$BLUE
bluebird bio, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017014914 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $16.72M $1.552M
YoY Change 977.06% -68.58%
Cost Of Revenue $420.0K
YoY Change
Gross Profit $16.30M
YoY Change
Gross Profit Margin 97.49%
Selling, General & Admin $21.20M $18.40M
YoY Change 15.22% 71.96%
% of Gross Profit 130.09%
Research & Development $64.31M $41.76M
YoY Change 54.0% -5.66%
% of Gross Profit 394.64%
Depreciation & Amortization $3.440M $2.470M
YoY Change 39.27% 37.22%
% of Gross Profit 21.11%
Operating Expenses $84.54M $61.53M
YoY Change 37.4% 8.01%
Operating Profit -$67.82M -$59.98M
YoY Change 13.08% 15.29%
Interest Expense -$2.242M $981.0K
YoY Change -328.54% -149.05%
% of Operating Profit
Other Income/Expense, Net -$834.0K -$76.00K
YoY Change 997.37% -133.33%
Pretax Income -$70.90M -$59.07M
YoY Change 20.02% 14.05%
Income Tax $0.00 -$226.0K
% Of Pretax Income
Net Earnings -$70.90M -$58.84M
YoY Change 20.48% 13.61%
Net Earnings / Revenue -424.13% -3791.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.729M -$1.589M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.095B $575.8M
YoY Change 90.24% -28.96%
Cash & Equivalents $686.3M $222.6M
Short-Term Investments $409.1M $353.2M
Other Short-Term Assets $18.80M $7.100M
YoY Change 164.79% 44.9%
Inventory
Prepaid Expenses $15.04M
Receivables
Other Receivables
Total Short-Term Assets $1.119B $582.9M
YoY Change 91.91% -28.52%
LONG-TERM ASSETS
Property, Plant & Equipment $180.4M $109.3M
YoY Change 65.07% 550.6%
Goodwill $13.13M
YoY Change
Intangibles $18.81M
YoY Change
Long-Term Investments $101.6M $203.2M
YoY Change -50.0% 61.4%
Other Assets $24.50M $10.60M
YoY Change 131.13% 606.67%
Total Long-Term Assets $338.5M $358.8M
YoY Change -5.65% 95.32%
TOTAL ASSETS
Total Short-Term Assets $1.119B $582.9M
Total Long-Term Assets $338.5M $358.8M
Total Assets $1.457B $941.7M
YoY Change 54.73% -5.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.42M $2.400M
YoY Change 501.0% 4.35%
Accrued Expenses $42.00M $26.90M
YoY Change 56.13% 75.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.84M $40.40M
YoY Change 92.67% 44.29%
LONG-TERM LIABILITIES
Long-Term Debt $154.0M $86.60M
YoY Change 77.83%
Other Long-Term Liabilities $90.00K $55.40M
YoY Change -99.84% 6.95%
Total Long-Term Liabilities $90.00K $142.0M
YoY Change -99.94% 174.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.84M $40.40M
Total Long-Term Liabilities $90.00K $142.0M
Total Liabilities $257.1M $182.4M
YoY Change 40.96% 127.43%
SHAREHOLDERS EQUITY
Retained Earnings -$717.8M
YoY Change
Common Stock $455.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.200B $759.3M
YoY Change
Total Liabilities & Shareholders Equity $1.457B $941.7M
YoY Change 54.73% -5.75%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$70.90M -$58.84M
YoY Change 20.48% 13.61%
Depreciation, Depletion And Amortization $3.440M $2.470M
YoY Change 39.27% 37.22%
Cash From Operating Activities -$53.54M -$44.33M
YoY Change 20.78% 265.76%
INVESTING ACTIVITIES
Capital Expenditures -$13.49M -$2.170M
YoY Change 521.66% 53.9%
Acquisitions
YoY Change
Other Investing Activities $72.50M $77.85M
YoY Change -6.87% -1283.13%
Cash From Investing Activities $59.01M $75.68M
YoY Change -22.03% -1047.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 464.9M -1.310M
YoY Change -35584.73% -100.27%
NET CHANGE
Cash From Operating Activities -53.54M -44.33M
Cash From Investing Activities 59.01M 75.68M
Cash From Financing Activities 464.9M -1.310M
Net Change In Cash 470.3M 30.04M
YoY Change 1465.65% -93.47%
FREE CASH FLOW
Cash From Operating Activities -$53.54M -$44.33M
Capital Expenditures -$13.49M -$2.170M
Free Cash Flow -$40.05M -$42.16M
YoY Change -5.0% 293.65%

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Description of the business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">bluebird bio, Inc. (the &#8220;Company&#8221; or &#8220;bluebird&#8221;) was incorporated in Delaware on April&#160;16, 1992, and is headquartered in Cambridge, Massachusetts. The Company researches, develops, manufactures and plans to commercialize gene therapies for the treatment of severe genetic diseases and cancer. Since its inception, the Company has devoted substantially all of its resources to its research and development efforts relating to its product candidates, including activities to manufacture product candidates, conduct clinical studies of its product candidates, perform preclinical research to identify new product candidates and provide general and administrative support for these operations.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the <font style="color:#000000;">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</font> from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas, among others: subsequent fair value estimates used to assess potential impairment of long-lived assets, including goodwill and intangible assets, financing lease obligation, contingent consideration, stock-based compensation expense, accrued expenses, revenue and income taxes.</p></div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1992-04-16
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
511501000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
606481000
CY2017Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
