2020 Form 10-K Financial Statement

#000157056221000093 Filed on March 25, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $56.54M $19.45M $34.93M
YoY Change 61.89%
Cost Of Revenue $18.30M $3.640M $8.014M
YoY Change 128.34%
Gross Profit $38.24M $15.81M $26.91M
YoY Change 42.1%
Gross Profit Margin 67.64% 81.29% 77.05%
Selling, General & Admin $98.19M $30.29M $113.6M
YoY Change -13.56% 147.87% 289.74%
% of Gross Profit 256.77% 191.59% 422.11%
Research & Development $1.722M $420.0K $3.973M
YoY Change -56.66% -64.41% -38.75%
% of Gross Profit 4.5% 2.66% 14.76%
Depreciation & Amortization $7.027M $1.470M $4.132M
YoY Change 70.06% 45811.11%
% of Gross Profit 18.38% 9.3% 15.35%
Operating Expenses $99.91M $32.17M $125.9M
YoY Change -20.62% 139.9% 172.76%
Operating Profit -$153.1M -$16.36M -$98.95M
YoY Change 54.7% 114.44%
Interest Expense -$9.870M -$2.090M -$6.110M
YoY Change 61.54% -2422.22% -808.0%
% of Operating Profit
Other Income/Expense, Net -$10.50M -$7.953M
YoY Change 32.06% 821.55%
Pretax Income -$162.9M -$14.64M -$105.1M
YoY Change 55.09% 17.87% 124.48%
Income Tax $77.00K -$130.0K -$15.03M
% Of Pretax Income
Net Earnings -$163.0M -$14.51M -$90.03M
YoY Change 81.06% 16.64% 92.11%
Net Earnings / Revenue -288.31% -74.6% -257.79%
Basic Earnings Per Share -$4.83
Diluted Earnings Per Share -$4.83 -$472.0K -$3.188M
COMMON SHARES
Basic Shares Outstanding 33.74M shares 27.43M shares
Diluted Shares Outstanding 33.74M shares

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.6M $129.8M $129.8M
YoY Change -17.1% 39.33% 39.27%
Cash & Equivalents $102.6M $109.9M $109.9M
Short-Term Investments $5.000M $19.91M $19.90M
Other Short-Term Assets $7.000M $5.300M $5.300M
YoY Change 32.08% 341.67% 341.67%
Inventory $3.400M $6.407M $6.400M
Prepaid Expenses
Receivables $9.700M $10.66M $10.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $127.6M $152.2M $152.2M
YoY Change -16.16% 61.33% 61.4%
LONG-TERM ASSETS
Property, Plant & Equipment $4.700M $902.0K $5.000M
YoY Change -6.0%
Goodwill $21.21M
YoY Change 0.0%
Intangibles $59.64M
YoY Change 6.35%
Long-Term Investments
YoY Change
Other Assets $200.0K $2.429M $2.400M
YoY Change -91.67% 999.1% 1100.0%
Total Long-Term Assets $81.50M $88.25M $88.20M
YoY Change -7.6% 13.86% 13.81%
TOTAL ASSETS
Total Short-Term Assets $127.6M $152.2M $152.2M
Total Long-Term Assets $81.50M $88.25M $88.20M
Total Assets $209.1M $240.4M $240.4M
YoY Change -13.02% 39.92% 39.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.600M $5.796M $5.800M
YoY Change 65.52% 272.02% 262.5%
Accrued Expenses $70.70M $13.96M $15.20M
YoY Change 365.13% 275.47% 310.81%
Deferred Revenue $1.709M
YoY Change
Short-Term Debt $19.10M $0.00 $0.00
YoY Change
Long-Term Debt Due $74.40M
YoY Change
Total Short-Term Liabilities $180.2M $24.44M $24.40M
YoY Change 638.52% 363.21% 360.38%
LONG-TERM LIABILITIES
Long-Term Debt $40.50M $73.51M $91.50M
YoY Change -55.74% 441.42%
Other Long-Term Liabilities $61.20M $45.10M $45.10M
YoY Change 35.7% -10.16% -10.16%
Total Long-Term Liabilities $101.7M $73.51M $136.6M
YoY Change -25.55% 103.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $180.2M $24.44M $24.40M
Total Long-Term Liabilities $101.7M $73.51M $136.6M
Total Liabilities $282.0M $161.0M $161.0M
YoY Change 75.16% 84.07% 84.0%
SHAREHOLDERS EQUITY
Retained Earnings -$213.1M
YoY Change 73.18%
Common Stock $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$73.00M $79.46M $79.50M
YoY Change
Total Liabilities & Shareholders Equity $209.1M $240.4M $240.4M
YoY Change -13.02% 39.92% 39.93%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$163.0M -$14.51M -$90.03M
YoY Change 81.06% 16.64% 92.11%
Depreciation, Depletion And Amortization $7.027M $1.470M $4.132M
YoY Change 70.06% 45811.11%
Cash From Operating Activities -$57.87M -$15.92M -$93.38M
YoY Change -38.03% 32.56% 263.36%
INVESTING ACTIVITIES
Capital Expenditures $815.0K -$1.140M $345.0K
YoY Change 136.23% 3733.33%
Acquisitions
YoY Change
Other Investing Activities $15.33M $15.11M -$18.87M
YoY Change -181.24%
Cash From Investing Activities $12.19M $13.98M -$23.43M
YoY Change -152.04% 260277.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $73.32M
YoY Change -100.0% 8.33%
Debt Paid & Issued, Net $523.0K $1.044M
YoY Change -49.9%
Cash From Financing Activities $38.35M 72.73M $133.5M
YoY Change -71.29% 12.38%
NET CHANGE
Cash From Operating Activities -$57.87M -15.92M -$93.38M
Cash From Investing Activities $12.19M 13.98M -$23.43M
Cash From Financing Activities $38.35M 72.73M $133.5M
Net Change In Cash -$7.330M 70.79M $16.73M
YoY Change -143.81% -689.43% -82.04%
FREE CASH FLOW
Cash From Operating Activities -$57.87M -$15.92M -$93.38M
Capital Expenditures $815.0K -$1.140M $345.0K
Free Cash Flow -$58.69M -$14.78M -$93.73M
YoY Change -37.39% 23.06% 264.57%

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BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
4160000 USD
CY2020 eols Adjustments Of Non Cash Portion Of Accrued Settlement Expenses
AdjustmentsOfNonCashPortionOfAccruedSettlementExpenses
48421000 USD
CY2019 eols Adjustments Of Non Cash Portion Of Accrued Settlement Expenses
