.46%
Cost Of Revenue $28.80M $30.67M $22.77M
YoY Change 26.47% 75.15% 77.25%
Gross Profit $106.5M $112.6M $78.02M
YoY Change 36.53% 88.25% 96.05%
Gross Profit Margin 78.72% 78.6% 77.41%
Selling, General & Admin $92.40M $96.03M $73.41M
YoY Change 25.87% 20.5% 36.19%
% of Gross Profit 86.74% 85.27% 94.08%
Research & Development $9.969M $11.10M $7.130M
YoY Change 39.82% -6.8% -60.82%
% of Gross Profit 9.36% 9.85% 9.14%
Depreciation & Amortization $510.0K $322.0K $162.0K
YoY Change 214.81% 86.13% 1.25%
% of Gross Profit 0.48% 0.29% 0.21%
Operating Expenses $102.4M $107.1M $80.54M
YoY Change 27.1% 16.95% 11.7%
Operating Profit $4.156M $5.490M -$2.514M
YoY Change -265.31% -117.28% -92.22%
Interest Expense $151.0K $1.635M $789.0K
YoY Change -80.86% -201.55% -144.5%
% of Operating Profit 3.63% 29.78%
Other Income/Expense, Net $108.0K $107.0K -$95.00K
YoY Change -213.68% -155.73% -5.0%
Pretax Income $4.415M $7.232M -$1.820M
YoY Change -342.58% -121.54% -94.68%
Income Tax $0.00 $164.0K $0.00
% Of Pretax Income 0.0% 2.27%
Net Earnings $4.415M $7.068M -$1.820M
YoY Change -342.58% -120.99% -94.68%
Net Earnings / Revenue 3.26% 4.93% -1.81%
Basic Earnings Per Share $0.01 $0.02 -$0.01
Diluted Earnings Per Share $0.01 $0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 384.7M 330.9M
Diluted Shares Outstanding 399.7M 330.9M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $550.3M $644.6M $221.8M
YoY Change 148.13% 158.63% 116.78%
Cash & Equivalents $214.0M $644.6M $221.8M
Short-Term Investments $336.3M
Other Short-Term Assets $27.50M $17.22M $8.606M
YoY Change 219.57% 287.36% 145.89%
Inventory $124.8M $76.77M $46.27M
Prepaid Expenses
Receivables $125.0M $116.4M $95.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $827.6M $855.0M $372.0M
YoY Change 122.47% 126.19% 89.7%
LONG-TERM ASSETS
Property, Plant & Equipment $10.61M $2.361M $858.0K
YoY Change 1136.25% 3647.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $61.04M
YoY Change
Other Assets $1.074M $1.074M $1.102M
YoY Change -2.54% 517.24% 451.0%
Total Long-Term Assets $87.27M $27.20M $17.92M
YoY Change 386.94% 252.52% 124.03%
TOTAL ASSETS
Total Short-Term Assets $827.6M $855.0M $372.0M
Total Long-Term Assets $87.27M $27.20M $17.92M
Total Assets $914.9M $882.2M $389.9M
YoY Change 134.63% 128.72% 91.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.76M $49.95M $34.02M
YoY Change 155.03% 32.73% -1.4%
Accrued Expenses $168.5M $139.8M $103.5M
YoY Change 62.86% 66.12% 40.24%
Deferred Revenue $5.706M $2.342M $1.962M
YoY Change 190.83% 91.97% 85.8%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.46M $50.13M $45.41M
YoY Change -50.55% 46.41% 59.89%
Total Short-Term Liabilities $283.5M $242.2M $184.9M
YoY Change 53.32% 54.04% 34.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $23.20M
YoY Change -100.0% -100.0% -73.84%
Other Long-Term Liabilities $4.821M $3.751M $6.813M
YoY Change -29.24% -64.35% -72.19%
Total Long-Term Liabilities $4.821M $3.751M $30.02M
YoY Change -83.94% -93.38% -73.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $283.5M $242.2M $184.9M
Total Long-Term Liabilities $4.821M $3.751M $30.02M
Total Liabilities $312.1M $273.9M $240.8M
YoY Change 29.59% 17.38% -3.97%
SHAREHOLDERS EQUITY
Retained Earnings -$1.427B -$1.411B -$1.415B
YoY Change 0.89% 1.63%
Common Stock $285.7M $269.2M $250.6M
YoY Change 14.0% 9.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.25M $35.90M $20.53M
YoY Change 144.74% 244.76%
Treasury Stock Shares $5.742M $4.911M $3.842M
Shareholders Equity $602.8M $608.3M $149.1M
YoY Change
Total Liabilities & Shareholders Equity $914.9M $882.2M $389.9M
YoY Change 134.63% 128.72% 91.04%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $4.415M $7.068M -$1.820M
YoY Change -342.58% -120.99% -94.68%
Depreciation, Depletion And Amortization $510.0K $322.0K $162.0K
YoY Change 214.81% 86.13% 1.25%
Cash From Operating Activities $1.587M -$8.936M $15.91M
YoY Change -90.02% -72.34% -165.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$364.0K -$801.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$102.5M
YoY Change
Cash From Investing Activities -$102.5M -$364.0K -$801.0K
YoY Change 12692.51% 7180.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.15M -19.32M -4.425M
YoY Change 219.86% -109.63% 87.5%
NET CHANGE
Cash From Operating Activities 1.587M -8.936M 15.91M
Cash From Investing Activities -102.5M -364.0K -801.0K
Cash From Financing Activities -14.15M -19.32M -4.425M
Net Change In Cash -115.0M -28.62M 10.68M
YoY Change -1176.8% -117.01% -139.88%
FREE CASH FLOW
Cash From Operating Activities $1.587M -$8.936M $15.91M
Capital Expenditures $0.00 -$364.0K -$801.0K
Free Cash Flow $1.587M -$8.572M $16.71M
YoY Change -90.5% -73.46% -168.4%

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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
223274000
us-gaap Interest Paid Net
InterestPaidNet
14982000
amrn Initial Recognition Of Operating Lease Right Of Use Asset
InitialRecognitionOfOperatingLeaseRightOfUseAsset
8995000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q2 us-gaap Assets Current
AssetsCurrent
827600000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214000000.0
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
336300000
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
125000000.0
CY2020Q2 us-gaap Inventory Net
InventoryNet
124800000
CY2020Q2 us-gaap Long Term Investments
LongTermInvestments
61000000.0
CY2020Q2 us-gaap Other Long Term Debt
OtherLongTermDebt
0
amrn Accounts Receivable Credit Period
AccountsReceivableCreditPeriod
P30D
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
149567000
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
173186000
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
124985000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
116430000
CY2020Q2 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
4415000
CY2019Q2 amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-1820000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-16138000
