2019 Q4 Form 10-Q Financial Statement

#000139681419000029 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $122.4M $104.7M $95.12M
YoY Change 28.71% 25.45% 20.28%
Cost Of Revenue $31.90M $22.30M $23.98M
YoY Change 33.05% 16.99% 12.6%
Gross Profit $90.52M $82.38M $71.14M
YoY Change 27.25% 27.95% 23.11%
Gross Profit Margin 73.94% 78.69% 74.79%
Selling, General & Admin $54.20M $50.13M $44.60M
YoY Change 21.52% 13.47% 13.78%
% of Gross Profit 59.88% 60.85% 62.7%
Research & Development $19.70M $20.26M $14.20M
YoY Change 38.73% 35.97% 42.0%
% of Gross Profit 21.76% 24.59% 19.96%
Depreciation & Amortization $5.090M $3.600M $4.060M
YoY Change 25.37% 2.86% 10.93%
% of Gross Profit 5.62% 4.37% 5.71%
Operating Expenses $120.7M $102.3M $82.85M
YoY Change 45.69% 28.81% 17.33%
Operating Profit -$30.19M $2.413M -$11.72M
YoY Change 157.69% -40.39% -8.68%
Interest Expense -$4.300M $5.940M -$3.800M
YoY Change 13.16% 5.28% 0.0%
% of Operating Profit 246.17%
Other Income/Expense, Net -$900.0K -$8.229M -$200.0K
YoY Change 350.0% 73.24%
Pretax Income -$3.500M -$5.816M $8.300M
YoY Change -142.17% 728.49% 80.43%
Income Tax $1.300M $300.0K $0.00
% Of Pretax Income 0.0%
Net Earnings -$4.888M -$6.087M $8.285M
YoY Change -159.0% 851.09% 80.3%
Net Earnings / Revenue -3.99% -5.81% 8.71%
Basic Earnings Per Share -$0.12 -$0.15
Diluted Earnings Per Share -$0.12 -$0.15 $201.9K
COMMON SHARES
Basic Shares Outstanding 41.73M shares 41.65M shares 41.11M shares
Diluted Shares Outstanding 41.65M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $292.0M $265.6M $383.5M
YoY Change -23.86% -31.26% 23.19%
Cash & Equivalents $78.23M $85.14M $132.5M
Short-Term Investments $213.7M $180.5M $250.9M
Other Short-Term Assets $10.80M $10.40M $7.900M
YoY Change 36.71% 60.0% 17.91%
Inventory $58.30M $60.24M $48.57M
Prepaid Expenses
Receivables $47.53M $42.57M $38.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $408.6M $378.8M $478.0M
YoY Change -14.52% -19.74% 22.21%
LONG-TERM ASSETS
Property, Plant & Equipment $104.7M $104.9M $108.7M
YoY Change -3.67% -4.73% 1.52%
Goodwill $99.55M $99.55M $62.04M
YoY Change 60.46% 60.46% 12.4%
Intangibles $104.4M $106.4M $0.00
YoY Change
Long-Term Investments $10.00M $82.10M $40.00M
YoY Change -75.0% 482.27% -46.09%
Other Assets $657.0K
YoY Change -20.36%
Total Long-Term Assets $422.5M $428.6M $211.4M
YoY Change 99.88% 129.23% -10.91%
TOTAL ASSETS
Total Short-Term Assets $408.6M $378.8M $478.0M
Total Long-Term Assets $422.5M $428.6M $211.4M
Total Assets $831.1M $807.5M $689.4M
YoY Change 20.56% 22.52% 9.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.80M $16.06M $14.37M
YoY Change -10.92% 16.45% -1.98%
Accrued Expenses $70.43M $61.00M $45.87M
YoY Change 53.55% 51.15% 11.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $300.0K
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $107.7M $95.84M $60.66M
YoY Change 77.5% 75.78% 7.91%
LONG-TERM LIABILITIES
Long-Term Debt $306.0M $302.1M $290.6M
YoY Change 5.3% 5.3% 5.21%
Other Long-Term Liabilities $1.502M $2.320M $16.87M
YoY Change -91.1% -85.82% 2.28%
Total Long-Term Liabilities $1.502M $2.320M $16.87M
YoY Change -91.1% -85.82% 2.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.7M $95.84M $60.66M
Total Long-Term Liabilities $1.502M $2.320M $16.87M
Total Liabilities $476.1M $461.3M $368.1M
YoY Change 29.34% 28.94% 5.51%
SHAREHOLDERS EQUITY
Retained Earnings -$399.4M -$394.5M -$388.2M
YoY Change 2.88% -0.5% -0.23%
Common Stock $42.00K $42.00K $41.00K
YoY Change 2.44% 2.44% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $354.9M $346.2M $321.2M
YoY Change
Total Liabilities & Shareholders Equity $831.1M $807.5M $689.4M
YoY Change 20.56% 22.52% 9.7%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.888M -$6.087M $8.285M
YoY Change -159.0% 851.09% 80.3%
Depreciation, Depletion And Amortization $5.090M $3.600M $4.060M
YoY Change 25.37% 2.86% 10.93%
Cash From Operating Activities $25.90M $18.36M $21.22M
YoY Change 22.05% 10.4% 25.27%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$1.590M -$2.240M
YoY Change 100.89% -64.27% -55.91%
Acquisitions
YoY Change
Other Investing Activities -$26.30M $7.220M -$120.9M
YoY Change -78.25% -92.7% -978.14%
Cash From Investing Activities -$30.80M $5.630M -$123.2M
YoY Change -74.99% -94.04% -1517.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.020M 1.420M 3.520M
YoY Change -157.39% -52.51% 54.39%
NET CHANGE
Cash From Operating Activities 25.90M 18.36M 21.22M
Cash From Investing Activities -30.80M 5.630M -123.2M
Cash From Financing Activities -2.020M 1.420M 3.520M
Net Change In Cash -6.920M 25.41M -98.42M
YoY Change -92.97% -77.73% -452.63%
FREE CASH FLOW
Cash From Operating Activities $25.90M $18.36M $21.22M
Capital Expenditures -$4.500M -$1.590M -$2.240M
Free Cash Flow $30.40M $19.95M $23.46M
YoY Change 29.58% -5.36% 6.54%

