2020 Q2 Form 10-Q Financial Statement

#000162828020011656 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $88.57M $72.26M
YoY Change 22.57% 15.96%
Cost Of Revenue $1.234M $1.377M
YoY Change -10.38% 19.32%
Gross Profit $87.33M $70.88M
YoY Change 23.21% 15.9%
Gross Profit Margin 98.61% 98.09%
Selling, General & Admin $25.57M $24.59M
YoY Change 3.99% 23.07%
% of Gross Profit 29.28% 34.69%
Research & Development $26.50M $21.66M
YoY Change 22.35% 5.42%
% of Gross Profit 30.34% 30.55%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% 100.0%
% of Gross Profit 0.23% 0.28%
Operating Expenses $52.07M $46.25M
YoY Change 12.59% 14.12%
Operating Profit $35.26M $24.63M
YoY Change 43.15% 19.38%
Interest Expense $1.010M $1.180M
YoY Change -14.41% 110.71%
% of Operating Profit 2.86% 4.79%
Other Income/Expense, Net $1.010M $1.178M
YoY Change -14.26% 109.61%
Pretax Income $36.27M $25.81M
YoY Change 40.53% 21.77%
Income Tax $7.900M $5.600M
% Of Pretax Income 21.78% 21.7%
Net Earnings $28.33M $20.19M
YoY Change 40.33% 10.94%
Net Earnings / Revenue 31.98% 27.94%
Basic Earnings Per Share $0.25 $0.18
Diluted Earnings Per Share $0.23 $0.17
COMMON SHARES
Basic Shares Outstanding 115.0M shares 114.3M shares
Diluted Shares Outstanding 123.2M shares 121.8M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $405.4M $201.5M
YoY Change 101.19% 26.02%
Cash & Equivalents $58.52M $58.14M
Short-Term Investments $346.8M $143.4M
Other Short-Term Assets $5.300M $6.200M
YoY Change -14.52% 72.22%
Inventory $4.927M $5.142M
Prepaid Expenses
Receivables $22.73M $19.77M
Other Receivables $0.00 $0.00
Total Short-Term Assets $438.3M $232.7M
YoY Change 88.4% 17.99%
LONG-TERM ASSETS
Property, Plant & Equipment $619.0K $1.177M
YoY Change -47.41% 113.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.200M $24.20M
YoY Change -82.64%
Other Assets $4.536M $150.0K
YoY Change 2924.0% -99.8%
Total Long-Term Assets $59.49M $96.02M
YoY Change -38.05% 24.37%
TOTAL ASSETS
Total Short-Term Assets $438.3M $232.7M
Total Long-Term Assets $59.49M $96.02M
Total Assets $497.8M $328.7M
YoY Change 51.46% 19.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.304M $7.026M
YoY Change -10.28% 10.38%
Accrued Expenses $22.63M $16.44M
YoY Change 37.68% -13.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.24M $30.38M
YoY Change 39.04% -1.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.900M $200.0K
YoY Change 850.0%
Total Long-Term Liabilities $1.900M $200.0K
YoY Change 850.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.24M $30.38M
Total Long-Term Liabilities $1.900M $200.0K
Total Liabilities $44.13M $30.63M
YoY Change 44.08% -0.89%
SHAREHOLDERS EQUITY
Retained Earnings $34.84M -$79.28M
YoY Change -143.94% -49.66%
Common Stock $481.8M $436.7M
YoY Change 10.33% 8.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $453.7M $298.1M
YoY Change
Total Liabilities & Shareholders Equity $497.8M $328.7M
YoY Change 51.46% 19.79%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $28.33M $20.19M
YoY Change 40.33% 10.94%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% 100.0%
Cash From Operating Activities $53.20M $25.50M
YoY Change 108.63% 67.76%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$400.0K
YoY Change -75.0%
Acquisitions
YoY Change
Other Investing Activities -$85.90M -$800.0K
YoY Change 10637.5% -96.23%
Cash From Investing Activities -$85.90M -$1.100M
YoY Change 7709.09% -94.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.800M -15.90M
YoY Change -142.77% -487.8%
NET CHANGE
Cash From Operating Activities 53.20M 25.50M
Cash From Investing Activities -85.90M -1.100M
Cash From Financing Activities 6.800M -15.90M
Net Change In Cash -25.90M 8.500M
YoY Change -404.71% -547.37%
FREE CASH FLOW
Cash From Operating Activities $53.20M $25.50M
Capital Expenditures -$100.0K -$400.0K
Free Cash Flow $53.30M $25.90M
YoY Change 105.79% 70.39%

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InventoryWorkInProcessCurrentAndNoncurrent
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InventoryWorkInProcessCurrentAndNoncurrent
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664000 USD
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cort Marketable Securities Maximum Maturity Period
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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1055000 USD
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2109000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
530000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3694000 USD
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189000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3505000 USD
CY2020Q1 cort Short Term Purchase Commitment Minimum Mass Required
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400 kg
CY2020Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
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us-gaap Loss Contingency Accrual Provision
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CY2020Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2019Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1800000 shares
CY2020Q2 cort Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Net Share Settlement Of Cashless Exercise
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodNetShareSettlementOfCashlessExercise
100000 shares
cort Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Net Share Settlement Of Cashless Exercise
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100000 shares
CY2020Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2019Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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55000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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129000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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83000 USD
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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7791000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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16536000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2020Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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58392000 USD
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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114790000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7443000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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123234000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121783000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122756000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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122831000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
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0.25
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0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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0.34
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0.23
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EarningsPerShareDiluted
0.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
26400000 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24700000 shares
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1000000.0 USD
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1100000 USD
CY2020Q2 us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Deferred Income Taxes
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CY2020Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
3000000.0 USD
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
7000000.0 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7400000 USD
CY2019Q2 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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CY2019Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
700000 USD
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1600000 USD

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