amrn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-26251000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
384663000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
330863000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
373300000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
329793000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
6989000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
399664000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
330863000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
373300000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
329793000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top: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;"><span style="text-decoration:underline;">Concentration of Credit Risk</span></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, short-term and long-term investments, and accounts receivable. The Company maintains substantially all of its cash and cash equivalents, and short-term and long-term investments, 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’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’s gross product sales. Customers A, B, and C accounted for 25%, 37%, and 29%, respectively, of gross product sales for the six months ended June 30, 2020, and represented 32%, 38%, and 23%, respectively, of the gross accounts receivable balance as of June 30, 2020. Customers A, B, and C accounted for 24%, 37%, and 29%, respectively, of gross product sales for the six months ended June 30, 2019 and represented 38%, 32%, and 22%, respectively, of the gross accounts receivable balance as of June 30, 2019. The Company has not experienced any significant write-offs of its accounts receivable. All customer accounts are actively managed and no losses in excess of amounts reserved are currently expected; however, the Company is monitoring the potential negative impact of COVID-19 on the Company’s customers’ ability to meet their financial obligations.</p>
us-gaap Debt Instrument Term
DebtInstrumentTerm
P24M
CY2020Q2 amrn Held To Maturity Securities Continuous Unrealized Gain Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedGainPositionFairValue
1300
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
22266000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
49702000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y1M6D
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20081000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20081000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5543000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4823000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14538000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15258000
CY2020Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
29122000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
19455000
CY2020Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
30056000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
12031000
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
65666000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
45283000
CY2020Q2 us-gaap Inventory Net
InventoryNet
124844000
CY2019Q4 us-gaap Inventory Net
InventoryNet
76769000
CY2020Q2 us-gaap Purchase Obligation
PurchaseObligation
146000000.0
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
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
560755
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4458143
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1700000
CY2020Q2 amrn Cash Discount Percent
CashDiscountPercent
0.02
CY2019Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
128557000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
361984000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
3872000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
206059000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
118601000
CY2020Q2 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
162009000
CY2018Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
65244000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
222028000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
134337000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
62358000
CY2019Q2 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
90577000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20846000
amrn Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
3750000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4382000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20213000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20710000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
973000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19737000
amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
2845000
amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
973000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1097000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.115
amrn Operating Lease Change In Weighted Average Discount Rate Percent
OperatingLeaseChangeInWeightedAverageDiscountRatePercent
0.01
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10400000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9800000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8300000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8500000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
700000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
390000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1495000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1776000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1809000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1843000
CY2020Q2 amrn Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
10910000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18223000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7811000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1101000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9311000

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