$AMRN
AMARIN CORP PLC\UK

2020 Q3 Form 10-Q Financial Statement

#000156459020050798 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $156.5M $112.4M $100.8M
YoY Change 39.22% 103.18% 91.46%
Cost Of Revenue $33.07M $25.44M $22.77M
YoY Change 29.98% 87.9% 77.25%
Gross Profit $123.4M $86.96M $78.02M
YoY Change 41.93% 108.14% 96.05%
Gross Profit Margin 78.87% 77.36% 77.41%
Selling, General & Admin $120.2M $82.56M $73.41M
YoY Change 45.55% 65.25% 36.19%
% of Gross Profit 97.36% 94.93% 94.08%
Research & Development $10.20M $8.923M $7.130M
YoY Change 14.36% -36.59% -60.82%
% of Gross Profit 8.27% 10.26% 9.14%
Depreciation & Amortization $511.0K $208.0K $162.0K
YoY Change 145.67% 25.3% 1.25%
% of Gross Profit 0.41% 0.24% 0.21%
Operating Expenses $130.4M $91.48M $80.54M
YoY Change 42.51% 42.87% 11.7%
Operating Profit -$6.940M -$4.518M -$2.514M
YoY Change 53.61% -79.69% -92.22%
Interest Expense $549.0K $1.146M $789.0K
YoY Change -52.09% -152.98% -144.5%
% of Operating Profit
Other Income/Expense, Net $33.00K -$90.00K -$95.00K
YoY Change -136.67% 55.17% -5.0%
Pretax Income -$6.358M -$3.462M -$1.820M
YoY Change 83.65% -85.85% -94.68%
Income Tax $430.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.788M -$3.462M -$1.820M
YoY Change 96.07% -85.85% -94.68%
Net Earnings / Revenue -4.34% -3.08% -1.81%
Basic Earnings Per Share -$0.02 -$0.01 -$0.01
Diluted Earnings Per Share -$0.02 -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 389.7M 351.0M 330.9M
Diluted Shares Outstanding 389.7M 351.0M 330.9M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $561.9M $673.2M $221.8M
YoY Change -16.54% 722.07% 116.78%
Cash & Equivalents $207.2M $673.2M $221.8M
Short-Term Investments $354.7M
Other Short-Term Assets $30.86M $16.76M $8.606M
YoY Change 84.1% 374.2% 145.89%
Inventory $148.5M $54.56M $46.27M
Prepaid Expenses
Receivables $147.3M $103.6M $95.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $888.5M $848.1M $372.0M
YoY Change 4.76% 319.02% 89.7%
LONG-TERM ASSETS
Property, Plant & Equipment $10.32M $2.124M $858.0K
YoY Change 385.64% 2978.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $46.09M
YoY Change
Other Assets $1.074M $1.074M $1.102M
YoY Change 0.0% 517.24% 451.0%
Total Long-Term Assets $71.70M $18.84M $17.92M
YoY Change 280.63% 138.9% 124.03%
TOTAL ASSETS
Total Short-Term Assets $888.5M $848.1M $372.0M
Total Long-Term Assets $71.70M $18.84M $17.92M
Total Assets $960.2M $866.9M $389.9M
YoY Change 10.76% 312.26% 91.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.4M $42.04M $34.02M
YoY Change 188.68% 60.63% -1.4%
Accrued Expenses $189.7M $134.5M $103.5M
YoY Change 40.96% 43.28% 40.24%
Deferred Revenue $1.962M $1.962M
YoY Change 60.82% 85.8%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.500M $51.17M $45.41M
YoY Change -81.43% 69.82% 59.89%
Total Short-Term Liabilities $326.2M $229.7M $184.9M
YoY Change 42.0% 51.48% 34.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $8.878M $23.20M
YoY Change -100.0% -83.54% -73.84%
Other Long-Term Liabilities $26.76M $5.402M $6.813M
YoY Change 395.32% -37.56% -72.19%
Total Long-Term Liabilities $26.76M $14.28M $30.02M
YoY Change 87.37% -77.18% -73.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $326.2M $229.7M $184.9M
Total Long-Term Liabilities $26.76M $14.28M $30.02M
Total Liabilities $352.9M $271.0M $240.8M
YoY Change 30.22% 3.01% -3.97%
SHAREHOLDERS EQUITY
Retained Earnings -$1.418B -$1.415B
YoY Change 4.68%
Common Stock $266.9M $250.6M
YoY Change 14.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.53M $20.53M
YoY Change 108.1%
Treasury Stock Shares $3.842M $3.842M
Shareholders Equity $607.3M $595.9M $149.1M
YoY Change
Total Liabilities & Shareholders Equity $960.2M $866.9M $389.9M
YoY Change 10.76% 312.26% 91.04%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$6.788M -$3.462M -$1.820M
YoY Change 96.07% -85.85% -94.68%
Depreciation, Depletion And Amortization $511.0K $208.0K $162.0K
YoY Change 145.67% 25.3% 1.25%
Cash From Operating Activities $10.85M $21.75M $15.91M
YoY Change -50.1% -177.24% -165.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K -$1.313M -$801.0K
YoY Change -99.92%
Acquisitions
YoY Change
Other Investing Activities -$4.358M
YoY Change
Cash From Investing Activities -$4.359M -$1.313M -$801.0K
YoY Change 231.99% 2377.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.29M 433.4M -4.425M
YoY Change -103.07% 5422.43% 87.5%
NET CHANGE
Cash From Operating Activities 10.85M 21.75M 15.91M
Cash From Investing Activities -4.359M -1.313M -801.0K
Cash From Financing Activities -13.29M 433.4M -4.425M
Net Change In Cash -6.798M 453.8M 10.68M
YoY Change -101.5% -2328.51% -139.88%
FREE CASH FLOW
Cash From Operating Activities $10.85M $21.75M $15.91M
Capital Expenditures -$1.000K -$1.313M -$801.0K
Free Cash Flow $10.85M $23.06M $16.71M
YoY Change -52.94% -181.9% -168.4%

Facts In Submission

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<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 30%, respectively, of gross product sales for the nine months ended September 30, 2020, and represented 37%, 32%, and 25%, respectively, of the gross accounts receivable balance as of September 30, 2020. Customers A, B, and C accounted for 25%, 36%, and 29%, respectively, of gross product sales for the nine months ended September 30, 2019 and represented 42%, 23%, and 28%, respectively, of the gross accounts receivable balance as of September 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>
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us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
585206000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
3872000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
384035000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
118742000
CY2020Q3 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
207114000
CY2018Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
65244000
us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
369133000
amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
204000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
249600000
amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
62540000
CY2019Q3 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
122033000
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
5691000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18905000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20710000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1131000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19579000
amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
3951000
amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
1131000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1097000
CY2020Q3 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
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10600000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9800000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8100000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8500000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
239000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1475000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1774000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1808000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1842000
CY2020Q3 amrn Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
10988000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18126000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7561000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1309000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9255000

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