$OCUL
OCULAR THERAPEUTIX, INC

2016 Q3 Form 10-Q Financial Statement

#000119312516676019 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $477.0K $441.0K $459.0K
YoY Change 11.19% -3.92% 373.2%
Cost Of Revenue $112.0K $105.0K $80.00K
YoY Change 23.08% 31.25% 300.0%
Gross Profit $365.0K $336.0K $379.0K
YoY Change 7.99% -11.35% 392.21%
Gross Profit Margin 76.52% 76.19% 82.57%
Selling, General & Admin $3.917M $4.465M $3.271M
YoY Change 20.56% 36.5% 88.97%
% of Gross Profit 1073.15% 1328.87% 863.06%
Research & Development $5.686M $6.978M $6.743M
YoY Change -31.19% 3.49% 57.11%
% of Gross Profit 1557.81% 2076.79% 1779.16%
Depreciation & Amortization $220.0K $200.0K $190.0K
YoY Change 15.79% 5.26% 26.67%
% of Gross Profit 60.27% 59.52% 50.13%
Operating Expenses $9.603M $11.44M $10.09M
YoY Change -17.24% 13.36% 67.04%
Operating Profit -$9.238M -$11.11M -$9.635M
YoY Change -17.33% 15.28% 62.04%
Interest Expense $426.0K $418.0K $405.0K
YoY Change 4.93% 3.21% 57.59%
% of Operating Profit
Other Income/Expense, Net -$358.0K -$338.0K -$374.0K
YoY Change 2.29% -9.63% -16.14%
Pretax Income -$9.600M -$11.45M -$10.01M
YoY Change -16.67% 14.39% 56.65%
Income Tax
% Of Pretax Income
Net Earnings -$9.596M -$11.45M -$10.01M
YoY Change -16.73% 14.35% 56.59%
Net Earnings / Revenue -2011.74% -2595.24% -2180.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$386.3K -$462.3K -$451.5K
COMMON SHARES
Basic Shares Outstanding 24.82M shares 24.77M shares 21.44M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.75M $83.89M $123.7M
YoY Change -33.35% -32.2% 521.72%
Cash & Equivalents $52.23M $48.17M $78.69M
Short-Term Investments $23.51M $35.72M $45.04M
Other Short-Term Assets $700.0K $700.0K $2.600M
YoY Change -63.16% -73.08% 4.0%
Inventory $126.0K $149.0K $145.0K
Prepaid Expenses
Receivables $200.0K $200.0K $164.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.82M $84.97M $126.6M
YoY Change -33.71% -32.9% 460.5%
LONG-TERM ASSETS
Property, Plant & Equipment $3.795M $3.199M $2.603M
YoY Change 18.85% 22.9% 125.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.700M $200.0K
YoY Change 750.0% 750.0% 0.0%
Total Long-Term Assets $5.523M $4.927M $2.831M
YoY Change 61.44% 74.04% 105.14%
TOTAL ASSETS
Total Short-Term Assets $76.82M $84.97M $126.6M
Total Long-Term Assets $5.523M $4.927M $2.831M
Total Assets $82.35M $89.90M $129.5M
YoY Change -30.99% -30.56% 440.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.680M $1.611M $2.812M
YoY Change 3.45% -42.71% 84.39%
Accrued Expenses $2.791M $2.342M $2.284M
YoY Change -22.28% 2.54% 40.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.800M $2.500M $4.400M
YoY Change -35.59% -43.18% 300.0%
Total Short-Term Liabilities $8.243M $6.419M $9.591M
YoY Change -26.28% -33.07% 113.66%
LONG-TERM LIABILITIES
Long-Term Debt $11.80M $13.00M $10.70M
YoY Change 28.26% 21.5% -21.32%
Other Long-Term Liabilities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -90.0%
Total Long-Term Liabilities $11.80M $13.00M $10.80M
YoY Change 26.88% 20.37% -26.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.243M $6.419M $9.591M
Total Long-Term Liabilities $11.80M $13.00M $10.80M
Total Liabilities $20.05M $19.45M $20.36M
YoY Change -2.23% -4.45% 6.84%
SHAREHOLDERS EQUITY
Retained Earnings -$161.1M -$151.5M -$107.0M
YoY Change 35.87% 41.53% 44.26%
Common Stock $223.3M $221.9M $216.1M
YoY Change 2.75% 2.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.29M $70.45M $109.1M
YoY Change
Total Liabilities & Shareholders Equity $82.35M $89.90M $129.5M
YoY Change -30.99% -30.56% 440.04%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$9.596M -$11.45M -$10.01M
YoY Change -16.73% 14.35% 56.59%
Depreciation, Depletion And Amortization $220.0K $200.0K $190.0K
YoY Change 15.79% 5.26% 26.67%
Cash From Operating Activities -$7.330M -$9.800M -$8.530M
YoY Change -24.43% 14.89% 89.14%
INVESTING ACTIVITIES
Capital Expenditures -$870.0K -$240.0K -$880.0K
YoY Change 987.5% -72.73% 252.0%
Acquisitions
YoY Change
Other Investing Activities $12.19M $12.00M $9.830M
YoY Change -144.31% 22.08%
Cash From Investing Activities $11.32M $11.76M $8.950M
YoY Change -141.04% 31.4% -3680.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 0.000 65.74M
YoY Change -140.0% -100.0% 450.13%
NET CHANGE
Cash From Operating Activities -7.330M -9.800M -8.530M
Cash From Investing Activities 11.32M 11.76M 8.950M
Cash From Financing Activities 80.00K 0.000 65.74M
Net Change In Cash 4.070M 1.960M 66.16M
YoY Change -110.86% -97.04% 820.17%
FREE CASH FLOW
Cash From Operating Activities -$7.330M -$9.800M -$8.530M
Capital Expenditures -$870.0K -$240.0K -$880.0K
Free Cash Flow -$6.460M -$9.560M -$7.650M
YoY Change -32.85% 24.97% 79.58%