AdjustmentsOfNonCashPortionOfAccruedSettlementExpenses
0 USD
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-4542000 USD
CY2019 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4482000 USD
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1085000 USD
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11048000 USD
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1690000 USD
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1874000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2320000 USD
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
183000 USD
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4248000 USD
CY2019 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9583000 USD
CY2020 eols Accrued Settlement Expense
AccruedSettlementExpense
35000000 USD
CY2019 eols Accrued Settlement Expense
AccruedSettlementExpense
0 USD
CY2020 eols Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-734000 USD
CY2019 eols Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-654000 USD
CY2020 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1497000 USD
CY2019 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
190000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-93383000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
815000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
345000 USD
CY2020 us-gaap Payments For Software
PaymentsForSoftware
2323000 USD
CY2019 us-gaap Payments For Software
PaymentsForSoftware
4222000 USD
CY2020 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
74668000 USD
CY2019 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
113867000 USD
CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
90000000 USD
CY2019 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
95000000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
12194000 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23434000 USD
CY2020 eols Payments Of Contingent Royalty Obligation
PaymentsOfContingentRoyaltyObligation
1131000 USD
CY2019 eols Payments Of Contingent Royalty Obligation
PaymentsOfContingentRoyaltyObligation
9677000 USD
CY2020 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
40000000 USD
CY2019 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
CY2020 eols Milestone Payments For Intangible Assets
MilestonePaymentsForIntangibleAssets
0 USD
CY2019 eols Milestone Payments For Intangible Assets
MilestonePaymentsForIntangibleAssets
3000000 USD
CY2020 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0 USD
CY2019 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
73906000 USD
CY2020 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2019 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2205000 USD
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
522000 USD
CY2019 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1044000 USD
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
73315000 USD
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2019 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
203000 USD
CY2020 eols Proceeds From Payments For Issuance Of Common Stock In Connection With Equity Incentive Plan
ProceedsFromPaymentsForIssuanceOfCommonStockInConnectionWithEquityIncentivePlan
0 USD
CY2019 eols Proceeds From Payments For Issuance Of Common Stock In Connection With Equity Incentive Plan
ProceedsFromPaymentsForIssuanceOfCommonStockInConnectionWithEquityIncentivePlan
2455000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
38347000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
133547000 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7330000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
16730000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109892000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93162000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102562000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109892000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
7244000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
5166000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
65000 USD
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5566000 USD
CY2020 eols Non Cash Landlord Paid Tenant Improvement
NonCashLandlordPaidTenantImprovement
0 USD
CY2019 eols Non Cash Landlord Paid Tenant Improvement
NonCashLandlordPaidTenantImprovement
781000 USD
CY2020 eols Non Cash Finance And Insurance Payment
NonCashFinanceAndInsurancePayment
0 USD
CY2019 eols Non Cash Finance And Insurance Payment
NonCashFinanceAndInsurancePayment
1561000 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
87000 USD
CY2020 eols Non Cash Accruedand Unpaid Offering Costs
NonCashAccruedandUnpaidOfferingCosts
0 USD
CY2019 eols Non Cash Accruedand Unpaid Offering Costs
NonCashAccruedandUnpaidOfferingCosts
-90000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
102562000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
5000000 USD
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-376072000 USD
