$CPIX
CUMBERLAND PHARMACEUTICALS INC

2023 Q2 Form 10-Q Financial Statement

#000162828023017951 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $10.89M $9.225M $9.124M
YoY Change 5.73% -17.45% 9.66%
Cost Of Revenue $1.521M $1.250M $4.450M
YoY Change -25.15% -43.48% 99.99%
Gross Profit $9.368M $7.974M $4.673M
YoY Change 13.32% -11.03% -23.32%
Gross Profit Margin 86.03% 86.45% 51.22%
Selling, General & Admin $7.042M $6.776M $6.887M
YoY Change 4.16% -2.03% 2.51%
% of Gross Profit 75.17% 84.98% 147.37%
Research & Development $1.145M $1.500M $1.406M
YoY Change -37.21% -14.07% -12.83%
% of Gross Profit 12.22% 18.81% 30.08%
Depreciation & Amortization $1.201M $1.256M $511.5K
YoY Change -25.79% -24.07% -52.51%
% of Gross Profit 12.82% 15.75% 10.94%
Operating Expenses $8.187M $8.276M $8.751M
YoY Change -4.63% -4.46% -6.39%
Operating Profit $22.86K -$1.532M -$2.278M
YoY Change -101.24% 18.55% -47.68%
Interest Expense $192.6K $186.4K -$133.8K
YoY Change 39.97% 55.85% 535.14%
% of Operating Profit 842.71%
Other Income/Expense, Net $981.8K $1.847M $0.00
YoY Change 60.6%
Pretax Income $869.1K $179.2K -$2.412M
YoY Change -164.01% -112.84% -44.88%
Income Tax $6.937K $6.938K $48.15K
% Of Pretax Income 0.8% 3.87%
Net Earnings $872.2K $192.2K -$2.441M
YoY Change -165.3% -113.87% -36.57%
Net Earnings / Revenue 8.01% 2.08% -26.75%
Basic Earnings Per Share $0.06 $0.01 -$0.17
Diluted Earnings Per Share $0.06 $0.01 -$0.17
COMMON SHARES
Basic Shares Outstanding 14.45M shares 14.40M shares 14.46M shares
Diluted Shares Outstanding 14.55M shares 14.59M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.25M $16.39M $19.76M
YoY Change 0.18% -5.1% -26.93%
Cash & Equivalents $18.25M $16.39M $19.76M
Short-Term Investments
Other Short-Term Assets $2.278M $2.715M $3.085M
YoY Change -19.66% -23.74% -7.63%
Inventory $10.93M $10.18M $9.864M
Prepaid Expenses
Receivables $12.22M $14.53M $13.16M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.67M $43.81M $45.87M
YoY Change -0.17% -3.38% 0.4%
LONG-TERM ASSETS
Property, Plant & Equipment $384.4K $354.9K $284.0K
YoY Change -15.98% -13.26% -35.83%
Goodwill $914.0K $914.0K $914.0K
YoY Change -52.71% -52.71% 3.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.607M $2.545M $2.521M
YoY Change 2.78% -19.93% -26.29%
Total Long-Term Assets $45.70M $45.66M $47.05M
YoY Change -6.29% -11.09% 21.36%
TOTAL ASSETS
Total Short-Term Assets $43.67M $43.81M $45.87M
Total Long-Term Assets $45.70M $45.66M $47.05M
Total Assets $89.38M $89.47M $92.93M
YoY Change -3.4% -7.48% 10.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.91M $11.22M $10.82M
YoY Change 3.03% -1.97% 12.22%
Accrued Expenses $320.8K $158.4K $17.59M
YoY Change -37.38% -79.34% 102.9%
Deferred Revenue $614.6K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.96M $25.71M $28.58M
YoY Change 11.16% 4.68% 48.24%
LONG-TERM LIABILITIES
Long-Term Debt $13.15M $16.07M $16.20M
YoY Change -30.8% -19.64% 8.0%
Other Long-Term Liabilities $6.954M $7.091M $7.585M
YoY Change -30.88% -37.5% 1.28%
Total Long-Term Liabilities $6.954M $7.091M $7.585M
YoY Change -76.07% -77.38% 1.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.96M $25.71M $28.58M
Total Long-Term Liabilities $6.954M $7.091M $7.585M
Total Liabilities $52.54M $53.42M $56.95M
YoY Change -1.45% -4.44% 36.06%
SHAREHOLDERS EQUITY
Retained Earnings -$10.14M -$11.02M -$11.21M
YoY Change 21.35% 56.85% 98.79%
Common Stock $47.30M $47.38M $47.47M
YoY Change -1.09% -1.39% -2.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.16M $36.36M $36.27M
YoY Change
Total Liabilities & Shareholders Equity $89.38M $89.47M $92.93M
YoY Change -3.4% -7.48% 10.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $872.2K $192.2K -$2.441M
YoY Change -165.3% -113.87% -36.57%
Depreciation, Depletion And Amortization $1.201M $1.256M $511.5K
YoY Change -25.79% -24.07% -52.51%
Cash From Operating Activities $5.235M -$1.418M $3.638M
YoY Change 124.64% 842.34% 85.64%
INVESTING ACTIVITIES
Capital Expenditures $96.81K $107.3K $1.641M
YoY Change -156.09% 297.47% -2167.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.000M
YoY Change -100.0% 1802.23%
Cash From Investing Activities -$96.81K -$174.5K -$640.8K
YoY Change -43.91% -98.71% 2291.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.276M -$1.779M -2.781M
YoY Change 171.12% -145.41% 278.19%
NET CHANGE
Cash From Operating Activities 5.235M -$1.418M 3.638M
Cash From Investing Activities -96.81K -$174.5K -640.8K
Cash From Financing Activities -3.276M -$1.779M -2.781M
Net Change In Cash 1.863M -$3.372M 216.4K
YoY Change 96.14% -65.5% -81.93%
FREE CASH FLOW
Cash From Operating Activities $5.235M -$1.418M $3.638M
Capital Expenditures $96.81K $107.3K $1.641M
Free Cash Flow $5.139M -$1.525M $1.997M
YoY Change 105.28% 759.5% -2.05%

