2018 Q4 Form 10-Q Financial Statement

#000117887918000027 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $32.64M $20.60M $10.87M
YoY Change 121.62% 89.41% 410.52%
Cost Of Revenue $4.340M $4.310M $1.790M
YoY Change 66.28% 140.78% 426.47%
Gross Profit $28.30M $16.29M $9.084M
YoY Change 133.5% 79.28% 410.34%
Gross Profit Margin 86.69% 79.07% 83.54%
Selling, General & Admin $38.77M $31.87M $21.65M
YoY Change 35.65% 47.21% 23.91%
% of Gross Profit 137.0% 195.67% 238.3%
Research & Development $57.22M $138.2M $40.64M
YoY Change 24.91% 240.12% 25.2%
% of Gross Profit 202.19% 848.75% 447.39%
Depreciation & Amortization $1.200M $1.073M $851.0K
YoY Change 9.09% 26.09% -5.44%
% of Gross Profit 4.24% 6.59% 9.37%
Operating Expenses $97.79M $172.5M $284.3M
YoY Change 22.54% -39.34% 508.55%
Operating Profit -$69.49M -$156.2M -$275.2M
YoY Change 2.67% -43.25% 512.44%
Interest Expense -$5.550M $4.715M $4.351M
YoY Change 83.17% 8.37% -510.47%
% of Operating Profit
Other Income/Expense, Net -$2.040M -$1.039M $2.044M
YoY Change -314.74% -150.83% -324.62%
Pretax Income -$77.07M -$159.2M -$276.3M
YoY Change 10.49% -42.39% 489.1%
Income Tax $1.110M -$51.00K -$164.7M
% Of Pretax Income
Net Earnings -$78.08M -$159.2M -$111.7M
YoY Change 12.82% 42.53% 139.37%
Net Earnings / Revenue -239.2% -772.79% -1026.91%
Basic Earnings Per Share
Diluted Earnings Per Share -$412.4K -$841.4K -$694.5K
COMMON SHARES
Basic Shares Outstanding 189.3M shares 189.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.2M $564.4M $411.5M
YoY Change 40.6% 37.16% 93.74%
Cash & Equivalents $79.75M $201.8M $64.13M
Short-Term Investments $424.4M $362.6M $347.4M
Other Short-Term Assets $16.60M $16.20M $6.200M
YoY Change -13.99% 161.29% 19.23%
Inventory $8.390M $6.311M $7.300M
Prepaid Expenses
Receivables $21.96M $14.19M $6.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $551.1M $601.0M $431.0M
YoY Change 40.6% 39.45% 94.41%
LONG-TERM ASSETS
Property, Plant & Equipment $11.38M $10.66M $9.600M
YoY Change 25.52% 11.03% -5.88%
Goodwill $197.8M $197.8M $197.8M
YoY Change 0.0% 0.0%
Intangibles $23.00M $23.00M
YoY Change 0.0%
Long-Term Investments $15.10M
YoY Change
Other Assets $6.683M $6.099M $4.200M
YoY Change 28.52% 45.21% 133.33%
Total Long-Term Assets $238.9M $237.6M $249.8M
YoY Change 1.61% -4.9% -64.13%
TOTAL ASSETS
Total Short-Term Assets $551.1M $601.0M $431.0M
Total Long-Term Assets $238.9M $237.6M $249.8M
Total Assets $790.0M $838.6M $680.8M
YoY Change 25.98% 23.18% -25.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.606M $54.30M $53.70M
YoY Change -16.03% 1.12% 85.17%
Accrued Expenses
YoY Change
Deferred Revenue $9.000M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $86.13M $65.88M $68.20M
YoY Change 22.97% -3.4% -20.33%
LONG-TERM LIABILITIES
Long-Term Debt $321.7M $318.8M $161.6M
YoY Change 95.92% 97.28%
Other Long-Term Liabilities $2.853M $3.029M $32.10M
YoY Change 21.61% -90.56% -89.96%
Total Long-Term Liabilities $2.853M $3.029M $193.7M
YoY Change 21.61% -98.44% -39.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.13M $65.88M $68.20M
Total Long-Term Liabilities $2.853M $3.029M $193.7M
Total Liabilities $447.0M $427.6M $271.1M
YoY Change 63.05% 57.74% -53.39%
SHAREHOLDERS EQUITY
Retained Earnings -$1.412B -$1.334B
YoY Change 32.78%
Common Stock $1.742B $1.733B
YoY Change 24.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $342.9M $411.0M $409.7M
YoY Change
Total Liabilities & Shareholders Equity $790.0M $838.6M $680.8M
YoY Change 25.98% 23.18% -25.85%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$78.08M -$159.2M -$111.7M
YoY Change 12.82% 42.53% 139.37%
Depreciation, Depletion And Amortization $1.200M $1.073M $851.0K
YoY Change 9.09% 26.09% -5.44%
Cash From Operating Activities -$60.68M -$132.8M -$48.90M
YoY Change -16.92% 171.49% 19.62%
INVESTING ACTIVITIES
Capital Expenditures -$1.740M -$2.690M -$1.120M
YoY Change 53.98% 140.18% 23.08%
Acquisitions
YoY Change
Other Investing Activities -$62.06M $117.2M -$172.8M
YoY Change -217.85% -167.81% 502.06%
Cash From Investing Activities -$63.80M $114.5M -$173.9M
YoY Change -223.79% -165.82% 487.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $243.0M
YoY Change 506.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 360.0K 146.8M 250.2M
YoY Change -94.75% -41.32% 531.16%
NET CHANGE
Cash From Operating Activities -60.68M -132.8M -48.90M
Cash From Investing Activities -63.80M 114.5M -173.9M
Cash From Financing Activities 360.0K 146.8M 250.2M
Net Change In Cash -124.1M 128.5M 27.37M
YoY Change 747.81% 369.6% -188.72%
FREE CASH FLOW
Cash From Operating Activities -$60.68M -$132.8M -$48.90M
Capital Expenditures -$1.740M -$2.690M -$1.120M
Free Cash Flow -$58.94M -$130.1M -$47.78M
YoY Change -18.04% 172.23% 19.54%

Facts In Submission

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us-gaap Concentration Risk Credit Risk
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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</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">September&#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.</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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