$INSM
INSMED Inc

2024 Q3 Form 10-Q Financial Statement

#000110450624000026 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $93.43M $90.34M
YoY Change 18.15% 16.98%
Cost Of Revenue $21.17M $20.96M
YoY Change 26.72% 26.33%
Gross Profit $72.26M $69.38M
YoY Change 15.86% 14.42%
Gross Profit Margin 77.34% 76.79%
Selling, General & Admin $106.6M
YoY Change 26.22%
% of Gross Profit 153.61%
Research & Development $150.8M $146.7M
YoY Change 38.17% -25.5%
% of Gross Profit 208.72% 211.53%
Depreciation & Amortization $3.377M
YoY Change 3.84%
% of Gross Profit 4.87%
Operating Expenses $150.8M $146.7M
YoY Change 38.17% -48.08%
Operating Profit -$213.4M -$288.9M
YoY Change 44.53% 30.12%
Interest Expense $21.05M $21.27M
YoY Change 3.78% -325.12%
% of Operating Profit
Other Income/Expense, Net $1.843M -$269.0K
YoY Change 546.67% -138.65%
Pretax Income -$219.5M -$299.8M
YoY Change 38.59% 22.72%
Income Tax $1.000M $800.0K
% Of Pretax Income
Net Earnings -$220.5M -$300.6M
YoY Change 38.75% 22.79%
Net Earnings / Revenue -236.04% -332.75%
Basic Earnings Per Share -$1.27 -$1.94
Diluted Earnings Per Share -$1.27 -$1.94
COMMON SHARES
Basic Shares Outstanding 171.8M shares 148.6M shares
Diluted Shares Outstanding 173.7M shares 154.7M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.247B
YoY Change 35.85%
Cash & Equivalents $461.5M $1.247B
Short-Term Investments $0.00
Other Short-Term Assets $41.02M
YoY Change 55.62%
Inventory $98.47M $90.06M
Prepaid Expenses
Receivables $42.32M $40.30M
Other Receivables $0.00
Total Short-Term Assets $1.650B $1.418B
YoY Change 78.06% 34.75%
LONG-TERM ASSETS
Property, Plant & Equipment $75.27M $72.78M
YoY Change 16.46% -27.89%
Goodwill $136.1M $136.1M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.83M
YoY Change 2.86%
Total Long-Term Assets $403.1M $391.9M
YoY Change 1.21% 1.35%
TOTAL ASSETS
Total Short-Term Assets $1.650B $1.418B
Total Long-Term Assets $403.1M $391.9M
Total Assets $2.053B $1.810B
YoY Change 54.96% 25.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.95M $51.36M
YoY Change -0.65% -12.63%
Accrued Expenses $229.4M
YoY Change 60.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $224.4M
YoY Change 9079.88%
Total Short-Term Liabilities $259.2M $524.2M
YoY Change 31.75% 156.61%
LONG-TERM LIABILITIES
Long-Term Debt $954.8M $946.8M
YoY Change -16.79% -18.95%
Other Long-Term Liabilities $3.356M $3.193M
YoY Change -43.29% -98.56%
Total Long-Term Liabilities $958.2M $950.0M
YoY Change -16.93% -31.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $259.2M $524.2M
Total Long-Term Liabilities $958.2M $950.0M
Total Liabilities $1.570B $1.771B
YoY Change -2.77% 11.06%
SHAREHOLDERS EQUITY
Retained Earnings -$4.124B -$3.904B
YoY Change 26.51% 25.88%
Common Stock $1.788M $1.667M
YoY Change 25.03% 16.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $483.4M $38.82M
YoY Change
Total Liabilities & Shareholders Equity $2.053B $1.810B
YoY Change 54.96% 25.78%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$220.5M -$300.6M
YoY Change 38.75% 22.79%
Depreciation, Depletion And Amortization $3.377M
YoY Change 3.84%
Cash From Operating Activities -$123.0M
YoY Change 0.13%
INVESTING ACTIVITIES
Capital Expenditures $6.783M
YoY Change 38.91%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$6.783M
YoY Change -97.53%
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
YoY Change 1663.06%
NET CHANGE
Cash From Operating Activities -123.0M
Cash From Investing Activities -6.783M
Cash From Financing Activities 781.5M
Net Change In Cash 651.8M
YoY Change -284.83%
FREE CASH FLOW
Cash From Operating Activities -$123.0M
Capital Expenditures $6.783M
Free Cash Flow -$129.7M
YoY Change 1.61%

Facts In Submission

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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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FinanceLeasePrincipalPayments
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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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>
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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CY2023 us-gaap Number Of Reporting Units
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Diluted
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2024Q2 insm Business Combination Deferred Liability
BusinessCombinationDeferredLiability
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InventoryRawMaterialsNetOfReserves
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InventoryWorkInProcessNetOfReserves
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InventoryWorkInProcessNetOfReserves
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P12Y
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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FiniteLivedIntangibleAssetsGross
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us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
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us-gaap Amortization Of Intangible Assets
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2526000 usd
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FiniteLivedIntangibleAssetsNet
66230000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
136100000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
136100000 usd
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PropertyPlantAndEquipmentGross
120119000 usd
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PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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44628000 usd
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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AccountsPayableCurrent
51363000 usd
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CY2024Q2 insm Accrued Clinical Trial Expenses
AccruedClinicalTrialExpenses
22581000 usd
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AccruedClinicalTrialExpenses
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AccruedProfessionalFeesCurrentAndNoncurrent
16114000 usd
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AccruedProfessionalFeesCurrentAndNoncurrent
13885000 usd
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AccruedTechnicalOperationExpenses
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AccruedTechnicalOperationExpenses
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CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
48933000 usd
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5674000 usd
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
2175000 usd
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InterestPayableCurrent
2175000 usd
CY2024Q2 insm Revenue Interest Payments Payable
RevenueInterestPaymentsPayable
3613000 usd
CY2023Q4 insm Revenue Interest Payments Payable
RevenueInterestPaymentsPayable
3347000 usd
CY2024Q2 insm Accrued Sales Allowances And Related Costs
AccruedSalesAllowancesAndRelatedCosts
14479000 usd
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AccruedSalesAllowancesAndRelatedCosts
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CY2024Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
17188000 usd
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BusinessCombinationDeferredPaymentsCurrent
81600000 usd
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BusinessCombinationDeferredPaymentsCurrent
6700000 usd
CY2024Q2 insm Accrued Milestone Payment Current
AccruedMilestonePaymentCurrent
12500000 usd
CY2023Q4 insm Accrued Milestone Payment Current
AccruedMilestonePaymentCurrent
0 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8648000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10360000 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
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290844000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
3200000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
4100000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
8100000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
4200000 usd
CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
130000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5656000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1881000 usd
CY2024Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
54400000 usd
CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
49100000 usd
CY2024Q2 insm Interest Expense Excluding Finance Lease Interest Expense
InterestExpenseExcludingFinanceLeaseInterestExpense
20703000 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
21267000 usd
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
166666599 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
166666599 shares
CY2024Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
51.50
CY2024Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
34300000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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insm Share Based Compensation Arrangement By Share Based Payment Award Inducement Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardInducementOptionsGrantsInPeriodGross
899330 shares
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2800000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2100000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
5900000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4300000 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
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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