$HRTX
HERON THERAPEUTICS, INC. /DE/

2017 Q2 Form 10-Q Financial Statement

#000119312517252860 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $8.510M
YoY Change
Cost Of Revenue $1.013M
YoY Change
Gross Profit $7.497M
YoY Change
Gross Profit Margin 88.1%
Selling, General & Admin $20.96M $15.78M
YoY Change 32.79% 130.74%
% of Gross Profit 279.51%
Research & Development $28.60M $27.29M
YoY Change 4.8% 68.69%
% of Gross Profit 381.45%
Depreciation & Amortization $410.0K $250.0K
YoY Change 64.0% 47.06%
% of Gross Profit 5.47%
Operating Expenses $50.57M $43.07M
YoY Change 17.41% 87.13%
Operating Profit -$42.06M -$43.07M
YoY Change -2.35% 87.13%
Interest Expense -$744.0K $257.0K
YoY Change -389.49% 8.44%
% of Operating Profit
Other Income/Expense, Net -$744.0K -$160.0K
YoY Change 365.0% -235.59%
Pretax Income -$42.80M -$43.23M
YoY Change -0.99% 87.06%
Income Tax
% Of Pretax Income
Net Earnings -$42.80M -$43.23M
YoY Change -0.99% 87.07%
Net Earnings / Revenue -502.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$795.7K -$1.167M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.3M $74.60M
YoY Change 46.51% -56.5%
Cash & Equivalents $30.28M $61.94M
Short-Term Investments $79.00M $12.70M
Other Short-Term Assets $3.700M $3.200M
YoY Change 15.63% 68.42%
Inventory $4.801M $3.312M
Prepaid Expenses
Receivables $18.62M
Other Receivables $0.00
Total Short-Term Assets $136.4M $81.13M
YoY Change 68.07% -53.22%
LONG-TERM ASSETS
Property, Plant & Equipment $5.754M $4.471M
YoY Change 28.7% 53.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $263.0K $130.0K
YoY Change 102.31% 0.0%
Total Long-Term Assets $6.017M $4.601M
YoY Change 30.78% 51.6%
TOTAL ASSETS
Total Short-Term Assets $136.4M $81.13M
Total Long-Term Assets $6.017M $4.601M
Total Assets $142.4M $85.73M
YoY Change 66.07% -51.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.315M $8.661M
YoY Change -27.09% 189.96%
Accrued Expenses $33.90M $16.70M
YoY Change 102.99% 42.74%
Deferred Revenue
YoY Change
Short-Term Debt $3.300M $0.00
YoY Change
Long-Term Debt Due $2.600M
YoY Change 36.84%
Total Short-Term Liabilities $48.30M $27.89M
YoY Change 73.16% 68.11%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $25.00M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $48.30M $27.89M
Total Long-Term Liabilities $25.00M $0.00
Total Liabilities $73.30M $27.90M
YoY Change 162.71% 68.07%
SHAREHOLDERS EQUITY
Retained Earnings -$679.1M -$489.5M
YoY Change 38.73% 36.38%
Common Stock $539.0K $390.0K
YoY Change 38.21% 9.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.08M $57.84M
YoY Change
Total Liabilities & Shareholders Equity $142.4M $85.73M
YoY Change 66.07% -51.42%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$42.80M -$43.23M
YoY Change -0.99% 87.07%
Depreciation, Depletion And Amortization $410.0K $250.0K
YoY Change 64.0% 47.06%
Cash From Operating Activities -$32.03M -$27.11M
YoY Change 18.15% 71.37%
INVESTING ACTIVITIES
Capital Expenditures -$480.0K -$1.080M
YoY Change -55.56% 440.0%
Acquisitions
YoY Change
Other Investing Activities $2.900M $19.64M
YoY Change -85.23% 8083.33%
Cash From Investing Activities $2.410M $18.56M
YoY Change -87.02% 46300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.62M 2.480M
YoY Change -1052.42% -98.12%
NET CHANGE
Cash From Operating Activities -32.03M -27.11M
Cash From Investing Activities 2.410M 18.56M
Cash From Financing Activities -23.62M 2.480M
Net Change In Cash -53.24M -6.070M
YoY Change 777.1% -105.23%
FREE CASH FLOW
Cash From Operating Activities -$32.03M -$27.11M
Capital Expenditures -$480.0K -$1.080M
Free Cash Flow -$31.55M -$26.03M
YoY Change 21.21% 66.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></div><div style="display: inline; font-weight: bold;">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B</div><div style="display: inline; font-weight: bold;">asis of Presentation</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201c;GAAP&#x201d;) for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for other quarters or the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The condensed consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>has been derived from the audited financial statements as of that date, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all of the information and disclosures required by GAAP. For more complete financial information, these unaudited condensed consolidated financial statements and the notes thereto should be read in conjunction with the audited financial statements included in our Annual Report on Form</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div>&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> which was filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 23, 2017</div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Concentration of Risk</div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash, cash equivalents and short-term investments are financial instruments that potentially subject us to concentrations of credit risk. We deposit our cash in financial institutions. At times, such deposits <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be in excess of insured limits. We <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also invest our excess cash in money market funds, U.S. government and agencies, corporate debt securities and commercial paper. We have established guidelines relative to our diversification of our cash investments and their maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Sales of SUSTOL to ASD Specialty Healthcare, Inc. and Cardinal Health, Inc. each accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of our net revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017. </div>The loss of either of these customers could materially and adversely affect our business, results of operations, financial condition and cash flows.&nbsp;</div></div></div></div>
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CY2016Q2 us-gaap Cost Of Goods Sold
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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CY2017Q2 us-gaap Notes Payable Related Parties Noncurrent
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CY2016Q4 us-gaap Notes Payable Related Parties Noncurrent
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OperatingExpenses
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OperatingExpenses
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OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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12233000
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263000
CY2016Q4 us-gaap Other Assets Noncurrent
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263000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
24000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
11000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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39000
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
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us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
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us-gaap Payments For Restructuring
PaymentsForRestructuring
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1424000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1911000
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3673000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2011Q2 us-gaap Proceeds From Convertible Debt
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CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5076000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25000000
us-gaap Repayments Of Long Term Debt
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CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28597000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.44
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.36
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.21
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y219D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y65D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
315000
CY2017Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
9900000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8510000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
12142000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14770000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
16171000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
586000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
18.89
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1022000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11845000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11966000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
69075000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our critical accounting policies that involve significant judgment and estimates include revenue recognition, inventory, accrued clinical liabilities, income taxes and stock-based compensation. Actual results could differ materially from those estimates.</div></div></div></div>
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
342000
CY2017Q2 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
4332000
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
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CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37048000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52170000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36639000

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