2024 Q2 Form 10-Q Financial Statement

#000110450624000016 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $90.34M $75.50M
YoY Change 16.98% 15.77%
Cost Of Revenue $20.96M $17.46M
YoY Change 26.33% 26.23%
Gross Profit $69.38M $58.04M
YoY Change 14.42% 12.96%
Gross Profit Margin 76.79% 76.88%
Selling, General & Admin $106.6M $93.10M
YoY Change 26.22% 16.5%
% of Gross Profit 153.61% 160.4%
Research & Development $146.7M $121.1M
YoY Change -25.5% -5.3%
% of Gross Profit 211.53% 208.61%
Depreciation & Amortization $3.377M $1.588M
YoY Change 3.84% 27.24%
% of Gross Profit 4.87% 2.74%
Operating Expenses $146.7M $121.1M
YoY Change -48.08% -5.3%
Operating Profit -$288.9M -$145.5M
YoY Change 30.12% -1.79%
Interest Expense $21.27M $21.04M
YoY Change -325.12% 5.19%
% of Operating Profit
Other Income/Expense, Net -$269.0K -$1.100M
YoY Change -138.65% 890.99%
Pretax Income -$299.8M -$156.5M
YoY Change 22.72% -1.74%
Income Tax $800.0K $600.0K
% Of Pretax Income
Net Earnings -$300.6M -$157.1M
YoY Change 22.79% -1.67%
Net Earnings / Revenue -332.75% -208.07%
Basic Earnings Per Share -$1.94 -$1.06
Diluted Earnings Per Share -$1.94 -$1.06
COMMON SHARES
Basic Shares Outstanding 148.6M shares 148.5M shares
Diluted Shares Outstanding 154.7M shares 148.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.247B $595.7M
YoY Change 35.85% -40.35%
Cash & Equivalents $1.247B $595.7M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $41.02M $42.87M
YoY Change 55.62% 50.21%
Inventory $90.06M $82.96M
Prepaid Expenses
Receivables $40.30M $37.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.418B $758.7M
YoY Change 34.75% -32.8%
LONG-TERM ASSETS
Property, Plant & Equipment $72.78M $68.66M
YoY Change -27.89% 15.29%
Goodwill $136.1M $136.1M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.83M $95.70M
YoY Change 2.86% 17.68%
Total Long-Term Assets $391.9M $400.4M
YoY Change 1.35% 3.02%
TOTAL ASSETS
Total Short-Term Assets $1.418B $758.7M
Total Long-Term Assets $391.9M $400.4M
Total Assets $1.810B $1.159B
YoY Change 25.78% -23.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.36M $44.02M
YoY Change -12.63% -22.33%
Accrued Expenses $229.4M $146.9M
YoY Change 60.42% 16.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $224.4M $224.2M
YoY Change 9079.88% 10288.97%
Total Short-Term Liabilities $524.2M $420.9M
YoY Change 156.61% 123.88%
LONG-TERM LIABILITIES
Long-Term Debt $946.8M $939.1M
YoY Change -18.95% -17.06%
Other Long-Term Liabilities $3.193M $3.166M
YoY Change -98.56% -67.94%
Total Long-Term Liabilities $950.0M $942.2M
YoY Change -31.68% -17.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $524.2M $420.9M
Total Long-Term Liabilities $950.0M $942.2M
Total Liabilities $1.771B $1.624B
YoY Change 11.06% 3.94%
SHAREHOLDERS EQUITY
Retained Earnings -$3.904B -$3.603B
YoY Change 25.88% 26.15%
Common Stock $1.667M $1.486M
YoY Change 16.74% 8.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.82M -$464.8M
YoY Change
Total Liabilities & Shareholders Equity $1.810B $1.159B
YoY Change 25.78% -23.63%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$300.6M -$157.1M
YoY Change 22.79% -1.67%
Depreciation, Depletion And Amortization $3.377M $1.588M
YoY Change 3.84% 27.24%
Cash From Operating Activities -$123.0M -$184.0M
YoY Change 0.13% 25.79%
INVESTING ACTIVITIES
Capital Expenditures $6.783M $4.679M
YoY Change 38.91% 37.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $300.0M
YoY Change -100.0% 566.67%
Cash From Investing Activities -$6.783M $295.3M
YoY Change -97.53% 609.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 781.5M $3.022M
YoY Change 1663.06% -857.39%
NET CHANGE
Cash From Operating Activities -123.0M -$184.0M
Cash From Investing Activities -6.783M $295.3M
Cash From Financing Activities 781.5M $3.022M
Net Change In Cash 651.8M $113.4M
YoY Change -284.83% -207.82%
FREE CASH FLOW
Cash From Operating Activities -$123.0M -$184.0M
Capital Expenditures $6.783M $4.679M
Free Cash Flow -$129.7M -$188.7M
YoY Change 1.61% 26.06%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt;margin-top:6pt;text-indent:36pt"><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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions. The amounts of assets and liabilities reported in the Company's balance sheets and the amounts of revenues and expenses reported for each period presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue allowances, stock-based compensation, income taxes, loss contingencies, acquisition related intangibles including in process research and development (IPR&amp;D) and goodwill, fair value of contingent consideration, and accounting for research and development costs. Actual results could differ from those estimates.</span></div>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt;margin-top:6pt;text-indent:36pt"><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><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 concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash equivalents with high credit-quality financial institutions and may invest its investments in US treasury securities, mutual funds and government agency bonds. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity.</span></div>The Company is exposed to risks associated with extending credit to customers related to the sale of products. The Company does not require collateral to secure amounts due from its customers. The Company uses an expected loss methodology to calculate allowances for trade receivables. The Company's measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company does not currently have a material allowance for uncollectible trade receivables.