CY2020Q4 eols Number Of Employees Separated Temporarily Reduced Executive Salaries Due To Covid
NumberOfEmployeesSeparatedTemporarilyReducedExecutiveSalariesDueToCovid
100 employee
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;padding-right:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management is required to make certain estimates and assumptions in order to prepare financial statements in conformity with GAAP. Such estimates and assumptions affect the reported financial statements. The Company’s most significant estimates relate to net revenues, allowance for doubtful accounts, fair value measurements, goodwill and long-lived asset valuations and impairment assessments, inventory valuations, income tax valuations, stock-based compensation and royalty obligations, among others. Management bases estimates on historical experience and on assumptions that management believes are reasonable. The Company’s actual results could differ materially from those estimates.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the full impact of the COVID-19 outbreak is unknown and cannot be reasonably estimated. However, where possible, management has made appropriate accounting estimates with respect to certain accounting matters, which include the fair value of royalty obligations, allowance for doubtful accounts, inventory valuation and impairment assessments of goodwill and other long-lived assets, based on the facts and circumstances available as of the reporting date. The Company’s future assessment of the magnitude and duration of the COVID-19 outbreak, as well as other factors, could result in material impacts to the Company’s financial statements in future reporting periods.</span></div>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt;padding-right:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2013, Evolus and Daewoong Pharmaceuticals Co. Ltd. (“Daewoong”) entered into an agreement (“Daewoong Agreement”), pursuant to which, the Company has an exclusive distribution license to Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> from Daewoong for aesthetic indications in the United States, European Union, Great Britain, Canada, Australia, Russia, Commonwealth of Independent States, and South Africa, as well as co-exclusive distribution rights with Daewoong in Japan. Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is manufactured by Daewoong in a facility in South Korea. The Company also has the option to negotiate first with Daewoong to secure a distribution license for any product that Daewoong directly or indirectly develops or commercializes that is classified as an injectable botulinum toxin (other than Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) in a territory covered by the Daewoong Agreement. The Company relies on Daewoong, its exclusive and sole supplier, to manufacture Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Any termination or loss of significant rights, including exclusivity, under the Daewoong Agreement would materially and adversely affect the Company’s commercialization of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Daewoong Agreement, and Daewoong’s rights relating to Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, are subject to litigation. See </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 9. Commitments and Contingencies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional information regarding such litigation.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company commercially launched Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the United States in May 2019 and in Canada through its distribution partner in October 2019 and, as such, has a limited history of sales. If any previously granted approval is retracted or the </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company is denied approval or approval is delayed by any other regulators, it may have a material adverse impact on the Company’s business and its financial statements.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is also subject to risks common to companies in the pharmaceutical industry including, but not limited to, dependency on the commercial success of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company’s sole commercial product, significant competition within the medical aesthetics industry, its ability to maintain regulatory approval of Jeuveau</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the need for additional financing to achieve its goals, third party litigation and challenges to its intellectual property, uncertainty of broad adoption of its product by physicians and patients, its ability to in-license, acquire or develop additional product candidates and to obtain the necessary approvals for those product candidates, and the need to scale manufacturing capabilities over time.