Facts In Submission

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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1779142 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3371804 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19757970 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16386166 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17266785 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42601978 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
159901 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
187961 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36048487 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory and (3) valuation of contingent consideration liabilities associated with business combinations.</span></div>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
168923 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
172286 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-1402433 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-19898 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-17180 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
192184 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-1385253 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14359322 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14691623 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
228521 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14587843 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14691623 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
331338 shares
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9224638 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11175045 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
500000 usd
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
7500000 usd
CY2023Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
7500000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
12548636 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
12899659 usd
CY2023Q1 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
179786 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4985883 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4322167 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
17714305 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
17390748 usd
CY2023Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
7534303 usd
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
7527167 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
10180002 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
9863581 usd
CY2021Q4 cpix Lessee Operating Lease Rent Increase
LesseeOperatingLeaseRentIncrease
0.025
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4919057 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5218403 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
158369 usd
CY2023Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
1800000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
172910 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4549150 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4586301 usd
CY2023Q1 cpix Lease Liability
LeaseLiability
4707519 usd
CY2022Q4 cpix Lease Liability
LeaseLiability
4759211 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
30000.00 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
587511 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
578759 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
543023 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
608015 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
623199 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5324178 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8264685 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3557166 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4707519 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
234863 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
285963 usd
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
115631 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
161804 usd
CY2017Q4 cpix Stock Issued During Period Shelf Registration Proceeds From Sale Of Corporate Securities
StockIssuedDuringPeriodShelfRegistrationProceedsFromSaleOfCorporateSecurities
100000000 usd
CY2021Q4 cpix Stock Issued During Period Shelf Registration Proceeds From Sale Of Corporate Securities
StockIssuedDuringPeriodShelfRegistrationProceedsFromSaleOfCorporateSecurities
19000000 usd
CY2022Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
16200000 usd
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
44100000 usd
CY2023Q1 us-gaap Other Income
OtherIncome
1800000 usd

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