2018 Q3 Form 10-Q Financial Statement

#000117887918000009 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2018 Q1
Revenue $20.60M $21.31M $16.70M
YoY Change 89.41% 197.69% 300.38%
Cost Of Revenue $4.310M $3.135M $2.615M
YoY Change 140.78% 195.48% 235.26%
Gross Profit $16.29M $18.17M $14.08M
YoY Change 79.28% 198.08% 315.37%
Gross Profit Margin 79.07% 85.29% 84.34%
Selling, General & Admin $31.87M $29.17M $27.40M
YoY Change 47.21% 51.06% 43.21%
% of Gross Profit 195.67% 160.52% 194.56%
Research & Development $138.2M $34.66M $40.80M
YoY Change 240.12% 8.36% 32.12%
% of Gross Profit 848.75% 190.71% 289.74%
Depreciation & Amortization $1.073M $973.0K $969.0K
YoY Change 26.09% 19.83% 18.17%
% of Gross Profit 6.59% 5.35% 6.88%
Operating Expenses $172.5M $65.11M $70.26M
YoY Change -39.34% 22.47% 26.83%
Operating Profit -$156.2M -$46.93M -$56.18M
YoY Change -43.25% -0.28% 8.02%
Interest Expense $4.715M $4.560M $4.488M
YoY Change 8.37% 9.12% -227.14%
% of Operating Profit
Other Income/Expense, Net -$1.039M -$5.316M $2.764M
YoY Change -150.83% -321.5% 353.11%
Pretax Income -$159.2M -$61.49M -$51.31M
YoY Change -42.39% 27.88% -6.61%
Income Tax -$51.00K $339.0K -$1.392M
% Of Pretax Income
Net Earnings -$159.2M -$61.83M -$49.92M
YoY Change 42.53% 28.45% -9.23%
Net Earnings / Revenue -772.79% -290.17% -298.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$841.4K -$327.8K -$283.7K
COMMON SHARES
Basic Shares Outstanding 189.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $564.4M $539.0M $562.5M
YoY Change 37.16% 137.24% 101.04%
Cash & Equivalents $201.8M $73.31M $114.3M
Short-Term Investments $362.6M $465.6M $448.2M
Other Short-Term Assets $16.20M $2.400M $10.60M
YoY Change 161.29% -60.0% -1.85%
Inventory $6.311M $7.769M $8.100M
Prepaid Expenses
Receivables $14.19M $15.08M $10.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $601.0M $576.2M $592.0M
YoY Change 39.45% 139.1% 99.86%
LONG-TERM ASSETS
Property, Plant & Equipment $10.66M $9.111M $8.900M
YoY Change 11.03% -13.23% -8.25%
Goodwill $197.8M $197.8M
YoY Change 0.0%
Intangibles $23.00M $23.00M
YoY Change
Long-Term Investments $13.80M $42.70M
YoY Change
Other Assets $6.099M $5.915M $5.600M
YoY Change 45.21% 97.17% 93.1%
Total Long-Term Assets $237.6M $249.7M $278.0M
YoY Change -4.9% -64.23% -60.13%
TOTAL ASSETS
Total Short-Term Assets $601.0M $576.2M $592.0M
Total Long-Term Assets $237.6M $249.7M $278.0M
Total Assets $838.6M $825.9M $870.0M
YoY Change 23.18% -12.05% -12.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.30M $41.60M $43.70M
YoY Change 1.12% 16.85% 10.35%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.88M $52.96M $140.7M
YoY Change -3.4% -47.41% 28.38%
LONG-TERM LIABILITIES
Long-Term Debt $318.8M $169.4M $166.8M
YoY Change 97.28% 6.41% 6.31%
Other Long-Term Liabilities $3.029M $2.770M $34.50M
YoY Change -90.56% -98.84% -85.76%
Total Long-Term Liabilities $3.029M $2.770M $201.3M
YoY Change -98.44% -99.3% -49.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.88M $52.96M $140.7M
Total Long-Term Liabilities $3.029M $2.770M $201.3M
Total Liabilities $427.6M $264.0M $348.4M
YoY Change 57.74% -60.72% -48.96%
SHAREHOLDERS EQUITY
Retained Earnings -$1.334B -$1.175B $383.0K
YoY Change
Common Stock $1.733B $1.726B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $411.0M $561.9M $521.6M
YoY Change
Total Liabilities & Shareholders Equity $838.6M $825.9M $870.0M
YoY Change 23.18% -12.05% -12.42%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income -$159.2M -$61.83M -$49.92M
YoY Change 42.53% 28.45% -9.23%
Depreciation, Depletion And Amortization $1.073M $973.0K $969.0K
YoY Change 26.09% 19.83% 18.17%
Cash From Operating Activities -$132.8M -$57.00M -$49.52M
YoY Change 171.49% 35.97% -0.64%
INVESTING ACTIVITIES
Capital Expenditures -$2.690M -$1.060M $819.0K
YoY Change 140.18% -31.61% -212.19%
Acquisitions
YoY Change
Other Investing Activities $117.2M $11.78M -$181.8M
YoY Change -167.81% -73.87% 98.28%
Cash From Investing Activities $114.5M $10.72M -$182.6M
YoY Change -165.82% -75.38% 97.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $294.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 146.8M 7.030M $296.6M
YoY Change -41.32% -173.84% -296679.0%
NET CHANGE
Cash From Operating Activities -132.8M -57.00M -$49.52M
Cash From Investing Activities 114.5M 10.72M -$182.6M
Cash From Financing Activities 146.8M 7.030M $296.6M
Net Change In Cash 128.5M -39.25M $65.32M
YoY Change 369.6% 397.47% -145.88%
FREE CASH FLOW
Cash From Operating Activities -$132.8M -$57.00M -$49.52M
Capital Expenditures -$2.690M -$1.060M $819.0K
Free Cash Flow -$130.1M -$55.94M -$50.34M
YoY Change 172.23% 38.57% 2.5%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company invests its marketable securities in high-quality commercial financial instruments. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on cash and cash equivalents or its marketable securities.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to credit risk from its accounts receivable related to its product sales of GALAFOLD. The Company&#8217;s accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> have arisen from product sales primarily in the EU. The Company will periodically assess the financial strength of its customers to establish allowances for anticipated losses, if any. For accounts receivable that have arisen from named patient sales, the payment terms are predetermined and the Company evaluates the creditworthiness of each customer on a regular basis. To date, the Company has not incurred any credit losses.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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