2019 Q1 Form 10-Q Financial Statement

#000082787119000013 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $49.79M $46.63M
YoY Change 6.78% -39.28%
Cost Of Revenue $9.554M $7.223M
YoY Change 32.27% -32.9%
Gross Profit $36.69M $34.82M
YoY Change 5.36% -47.27%
Gross Profit Margin 73.69% 74.68%
Selling, General & Admin $18.14M $15.19M
YoY Change 19.4% -18.22%
% of Gross Profit 49.45% 43.64%
Research & Development $6.375M $17.32M
YoY Change -63.19% 130.17%
% of Gross Profit 17.38% 49.74%
Depreciation & Amortization $242.0K $341.0K
YoY Change -29.03% 73.98%
% of Gross Profit 0.66% 0.98%
Operating Expenses $37.62M $44.32M
YoY Change -15.13% 0.51%
Operating Profit $12.17M $2.305M
YoY Change 427.94% -92.95%
Interest Expense $686.0K $675.0K
YoY Change 1.63% 2400.0%
% of Operating Profit 5.64% 29.28%
Other Income/Expense, Net -$192.0K -$648.0K
YoY Change -70.37% 2600.0%
Pretax Income $11.98M $1.657M
YoY Change 622.81% -94.93%
Income Tax $3.004M -$959.0K
% Of Pretax Income 25.08% -57.88%
Net Earnings $8.973M $2.616M
YoY Change 243.0% -88.59%
Net Earnings / Revenue 18.02% 5.61%
Basic Earnings Per Share $0.64 $0.18
Diluted Earnings Per Share $0.62 $0.17
COMMON SHARES
Basic Shares Outstanding 13.93M shares 14.82M shares
Diluted Shares Outstanding 14.42M shares 15.48M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.1M $95.70M
YoY Change 6.69% 245.49%
Cash & Equivalents $102.1M $95.67M
Short-Term Investments
Other Short-Term Assets $401.0K $580.0K
YoY Change -30.86% -52.26%
Inventory $10.27M $6.141M
Prepaid Expenses
Receivables $63.93M $53.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $182.2M $168.8M
YoY Change 7.94% 36.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.333M $6.498M
YoY Change -64.1% 71.18%
Goodwill $39.74M $39.74M
YoY Change 0.0% 0.0%
Intangibles $17.47M $22.65M
YoY Change -22.86% -30.64%
Long-Term Investments
YoY Change
Other Assets $3.565M $106.0K
YoY Change 3263.21% -82.85%
Total Long-Term Assets $77.22M $80.48M
YoY Change -4.04% -20.52%
TOTAL ASSETS
Total Short-Term Assets $182.2M $168.8M
Total Long-Term Assets $77.22M $80.48M
Total Assets $259.5M $249.3M
YoY Change 4.07% 10.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.79M $9.353M
YoY Change 79.47% -50.84%
Accrued Expenses $22.44M $13.10M
YoY Change 71.24% -14.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $6.250M
YoY Change -20.0%
Total Short-Term Liabilities $44.22M $28.76M
YoY Change 53.76% -18.84%
LONG-TERM LIABILITIES
Long-Term Debt $37.00M $41.62M
YoY Change -11.11%
Other Long-Term Liabilities $2.870M $700.0K
YoY Change 310.0% -96.9%
Total Long-Term Liabilities $39.87M $41.62M
YoY Change -4.22% 84.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.22M $28.76M
Total Long-Term Liabilities $39.87M $41.62M
Total Liabilities $84.09M $70.38M
YoY Change 19.47% 21.35%
SHAREHOLDERS EQUITY
Retained Earnings $67.16M $28.90M
YoY Change 132.39% -1156.67%
Common Stock $17.00K $16.00K
YoY Change 6.25% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $153.9M $87.80M
YoY Change 75.29% 73.32%
Treasury Stock Shares 2.590M shares 1.365M shares
Shareholders Equity $175.4M $178.2M
YoY Change
Total Liabilities & Shareholders Equity $259.5M $249.3M
YoY Change 4.07% 10.89%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $8.973M $2.616M
YoY Change 243.0% -88.59%
Depreciation, Depletion And Amortization $242.0K $341.0K
YoY Change -29.03% 73.98%
Cash From Operating Activities $26.18M $4.921M
YoY Change 432.03% -139.57%
INVESTING ACTIVITIES
Capital Expenditures $177.0K $19.00K
YoY Change 831.58% -97.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$177.0K -$19.00K
YoY Change 831.58% -97.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $7.003M
YoY Change -100.0% -48.71%
Debt Paid & Issued, Net $2.500M $0.00
YoY Change
Cash From Financing Activities -$2.656M -$23.89M
YoY Change -88.88% 99.11%
NET CHANGE
Cash From Operating Activities $26.18M $4.921M
Cash From Investing Activities -$177.0K -$19.00K
Cash From Financing Activities -$2.656M -$23.89M
Net Change In Cash $23.35M -$18.99M
YoY Change -222.97% -24.38%
FREE CASH FLOW
Cash From Operating Activities $26.18M $4.921M
Capital Expenditures $177.0K $19.00K
Free Cash Flow $26.00M $4.902M
YoY Change 430.48% -137.39%

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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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7003000 USD
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CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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198000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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19000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
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0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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CY2018Q4 us-gaap Preferred Stock Value
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0 USD
CY2019Q1 us-gaap Preferred Stock Value
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0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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10263000 USD
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5895000 USD
CY2018Q4 us-gaap Prepaid Insurance
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150000 USD
CY2019Q1 us-gaap Prepaid Insurance
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883000 USD
CY2018Q4 us-gaap Prepaid Taxes
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CY2019Q1 us-gaap Prepaid Taxes
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89000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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1166000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
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42000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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2397000 USD
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CY2019Q1 us-gaap Purchase Obligation
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38810000 USD
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0 USD
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0 USD
CY2019Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
0 USD
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38810000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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0 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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2500000 USD
CY2018Q1 us-gaap Research And Development Expense
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CY2019Q1 us-gaap Research And Development Expense
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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58187000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
67160000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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46626000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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49785000 USD
CY2018Q1 us-gaap Royalty Expense
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4585000 USD
CY2019Q1 us-gaap Royalty Expense
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3546000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
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15193000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
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18141000 USD
CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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5782000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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631625 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2556365 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3092296 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M22D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
215108 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
9588 shares
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1166000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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134715 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4914 shares
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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42000 USD
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
160762000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
175361000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2590258 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2590258 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2590258 shares
CY2018 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1348563 shares
CY2018Q4 us-gaap Treasury Stock Value
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153900000 USD
CY2019Q1 us-gaap Treasury Stock Value
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153900000 USD
us-gaap Treasury Stock Value Acquired Cost Method
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153900000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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7003000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
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73100000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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15478335 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
14418211 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 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, 2018 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 months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</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;">2019</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, 2018, filed with the SEC on February 28, 2019. 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>
CY2019Q1 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>
CY2019Q1 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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