$ANIP
ANI Pharmaceuticals Inc

2020 Q2 Form 10-Q Financial Statement

#000155837020009520 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $48.47M $54.36M $52.89M
YoY Change -10.83% 15.0% 13.78%
Cost Of Revenue $20.70M $15.63M $14.73M
YoY Change 32.39% -5.79% -28.84%
Gross Profit $27.78M $38.73M $38.16M
YoY Change -28.28% 26.24% 47.97%
Gross Profit Margin 57.3% 71.24% 72.16%
Selling, General & Admin $21.21M $14.19M $13.28M
YoY Change 49.51% 42.42% 48.33%
% of Gross Profit 76.37% 36.64% 34.81%
Research & Development $3.035M $5.773M $4.373M
YoY Change -47.43% 12.38% 108.04%
% of Gross Profit 10.93% 14.91% 11.46%
Depreciation & Amortization $11.20M $9.472M $16.10M
YoY Change 18.22% 13.94% 96.5%
% of Gross Profit 40.32% 24.46% 42.2%
Operating Expenses $24.25M $19.96M $17.66M
YoY Change 21.48% 32.2% 59.68%
Operating Profit -$11.31M $9.292M $4.402M
YoY Change -221.69% 27.94% -32.66%
Interest Expense -$2.356M -$3.406M -$3.354M
YoY Change -30.83% -8.69% -7.71%
% of Operating Profit -36.66% -76.19%
Other Income/Expense, Net -$116.0K $46.00K -$130.0K
YoY Change -352.17% -253.33% 113.11%
Pretax Income -$13.80M $5.900M $918.0K
YoY Change -333.9% 68.43% -67.7%
Income Tax -$1.400M -$653.0K $469.0K
% Of Pretax Income -11.07% 51.09%
Net Earnings -$12.34M $6.585M $449.0K
YoY Change -287.33% 137.13% -80.04%
Net Earnings / Revenue -25.45% 12.11% 0.85%
Basic Earnings Per Share -$1.03 $0.55 $0.04
Diluted Earnings Per Share -$1.03 $0.53 $0.04
COMMON SHARES
Basic Shares Outstanding 11.97M 11.85M 11.75M
Diluted Shares Outstanding 11.97M 12.27M 11.82M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.70M $40.60M $38.20M
YoY Change -31.77% -26.18% -26.54%
Cash & Equivalents $27.70M $40.59M $38.23M
Short-Term Investments
Other Short-Term Assets $3.100M $3.300M $4.200M
YoY Change -6.06% 83.33% 82.61%
Inventory $52.56M $45.30M $42.03M
Prepaid Expenses $3.117M $4.157M
Receivables $73.16M $76.30M $67.41M
Other Receivables $0.00 $3.400M $0.00
Total Short-Term Assets $156.5M $168.9M $151.8M
YoY Change -7.32% 10.85% 5.88%
LONG-TERM ASSETS
Property, Plant & Equipment $39.94M $39.00M $38.43M
YoY Change 2.4% 70.74% 75.46%
Goodwill $3.580M $3.580M
YoY Change 94.78%
Intangibles $205.7M $205.1M
YoY Change -7.58%
Long-Term Investments
YoY Change
Other Assets $1.095M $38.80M $1.903M
YoY Change -97.18% 3598.76% 131.23%
Total Long-Term Assets $308.8M $278.0M $282.6M
YoY Change 11.1% 2.28% 2.89%
TOTAL ASSETS
Total Short-Term Assets $156.5M $168.9M $151.8M
Total Long-Term Assets $308.8M $278.0M $282.6M
Total Assets $465.4M $446.9M $434.4M
YoY Change 4.14% 5.36% 3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.21M $9.800M $10.52M
YoY Change 44.99% 23.29% 115.29%
Accrued Expenses $3.066M $21.80M $3.074M
YoY Change -85.94% 1070.16% 17.69%
Deferred Revenue $100.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.33M $120.0M $3.243M
YoY Change -89.73% 2200.17% -14.77%
Total Short-Term Liabilities $79.09M $166.8M $165.1M
YoY Change -52.59% 320.38% 316.31%
LONG-TERM LIABILITIES
Long-Term Debt $177.9M $65.70M $66.50M
YoY Change 170.74% -2.32% -3.02%
Other Long-Term Liabilities $17.08M $6.800M $3.109M
YoY Change 151.18%
Total Long-Term Liabilities $195.0M $72.50M $69.61M
YoY Change 168.91% 7.79% 1.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.09M $166.8M $165.1M
Total Long-Term Liabilities $195.0M $72.50M $69.61M
Total Liabilities $274.0M $239.3M $234.7M
YoY Change 14.52% 0.1% -1.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.771M $11.94M
YoY Change
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.3M $207.7M $199.7M
YoY Change
Total Liabilities & Shareholders Equity $465.4M $446.9M $434.4M
YoY Change 4.14% 5.36% 3.92%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$12.34M $6.585M $449.0K
YoY Change -287.33% 137.13% -80.04%
Depreciation, Depletion And Amortization $11.20M $9.472M $16.10M
YoY Change 18.22% 13.94% 96.5%
Cash From Operating Activities $20.88M $4.750M $14.29M
YoY Change 339.58% -44.7% -37.68%
INVESTING ACTIVITIES
Capital Expenditures -$720.0K -$1.630M $1.775M
YoY Change -55.83% 50.93% -22.08%
Acquisitions
YoY Change
Other Investing Activities -$2.120M -$2.320M -$18.51M
YoY Change -8.62% -55.13%
Cash From Investing Activities -$2.840M -$3.950M -$20.29M
YoY Change -28.1% -36.8% 790.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.74M 1.580M 1.206M
YoY Change -779.75% 128.99% 609.41%
NET CHANGE
Cash From Operating Activities 20.88M 4.750M 14.29M
Cash From Investing Activities -2.840M -3.950M -20.29M
Cash From Financing Activities -10.74M 1.580M 1.206M
Net Change In Cash 7.300M 2.380M -4.788M
YoY Change 206.72% -21.45% -122.99%
FREE CASH FLOW
Cash From Operating Activities $20.88M $4.750M $14.29M
Capital Expenditures -$720.0K -$1.630M $1.775M
Free Cash Flow $21.60M $6.380M $12.52M
YoY Change 238.56% -34.02% -39.4%