40000
CY2017Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
780000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
578000
CY2017Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
510725000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
605943000
us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Three months or less
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0
CY2017Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
481800000
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
376100000
CY2017Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
15600000
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
95500000
CY2017Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2016Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
190982000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
169399000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10563000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12444000
CY2017Q2 blue Accrued Goods And Services
AccruedGoodsAndServices
26170000
CY2016Q4 blue Accrued Goods And Services
AccruedGoodsAndServices
34275000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8708000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11296000
CY2017Q2 blue Accrued Preclinical Milestone Liability
AccruedPreclinicalMilestoneLiability
5000000
CY2017Q2 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
724000
CY2016Q4 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
2464000
CY2017Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1416000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1492000
CY2016Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
11000
CY2016Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
4479000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1730000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
643000
CY2013Q2 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P9Y
CY2013Q2 blue Area Of Leased Space
AreaOfLeasedSpace
43600
CY2013Q2 blue Lease Amendment Effective Month And Year
LeaseAmendmentEffectiveMonthAndYear
2014-06
CY2013Q2 blue Additional Lease Space Agreement
AdditionalLeaseSpaceAgreement
9900
CY2013Q2 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
200000
CY2014Q4 us-gaap Operating Leases Rent Expense Contingent Rentals
OperatingLeasesRentExpenseContingentRentals
300000
CY2013Q2 blue Landlord Contribution For Leasehold Improvements
LandlordContributionForLeaseholdImprovements
7800000
CY2017Q2 blue Letter Of Credit Related To New Lease Agreement
LetterOfCreditRelatedToNewLeaseAgreement
600000
CY2013Q2 blue Lease Starting Date
LeaseStartingDate
2013-06-03
blue Lease Termination Date
LeaseTerminationDate
2017-04-12
CY2016Q4 blue Contractual Obligation Agreement Period
ContractualObligationAgreementPeriod
P5Y
CY2016Q4 blue Contractual Obligation Agreement Renewal Period
ContractualObligationAgreementRenewalPeriod
P3Y
CY2016Q4 blue Contractual Obligation Fees
ContractualObligationFees
3000000
CY2016Q4 blue Contractual Obligation Advance Fees Payment
ContractualObligationAdvanceFeesPayment
2000000
CY2016Q4 blue Contractual Obligation Fees Payable
ContractualObligationFeesPayable
1000000
CY2016Q4 us-gaap Maintenance Costs
MaintenanceCosts
9800000
blue Contractual Obligation Termination Description
ContractualObligationTerminationDescription
The Company may terminate this agreement with six months’ notice and a one-time termination fee prior to July 1, 2018, or twelve months’ notice and a one-time termination fee thereafter.
CY2017Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4831500
CY2017Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
105.00
CY2017Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
436800000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
1600000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1700000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13489000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10782000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24971000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20926000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3735000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
943000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
395000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
92000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4191000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2075000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4191000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
52.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
80.41
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
20.61
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
85.22
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.77
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
45.74
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
60.77
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
8100000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4662000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4451000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4662000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4451000

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