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IncreaseDecreaseInDeferredRevenue
-42000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-19058000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2027-07-31
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
370000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1500000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 75px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with 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. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of common stock and stock-based awards.&#xA0;Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</p> </div>
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
857000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
50000000
dei Trading Symbol
TradingSymbol
OCUL
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14051000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
75000
CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
11548000
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
105000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
441000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2881000
us-gaap Share Based Compensation
ShareBasedCompensation
2864000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24761498 shares
ocul Lease Agreement Commencement Date
LeaseAgreementCommencementDate
2017-02-01
ocul Repayments Of Insurance Costs Financed By Third Party
RepaymentsOfInsuranceCostsFinancedByThirdParty
389000
ocul Class Of Warrant Or Rights Date From Which Warrants Or Rights Expired
ClassOfWarrantOrRightsDateFromWhichWarrantsOrRightsExpired
2021-04-17
ocul Warrant Exercised
WarrantExercised
0 shares
ocul Maturity Period For Marketable Securities Classified As Available For Sale
MaturityPeriodForMarketableSecuritiesClassifiedAsAvailableForSale
P1Y
ocul Earliest Year Open For Tax Examination
EarliestYearOpenForTaxExamination
2012
ocul Non Cancelable Operating Leases Expiration Dates
NonCancelableOperatingLeasesExpirationDates
June 2017, June 2018 and July 2027
ocul Discount Premium On Marketable Securities
DiscountPremiumOnMarketableSecurities
-12000
CY2015 ocul Maturity Period For Marketable Securities Classified As Available For Sale
MaturityPeriodForMarketableSecuritiesClassifiedAsAvailableForSale
P1Y
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2973000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11435000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
459000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
195000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11107000
CY2016Q2 us-gaap Investment Income Net
InvestmentIncomeNet
80000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
441000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6978000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1492000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1515000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24770059 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2230000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10017000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
10094000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
80000
CY2015Q2 us-gaap Contracts Revenue
ContractsRevenue
125000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-374000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-10009000
CY2015Q2 us-gaap Interest Expense
InterestExpense
405000
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9635000
CY2015Q2 us-gaap Investment Income Net
InvestmentIncomeNet
28000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
334000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6743000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1041000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1152000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22167274 shares

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