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CY2024Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
300000000 usd
CY2024Q1 insm Business Combination Deferred Liability
BusinessCombinationDeferredLiability
5000000.0 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75500000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65214000 usd
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
21943000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
24562000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
29359000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
33480000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
31655000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
25206000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
82957000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
83248000 usd
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
5100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
5100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5100000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
63704000 usd
CY2024Q1 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
0 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1263000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
62441000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
68756000 usd
CY2023Q1 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
0 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1263000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
67493000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
136100000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
136100000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
114633000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
110012000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
45973000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
44628000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68660000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
65384000 usd
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
44018000 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
65393000 usd
CY2024Q1 insm Accrued Clinical Trial Expenses
AccruedClinicalTrialExpenses
23754000 usd
CY2023Q4 insm Accrued Clinical Trial Expenses
AccruedClinicalTrialExpenses
23711000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
16728000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
13885000 usd
CY2024Q1 insm Accrued Technical Operation Expenses
AccruedTechnicalOperationExpenses
10293000 usd
CY2023Q4 insm Accrued Technical Operation Expenses
AccruedTechnicalOperationExpenses
9187000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
23803000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
48933000 usd
CY2024Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
6514000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
5674000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2269000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2175000 usd
CY2024Q1 insm Revenue Interest Payments Payable
RevenueInterestPaymentsPayable
3020000 usd
CY2023Q4 insm Revenue Interest Payments Payable
RevenueInterestPaymentsPayable
3347000 usd
CY2024Q1 insm Accrued Sales Allowancesand Related Costs
AccruedSalesAllowancesandRelatedCosts
17159000 usd
CY2023Q4 insm Accrued Sales Allowancesand Related Costs
AccruedSalesAllowancesandRelatedCosts
10937000 usd
CY2024Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
15896000 usd
CY2023Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
14685000 usd
CY2024Q1 insm Business Combination Deferred Payments Current
BusinessCombinationDeferredPaymentsCurrent
15700000 usd
CY2023Q4 insm Business Combination Deferred Payments Current
BusinessCombinationDeferredPaymentsCurrent
6700000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10208000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10360000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
189362000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
214987000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4900000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5656000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1751000 usd
CY2024Q1 insm Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
52000000 usd
CY2023 insm Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
49100000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
224194000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
939081000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1155313000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
224194000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
6200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
225000000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
191890000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
191889000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
575000000 usd
CY2024Q1 insm Long Term Debt Maturity After Year Four And Thereafter
LongTermDebtMaturityAfterYearFourAndThereafter
0 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
1183779000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1851000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1724000 usd
CY2024Q1 us-gaap Interest Income Other
InterestIncomeOther
754000 usd
CY2023Q1 us-gaap Interest Income Other
InterestIncomeOther
73000 usd
CY2024Q1 insm Interest Expense Excluding Finance Lease Interest Expense
InterestExpenseExcludingFinanceLeaseInterestExpense
20465000 usd
CY2023Q1 insm Interest Expense Excluding Finance Lease Interest Expense
InterestExpenseExcludingFinanceLeaseInterestExpense
19389000 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
577000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
614000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
21042000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
20003000 usd
CY2024Q1 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
156967000 usd
CY2023Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
155034000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
148560882 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
148560882 shares
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
20.00
CY2022Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
16200000 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q1 insm Share Based Compensation Arrangement By Share Based Payment Award Inducement Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardInducementOptionsGrantsInPeriodGross
358140 shares
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3100000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2200000 usd
CY2023Q2 us-gaap Share Price
SharePrice
21.10
CY2023Q1 us-gaap Share Price
SharePrice
18.50
CY2021Q2 insm Business Acquisition Consecutive Trading Day Period
BusinessAcquisitionConsecutiveTradingDayPeriod
45 days
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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