$BLUE
bluebird bio, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514197081 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $6.335M $6.335M $1.127M
YoY Change 0.02% 462.11% 1225.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.700M $5.500M $2.300M
YoY Change 72.73% 139.13% 64.29%
% of Gross Profit
Research & Development $13.93M $11.46M $5.284M
YoY Change 92.23% 116.94% 35.49%
% of Gross Profit
Depreciation & Amortization $540.0K $480.0K $140.0K
YoY Change 237.5% 242.86% 133.33%
% of Gross Profit
Operating Expenses $19.67M $17.00M $5.284M
YoY Change 171.41% 221.78% 1.62%
Operating Profit -$13.33M -$10.67M -$6.481M
YoY Change 217.93% 64.6% 26.19%
Interest Expense -$100.0K
YoY Change -200.0%
% of Operating Profit
Other Income/Expense, Net $11.00K $59.00K -$63.00K
YoY Change -102.83% -193.65%
Pretax Income -$13.32M -$10.60M -$6.500M
YoY Change 190.7% 63.08% 27.45%
Income Tax -$11.80M $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.526M -$10.61M -$6.544M
YoY Change -66.7% 62.12% 29.12%
Net Earnings / Revenue -24.09% -167.47% -580.66%
Basic Earnings Per Share
Diluted Earnings Per Share -$61.22K -$439.8K -$21.67M
COMMON SHARES
Basic Shares Outstanding 24.51M shares 24.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.7M $192.5M $131.8M
YoY Change -23.21% 46.05%
Cash & Equivalents $175.7M $192.5M $131.8M
Short-Term Investments $0.00
Other Short-Term Assets $7.200M $3.400M $3.200M
YoY Change 323.53% 6.25%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $182.9M $195.9M $135.1M
YoY Change -20.67% 45.02%
LONG-TERM ASSETS
Property, Plant & Equipment $12.86M $11.98M $2.100M
YoY Change 411.21% 470.67%
Goodwill $13.13M
YoY Change
Intangibles $30.10M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.600M $300.0K
YoY Change 13.33% 433.33%
Total Long-Term Assets $57.75M $13.59M $2.400M
YoY Change 1337.36% 466.25%
TOTAL ASSETS
Total Short-Term Assets $182.9M $195.9M $135.1M
Total Long-Term Assets $57.75M $13.59M $2.400M
Total Assets $240.6M $209.5M $137.5M
YoY Change 2.59% 52.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.586M $2.601M $2.200M
YoY Change 60.72% 18.23%
Accrued Expenses $11.70M $5.200M $1.500M
YoY Change 244.12% 246.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.55M $33.05M $29.70M
YoY Change 30.27% 11.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $352.0K $385.0K $49.50M
YoY Change -99.18% -99.22%
Total Long-Term Liabilities $352.0K $385.0K $49.50M
YoY Change -99.18% -99.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.55M $33.05M $29.70M
Total Long-Term Liabilities $352.0K $385.0K $49.50M
Total Liabilities $74.87M $65.35M $79.20M
YoY Change 2.17% -17.49%
SHAREHOLDERS EQUITY
Retained Earnings -$110.8M -$109.3M
YoY Change 31.17%
Common Stock $251.0K $243.0K
YoY Change 6.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.8M $144.2M $58.20M
YoY Change
Total Liabilities & Shareholders Equity $240.6M $209.5M $137.5M
YoY Change 2.59% 52.37%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.526M -$10.61M -$6.544M
YoY Change -66.7% 62.12% 29.12%
Depreciation, Depletion And Amortization $540.0K $480.0K $140.0K
YoY Change 237.5% 242.86% 133.33%
Cash From Operating Activities -$11.33M -$11.93M $66.02M
YoY Change 37.33% -118.07% -1164.84%
INVESTING ACTIVITIES
Capital Expenditures -$2.010M $2.517M $812.0K
YoY Change 336.96% 209.98% -380.0%
Acquisitions
YoY Change
Other Investing Activities -$4.670M
YoY Change 273.6%
Cash From Investing Activities -$6.690M -$2.520M -$810.0K
YoY Change 291.23% 211.11% -125.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $671.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.230M 670.0K -380.0K
YoY Change -98.85% -276.32%
NET CHANGE
Cash From Operating Activities -11.33M -11.93M 66.02M
Cash From Investing Activities -6.690M -2.520M -810.0K
Cash From Financing Activities 1.230M 670.0K -380.0K
Net Change In Cash -16.79M -13.78M 64.83M
YoY Change -117.31% -121.26% -2246.69%
FREE CASH FLOW
Cash From Operating Activities -$11.33M -$11.93M $66.02M
Capital Expenditures -$2.010M $2.517M $812.0K
Free Cash Flow -$9.320M -$14.45M $65.21M
YoY Change 19.64% -122.16% -1203.35%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Description of the business</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> bluebird bio, Inc. (the &#x201C;Company&#x201D;) was incorporated in Delaware on April&#xA0;16, 1992, and is headquartered in Cambridge, Massachusetts. The Company was formed to develop, manufacture and market therapies to safely and effectively deliver genes useful in the treatment of serious human diseases. Since its inception, the Company has devoted substantially all of its resources to its development efforts relating to its product candidates, including activities to manufacture product in compliance with good manufacturing practices (&#x201C;GMP&#x201D;), conduct clinical studies of its product candidates, provide general and administrative support for these operations and protect its intellectual property.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas, among others: stock-based compensation expense, accrued expenses, revenue and income taxes.</p> </div>
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1738000
CY2014Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
42000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
17003000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5540000
CY2014Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
572000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
671000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
643000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-6335000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2493000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
475000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13780000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2517000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2388000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11463000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
671000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q1 blue Increase Decrease In Deferred Rent Payable
IncreaseDecreaseInDeferredRentPayable
586000
CY2014Q1 blue Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0 shares
CY2014Q1 blue Tax Incentive Program Tax Incentive Awarded
TaxIncentiveProgramTaxIncentiveAwarded
306000
CY2014Q1 blue Class Of Warrant Or Right Cancelled Or Expired In Period
ClassOfWarrantOrRightCancelledOrExpiredInPeriod
0 shares
CY2014Q1 blue Number Of New Employees Hired For Additional Headcount
NumberOfNewEmployeesHiredForAdditionalHeadcount
15 Employees

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