$AMRN
AMARIN CORP PLC\UK

2021 Q1 Form 10-Q Financial Statement

#000156459021021572 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $142.2M $155.0M
YoY Change -8.27% 111.51%
Cost Of Revenue $28.33M $34.81M
YoY Change -18.62% 103.07%
Gross Profit $113.8M $120.2M
YoY Change -5.28% 114.09%
Gross Profit Margin 80.08% 77.54%
Selling, General & Admin $105.8M $133.9M
YoY Change -21.01% 86.98%
% of Gross Profit 92.93% 111.44%
Research & Development $9.377M $10.28M
YoY Change -8.77% 41.92%
% of Gross Profit 8.24% 8.55%
Depreciation & Amortization $511.0K $506.0K
YoY Change 0.99% 202.99%
% of Gross Profit 0.45% 0.42%
Operating Expenses $115.2M $144.2M
YoY Change -20.14% 82.84%
Operating Profit -$1.331M -$24.03M
YoY Change -94.46% 5.68%
Interest Expense $471.0K $1.208M
YoY Change -61.01% -171.18%
% of Operating Profit
Other Income/Expense, Net -$142.0K -$91.00K
YoY Change 56.04% -3133.33%
Pretax Income -$1.002M -$22.91M
YoY Change -95.63% -6.22%
Income Tax $624.0K -$2.359M
% Of Pretax Income
Net Earnings -$1.626M -$20.55M
YoY Change -92.09% -15.87%
Net Earnings / Revenue -1.14% -13.26%
Basic Earnings Per Share $0.00 -$0.06
Diluted Earnings Per Share $0.00 -$0.06
COMMON SHARES
Basic Shares Outstanding 394.6M 361.1M
Diluted Shares Outstanding 394.6M 361.1M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $514.7M $542.2M
YoY Change -5.07% 156.88%
Cash & Equivalents $291.0M $329.0M
Short-Term Investments $223.7M $213.2M
Other Short-Term Assets $33.61M $24.67M
YoY Change 36.25% 260.88%
Inventory $230.9M $92.12M
Prepaid Expenses
Receivables $151.3M $158.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $930.5M $817.3M
YoY Change 13.85% 130.02%
LONG-TERM ASSETS
Property, Plant & Equipment $9.820M $10.86M
YoY Change -9.6% 18957.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $24.00M $81.52M
YoY Change -70.55%
Other Assets $456.0K $1.074M
YoY Change -57.54% 67.03%
Total Long-Term Assets $59.80M $108.4M
YoY Change -44.82% 540.51%
TOTAL ASSETS
Total Short-Term Assets $930.5M $817.3M
Total Long-Term Assets $59.80M $108.4M
Total Assets $990.3M $925.7M
YoY Change 6.98% 148.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.26M $98.33M
YoY Change -4.14% 267.23%
Accrued Expenses $228.7M $170.7M
YoY Change 33.97% 81.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $36.98M
YoY Change -5.09%
Total Short-Term Liabilities $325.8M $310.3M
YoY Change 4.98% 91.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $29.87M $29.57M
YoY Change 1.04% -13.62%
Total Long-Term Liabilities $29.87M $29.57M
YoY Change 1.04% -16.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $325.8M $310.3M
Total Long-Term Liabilities $29.87M $29.57M
Total Liabilities $355.6M $339.9M
YoY Change 4.63% 46.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $6.891M
Shareholders Equity $634.6M $585.8M
YoY Change
Total Liabilities & Shareholders Equity $990.3M $925.7M
YoY Change 6.98% 148.68%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$1.626M -$20.55M
YoY Change -92.09% -15.87%
Depreciation, Depletion And Amortization $511.0K $506.0K
YoY Change 0.99% 202.99%
Cash From Operating Activities -$18.70M $4.137M
YoY Change -552.12% -110.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $251.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $127.9M -$293.6M
YoY Change -143.58%
Cash From Investing Activities $127.9M -$293.8M
YoY Change -143.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $13.33M
YoY Change -307.54%
Cash From Financing Activities -5.193M -25.86M
YoY Change -79.91% 54910.64%
NET CHANGE
Cash From Operating Activities -18.70M 4.137M
Cash From Investing Activities 127.9M -293.8M
Cash From Financing Activities -5.193M -25.86M
Net Change In Cash 104.0M -315.5M
YoY Change -132.97% 727.41%
FREE CASH FLOW
Cash From Operating Activities -$18.70M $4.137M
Capital Expenditures $0.00 $251.0K
Free Cash Flow -$18.70M $3.886M
YoY Change -581.32%

Facts In Submission

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<p style="margin-top:1pt;margin-bottom:0pt;margin-left:2.27%;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 27%, 35%, and 31%, respectively, of gross product sales for the three months ended March 31, 2021, and represented 35%, 36%, and 24%, respectively, of the gross accounts receivable balance as of March 31, 2021. Customers A, B, and C accounted for 24%, 35%, and 32%, respectively, of gross product sales for the three months ended March 31, 2020 and represented 32%, 27%, and 30%, respectively, of the gross accounts receivable balance as of March 31, 2020. 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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20081000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6625000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6264000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25456000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13817000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
69463000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
50657000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
36094000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
30388000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
125335000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
107819000
CY2021Q1 us-gaap Inventory Net
InventoryNet
230892000
CY2020Q4 us-gaap Inventory Net
InventoryNet
188864000
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
213000000.0
CY2021Q1 us-gaap Direct Operating Communications Costs
DirectOperatingCommunicationsCosts
14200000
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.05
CY2015Q1 amrn Equity Offering Costs
EquityOfferingCosts
700000
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.50
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19371777
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
783320
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
412465
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2100000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1300000
CY2021Q1 amrn Cash Discount Percent
CashDiscountPercent
0.02
CY2020Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
190827000
CY2020Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
51619000
CY2020Q1 amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
108651000
CY2020Q1 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
148782000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18632000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
662000
CY2021Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
191325000
CY2021Q1 amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
854000
CY2021Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
29525000
CY2021Q1 amrn Credits Payments Made For Prior Period Sales
CreditsPaymentsMadeForPriorPeriodSales
121126000
CY2021Q1 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
230647000
CY2019Q4 amrn Valuation Allowances Provisions And Reserves Balance Net
ValuationAllowancesProvisionsAndReservesBalanceNet
128557000
CY2020Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
183704000
CY2020Q1 amrn Provision Related To Prior Period Sales
ProvisionRelatedToPriorPeriodSales
3209000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
17970000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20846000
CY2020Q1 amrn Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
3750000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2789000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
21807000
CY2021Q1 amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
662000
CY2020Q1 amrn Contract With Customer Liability Revenue Recognized Excluding Performance Obligation Satisfied In Previous Period
ContractWithCustomerLiabilityRevenueRecognizedExcludingPerformanceObligationSatisfiedInPreviousPeriod
1390000
CY2020Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1097000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.115
CY2021Q1 amrn Operating Lease Change In Weighted Average Discount Rate Percent
OperatingLeaseChangeInWeightedAverageDiscountRatePercent
0.01
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10600000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10600000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8000000.0
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8100000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1134000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1774000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1808000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1842000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1876000
CY2021Q1 amrn Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
9112000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17546000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6956000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1575000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9015000

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