2018 Q4 Form 10-Q Financial Statement

#000082787118000010 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $56.05M $51.34M $63.02M
YoY Change 19.81% -18.54% 66.58%
Cost Of Revenue $18.56M $8.621M $4.815M
YoY Change 35.38% 79.04% -53.81%
Gross Profit $37.50M $38.35M $58.21M
YoY Change 13.35% -34.12% 112.37%
Gross Profit Margin 66.89% 74.69% 92.36%
Selling, General & Admin $15.48M $13.88M $16.67M
YoY Change 16.22% -16.74% 42.95%
% of Gross Profit 41.29% 36.19% 28.64%
Research & Development $5.860M $5.975M $8.954M
YoY Change -37.92% -33.27% 179.2%
% of Gross Profit 15.63% 15.58% 15.38%
Depreciation & Amortization $840.0K $840.0K $950.0K
YoY Change -11.58% -11.58% 163.89%
% of Gross Profit 2.24% 2.19% 1.63%
Operating Expenses $21.33M $32.94M $38.07M
YoY Change -5.74% -13.49% 49.15%
Operating Profit $15.73M $18.40M $24.95M
YoY Change 50.6% -26.24% 102.71%
Interest Expense -$500.0K $743.0K $527.0K
YoY Change 0.0% 40.99% 17466.67%
% of Operating Profit -3.18% 4.04% 2.11%
Other Income/Expense, Net -$734.0K -$492.0K
YoY Change 49.19% -2239.13%
Pretax Income $15.23M $17.67M $24.46M
YoY Change 53.22% -27.76% 98.35%
Income Tax $2.640M $3.628M $9.027M
% Of Pretax Income 17.33% 20.53% 36.91%
Net Earnings $12.59M $14.04M $15.43M
YoY Change 38.5% -9.01% 29.11%
Net Earnings / Revenue 22.46% 27.35% 24.49%
Basic Earnings Per Share $0.86 $0.94 $1.03
Diluted Earnings Per Share $0.84 $0.91 $0.98
COMMON SHARES
Basic Shares Outstanding 14.91M shares 15.01M shares 15.05M shares
Diluted Shares Outstanding 15.48M shares 15.76M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.80M $91.20M $97.50M
YoY Change -31.3% -6.46% 64.42%
Cash & Equivalents $78.79M $91.23M $97.55M
Short-Term Investments
Other Short-Term Assets $134.0K $1.671M $850.0K
YoY Change -76.11% 96.59% 99.53%
Inventory $8.304M $7.273M $4.878M
Prepaid Expenses
Receivables $66.49M $78.46M $71.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $163.8M $197.8M $182.2M
YoY Change -13.17% 8.57% 53.01%
LONG-TERM ASSETS
Property, Plant & Equipment $2.397M $2.553M $4.365M
YoY Change -64.85% -41.51% 54.4%
Goodwill $39.74M $39.74M $39.74M
YoY Change 0.0% 0.0%
Intangibles $18.10M $18.70M $24.00M
YoY Change -22.38% -22.08% -3.06%
Long-Term Investments
YoY Change
Other Assets $694.0K $706.0K $124.0K
YoY Change 459.68% 469.35% 31.91%
Total Long-Term Assets $74.76M $71.02M $84.74M
YoY Change -8.12% -16.19% 206.13%
TOTAL ASSETS
Total Short-Term Assets $163.8M $197.8M $182.2M
Total Long-Term Assets $74.76M $71.02M $84.74M
Total Assets $238.6M $268.8M $266.9M
YoY Change -11.65% 0.71% 81.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.917M $7.544M $8.902M
YoY Change -17.23% -15.25% -32.07%
Accrued Expenses $23.52M $22.87M $20.44M
YoY Change 52.81% 11.88% -4.19%
Deferred Revenue $5.869M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $5.000M $5.000M
YoY Change 28.21% 0.0%
Total Short-Term Liabilities $39.69M $35.41M $34.40M
YoY Change -16.1% 2.95% -2.97%
LONG-TERM LIABILITIES
Long-Term Debt $38.16M $39.31M $43.94M
YoY Change -11.07% -10.52%
Other Long-Term Liabilities $0.00 $0.00 $17.50M
YoY Change -100.0% -100.0% 201.72%
Total Long-Term Liabilities $38.16M $39.31M $43.94M
YoY Change -11.07% -10.52% 657.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.69M $35.41M $34.40M
Total Long-Term Liabilities $38.16M $39.31M $43.94M
Total Liabilities $77.84M $74.72M $78.33M
YoY Change -13.71% -4.61% 90.12%
SHAREHOLDERS EQUITY
Retained Earnings $58.19M $45.60M $17.20M
YoY Change 121.38% 165.11% -120.73%
Common Stock $17.00K $16.00K $16.00K
YoY Change 6.25% 0.0% 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $153.9M $103.4M $75.79M
YoY Change 90.48% 36.45% 321.14%
Treasury Stock Shares 2.590M shares 1.583M shares 1.150M shares
Shareholders Equity $160.8M $194.1M $171.1M
YoY Change
Total Liabilities & Shareholders Equity $238.6M $268.8M $266.9M
YoY Change -11.65% 0.71% 81.9%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $12.59M $14.04M $15.43M
YoY Change 38.5% -9.01% 29.11%
Depreciation, Depletion And Amortization $840.0K $840.0K $950.0K
YoY Change -11.58% -11.58% 163.89%
Cash From Operating Activities $38.10M $3.690M $7.890M
YoY Change 46.99% -53.23% -40.09%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$30.00K -$1.580M
YoY Change -97.07% -98.1% -88.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$80.00K -$30.00K -$1.580M
YoY Change -97.07% -98.1% -88.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.46M -12.68M 35.84M
YoY Change 729.93% -135.38% -335.17%
NET CHANGE
Cash From Operating Activities 38.10M 3.690M 7.890M
Cash From Investing Activities -80.00K -30.00K -1.580M
Cash From Financing Activities -50.46M -12.68M 35.84M
Net Change In Cash -12.44M -9.020M 42.15M
YoY Change -172.71% -121.4% -359.38%
FREE CASH FLOW
Cash From Operating Activities $38.10M $3.690M $7.890M
Capital Expenditures -$80.00K -$30.00K -$1.580M
Free Cash Flow $38.18M $3.720M $9.470M
YoY Change 33.26% -60.72% -65.37%

Facts In Submission

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us-gaap Restructuring Charges
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.4376
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.4376
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15482768 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The condensed consolidated balance sheet at December 31, 2017 was derived from audited financial statements, but certain information and footnote disclosures normally included in the Company's annual consolidated financial statements have been condensed or omitted. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made.&#160;Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending December 31, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on February 26, 2018. Unless otherwise indicated or required by context, reference throughout to the "Company," "Eagle Pharmaceuticals," "Eagle," "we," "us" or "our" mean Eagle Pharmaceuticals, Inc., a Delaware corporation and its subsidiary, Eagle Biologics, Inc., and references to "Eagle Biologics" mean Eagle Biologics, Inc.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform with the current year presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements including disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. The Company's critical accounting policies are those that are both most important to the Company's financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.</font></div></div>

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