Facts In Submission

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ANI PHARMACEUTICALS, INC
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Overview</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 18pt;">ANI Pharmaceuticals, Inc. and its consolidated subsidiaries, ANIP Acquisition Company and ANI Pharmaceuticals Canada Inc. (together, “ANI,” the “Company,” “we,” “us,” or “our”) is an integrated specialty pharmaceutical company focused on delivering value to our customers by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals. We focus on niche and high barrier to entry opportunities including controlled substances, anti-cancer (oncolytics), hormones and steroids, and complex formulations. Our three pharmaceutical manufacturing facilities, of which two are located in Baudette, Minnesota and one is located in Oakville, Ontario, are together capable of producing oral solid dose products, as well as semi-solids, liquids and topicals, controlled substances, and potent products that must be manufactured in a fully-contained environment. Our strategy is to use our assets to develop, acquire, manufacture, and market branded and generic specialty prescription pharmaceuticals. By executing this strategy, we believe we will be able to continue to grow our business, expand and diversify our product portfolio, and create long-term value for our investors.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 0pt 18pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;">liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, revenue recognition, allowance for credit losses, variable consideration determined based on accruals for chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, income tax provision, deferred taxes and valuation allowance, determination of right-of-use assets and lease liabilities, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 18pt;">We are subject to risks and uncertainties as a result of the novel coronavirus (“COVID-19”) pandemic. We are unable to predict the impact that the COVID-19 pandemic will have on our future business, financial condition and results of operations due to numerous uncertainties. These uncertainties include the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. While we experienced a negative impact to our net revenues during the three months ended June 30, 2020 in part due to the COVID-19 pandemic, we remain unable to predict the impact on our estimates and assumptions. There was not a material impact to these estimates or assumptions in our condensed and consolidated financial statements as of and for the three and six months ended June 30, 2020. Actual results could differ from those estimates, which may change our estimates in future periods. We continue to closely monitor the impact of the COVID-19 pandemic on our business</p>
us-gaap Number Of Reportable Segments
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1
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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us-gaap Depreciation
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2200000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
100000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
100000
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
352649000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
146904000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
307225000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
126837000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000000.0
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23400000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2019Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2020Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
19593000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
38223000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
34818000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
34070000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
31093000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
47948000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
205745000
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
400000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1400000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.105
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13800000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-700000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.168
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6900000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
57000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
42000
us-gaap Operating Lease Cost
OperatingLeaseCost
109000
us-gaap Operating Lease Cost
OperatingLeaseCost
81000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
14000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
17000
us-gaap Variable Lease Cost
VariableLeaseCost
29000
us-gaap Variable Lease Cost
VariableLeaseCost
41000
CY2020Q2 us-gaap Lease Cost
LeaseCost
71000
CY2019Q2 us-gaap Lease Cost
LeaseCost
59000
us-gaap Lease Cost
LeaseCost
138000
us-gaap Lease Cost
LeaseCost
122000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
117000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
172000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
132000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
61000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
31000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
513000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
30000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
483000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
201000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
282000
CY2020Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
16797000
CY2019Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
6215000
CY2020Q2 anip Cortrophin Pre Launch Charges
CortrophinPreLaunchCharges
3600000
anip Cortrophin Pre Launch Charges
CortrophinPreLaunchCharges
8200000

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