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 outbreak and restrictions intended to slow the spread of COVID-19, including quarantines, government-mandated actions, stay-at-home orders and other restrictions, have adversely affected the Company’s business in a number of ways, which have resulted, and may continue to result, in a period of business disruption and in reduced sales and operations. In addition, any disruption and volatility in the global capital markets may increase the Company’s cost of capital and adversely affect its ability to access financing when and on terms that we desire. Any of these events could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></div><div style="margin-bottom:9pt;padding-right:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company’s cash is held by financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests its excess cash, in line with its investment policy, primarily in money market funds and debt instruments of U.S. government agencies. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable is derived from customers located principally in the United States. Concentrations of credit risk with respect to trade receivables are limited due to the Company’s credit evaluation process. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for doubtful accounts based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay.</span></div>
CY2020 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 unit
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2018 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2019 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3081000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1709000 USD
CY2020 eols Rebates And Coupons Credits And Payments
RebatesAndCouponsCreditsAndPayments
16896000 USD
CY2019 eols Rebates And Coupons Credits And Payments
RebatesAndCouponsCreditsAndPayments
12325000 USD
CY2020 eols Payments For Provisions For Accrued Volume Based Rebate And Coupon Liability
PaymentsForProvisionsForAccruedVolumeBasedRebateAndCouponLiability
15524000 USD
CY2019 eols Payments For Provisions For Accrued Volume Based Rebate And Coupon Liability
PaymentsForProvisionsForAccruedVolumeBasedRebateAndCouponLiability
10616000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2118000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
387000 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2066000 USD
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
387000 USD
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
335000 USD
CY2019 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 USD
CY2020Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
100 position
CY2020 us-gaap Restructuring Charges
RestructuringCharges
2956000 USD
CY2020 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
83421000 USD
CY2020Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
63421000 USD
CY2020Q4 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
20000000 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
4979000 USD
CY2019 us-gaap Advertising Expense
AdvertisingExpense
1407000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 USD
CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
44683000 USD
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
50200000 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1131000 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
9677000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2007000 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-4160000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
41545000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
44683000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
65757000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10460000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
55297000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
21208000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2955000 USD
CY2020Q4 eols Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
86965000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10460000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
21208000 USD
CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
76505000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
63491000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3853000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
59638000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
21208000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
21208000 USD
CY2019Q4 eols Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
84699000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3853000 USD
CY2019Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
80846000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4673000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3094000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2955000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2955000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
38665000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
55297000 USD
CY2020 us-gaap Capitalized Computer Software Additions
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2266000 USD
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