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pcrx Payment Of Contingent Consideration
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pcrx Conversionofprincipalandequitycomponentofconvertibleseniornotes
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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pcrx Increase Decrease In Contingent Consideration
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pcrx Increase Decreasein Accrued Fixed Assets
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Increase Decrease In Asset Retirement Obligations
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300000 USD
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us-gaap Asset Retirement Obligation Accretion Expense
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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P9Y7M28D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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LesseeOperatingLeaseLeaseNotYetCommencedLiabilityRemainderOfFiscalYear
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CY2019Q3 pcrx Lessee Operating Lease Lease Not Yet Commenced Liability Due Year Five
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CY2019Q3 pcrx Lessee Operating Lease Lease Not Yet Commenced Liability Due After Year Five
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CY2019Q3 pcrx Lessee Operating Lease Lease Not Yet Commenced Liability
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us-gaap Amortization Of Intangible Assets
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CY2018Q3 us-gaap Amortization Of Intangible Assets
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2000000.0 USD
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2200000 USD
pcrx Settlement Period Convertible Debt Conversion Request
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200000 USD
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us-gaap Debt Instrument Interest Rate During Period
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us-gaap Debt Instrument Interest Rate During Period
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7000000.0 USD
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80000000.0 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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1600000 USD
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5400000 USD
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900000 USD
pcrx Number Of Major Customers
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3000000 shares
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us-gaap Allocated Share Based Compensation Expense
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24461000 USD
us-gaap Allocated Share Based Compensation Expense
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23539000 USD
CY2019Q3 pcrx Compensationexpensefromstockoptionsemployees
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6257000 USD
CY2018Q3 pcrx Compensationexpensefromstockoptionsemployees
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5270000 USD
pcrx Compensationexpensefromstockoptionsemployees
Compensationexpensefromstockoptionsemployees
16509000 USD
pcrx Compensationexpensefromstockoptionsemployees
Compensationexpensefromstockoptionsemployees
16452000 USD
CY2019Q3 pcrx Compensationexpensefromstockoptionsnonemployeeawards
Compensationexpensefromstockoptionsnonemployeeawards
161000 USD
CY2018Q3 pcrx Compensationexpensefromstockoptionsnonemployeeawards
Compensationexpensefromstockoptionsnonemployeeawards
209000 USD
pcrx Compensationexpensefromstockoptionsnonemployeeawards
Compensationexpensefromstockoptionsnonemployeeawards
408000 USD
pcrx Compensationexpensefromstockoptionsnonemployeeawards
Compensationexpensefromstockoptionsnonemployeeawards
449000 USD
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2639000 USD
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2479000 USD
us-gaap Restricted Stock Expense
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6950000 USD
us-gaap Restricted Stock Expense
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6088000 USD
CY2019Q3 pcrx Compensationexpensefromemployeestockpurchaseplan
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187000 USD
CY2018Q3 pcrx Compensationexpensefromemployeestockpurchaseplan
Compensationexpensefromemployeestockpurchaseplan
150000 USD
pcrx Compensationexpensefromemployeestockpurchaseplan
Compensationexpensefromemployeestockpurchaseplan
594000 USD
pcrx Compensationexpensefromemployeestockpurchaseplan
Compensationexpensefromemployeestockpurchaseplan
550000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
9244000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8108000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
24461000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
23539000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.97
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
35766 shares
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-640000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8756000 USD
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41645000 shares
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40995000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41423000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40833000 shares
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5742000 shares
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6635000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4993000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5952000 shares
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-3234000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
1839000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2345000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-7382000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-2582000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-2541000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-9552000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-1366000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5816000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-702000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7207000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8748000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 USD
CY2018Q3 pcrx Income Tax Provision
IncomeTaxProvision
-100000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000 USD
pcrx Income Tax Provision
IncomeTaxProvision
100000 USD
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1800000 USD
CY2019Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
100000 USD
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
100000 USD
CY2018Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
1300000 USD
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
1500000 USD
CY2018Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
0 USD
CY2018Q4 pcrx Discontinued Operations Residual Lease Costs
DiscontinuedOperationsResidualLeaseCosts
1970000 USD
CY2018Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
282000 USD
CY2018Q4 us-gaap Discontinued Operation Amounts Of Material Contingent Liabilities Remaining
DiscontinuedOperationAmountsOfMaterialContingentLiabilitiesRemaining
2252000 USD
us-gaap Severance Costs1
SeveranceCosts1
480000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
193000 USD
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
167000 USD
us-gaap Payments For Postemployment Benefits
PaymentsForPostemploymentBenefits
321000 USD
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
307000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
628000 USD
us-gaap Other Restructuring Costs
OtherRestructuringCosts
193000 USD
CY2019Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
159000 USD
CY2019Q3 pcrx Discontinued Operations Residual Lease Costs
DiscontinuedOperationsResidualLeaseCosts
0 USD
CY2019Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
597000 USD
CY2019Q3 us-gaap Discontinued Operation Amounts Of Material Contingent Liabilities Remaining
DiscontinuedOperationAmountsOfMaterialContingentLiabilitiesRemaining
756000 USD

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