2024 Q2 Form 10-Q Financial Statement

#000139681424000045 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $178.0M $167.1M $160.3M
YoY Change 5.05% 4.23% 1.49%
Cost Of Revenue $44.26M $47.42M $49.02M
YoY Change -8.18% -3.27% 35.89%
Gross Profit $133.8M $119.7M $111.3M
YoY Change 10.31% 7.53% -8.69%
Gross Profit Margin 75.14% 71.63% 69.43%
Selling, General & Admin $68.13M $72.03M $70.84M
YoY Change 5.05% 1.67% 10.24%
% of Gross Profit 50.93% 60.17% 63.64%
Research & Development $20.34M $18.24M $17.14M
YoY Change 8.04% 6.41% -20.67%
% of Gross Profit 15.2% 15.24% 15.4%
Depreciation & Amortization $4.500M $18.43M $19.60M
YoY Change -76.38% -6.0% -2.15%
% of Gross Profit 3.36% 15.39% 17.61%
Operating Expenses $88.46M $90.26M $87.98M
YoY Change -9.73% 2.59% 2.47%
Operating Profit $28.24M $13.21M -$3.091M
YoY Change 21.39% -527.43% -117.77%
Interest Expense $865.0K $3.316M $9.589M
YoY Change -149.32% -65.42% -6.41%
% of Operating Profit 3.06% 25.1%
Other Income/Expense, Net $8.344M $428.0K -$23.38M
YoY Change -3201.86% -101.83% 131.54%
Pretax Income $36.58M $13.64M -$26.47M
YoY Change -3.35% -151.52% -462.96%
Income Tax $17.70M $4.661M -$6.938M
% Of Pretax Income 48.38% 34.17%
Net Earnings $18.89M $8.979M -$19.54M
YoY Change -26.69% -145.96% -386.12%
Net Earnings / Revenue 10.61% 5.37% -12.18%
Basic Earnings Per Share $0.41 $0.19 -$0.43
Diluted Earnings Per Share $0.39 $0.19 -$0.43
COMMON SHARES
Basic Shares Outstanding 46.55M shares 46.50M shares 45.95M shares
Diluted Shares Outstanding 50.54M shares 52.19M shares 45.95M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $404.2M $325.9M $174.0M
YoY Change 83.1% 87.29% -61.52%
Cash & Equivalents $247.1M $184.1M $35.55M
Short-Term Investments $157.2M $141.8M $138.5M
Other Short-Term Assets $19.77M $18.80M $15.93M
YoY Change 13.96% 18.01% -16.4%
Inventory $103.4M $96.78M $92.98M
Prepaid Expenses
Receivables $104.8M $101.6M $93.21M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $632.2M $543.1M $376.1M
YoY Change 47.26% 44.4% -43.61%
LONG-TERM ASSETS
Property, Plant & Equipment $168.9M $171.8M $181.6M
YoY Change -31.4% -5.4% -4.29%
Goodwill $163.2M $163.2M $163.2M
YoY Change 0.0% 0.0% 12.01%
Intangibles $454.6M $468.9M $526.2M
YoY Change -11.19% -10.89% -13.68%
Long-Term Investments $36.50M $36.54M $40.57M
YoY Change 2.45% -9.92% 13.41%
Other Assets $135.1M $141.1M $167.6M
YoY Change -13.45% -15.82% -1.01%
Total Long-Term Assets $1.015B $1.040B $1.147B
YoY Change -8.85% -9.33% -6.3%
TOTAL ASSETS
Total Short-Term Assets $632.2M $543.1M $376.1M
Total Long-Term Assets $1.015B $1.040B $1.147B
Total Assets $1.647B $1.583B $1.523B
YoY Change 6.77% 3.93% -19.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.73M $8.982M $17.26M
YoY Change -22.62% -47.96% 16.29%
Accrued Expenses $64.81M $66.82M $61.63M
YoY Change -0.6% 8.41% -29.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $8.641M $10.85M
YoY Change -100.0% -20.38% -94.4%
Total Short-Term Liabilities $92.69M $93.44M $98.70M
YoY Change -14.89% -5.32% -67.65%
LONG-TERM LIABILITIES
Long-Term Debt $589.3M $511.7M $542.9M
YoY Change 10.73% -5.75% -25.6%
Other Long-Term Liabilities $13.01M $12.69M $11.58M
YoY Change -86.06% 9.59% 7.99%
Total Long-Term Liabilities $13.01M $12.69M $11.58M
YoY Change -97.92% 9.59% 7.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.69M $93.44M $98.70M
Total Long-Term Liabilities $13.01M $12.69M $11.58M
Total Liabilities $767.5M $691.2M $755.4M
YoY Change 4.51% -8.5% -36.09%
SHAREHOLDERS EQUITY
Retained Earnings -$78.93M -$97.82M -$168.3M
YoY Change -44.62% -41.87% 6.62%
Common Stock $47.00K $47.00K $46.00K
YoY Change 2.17% 2.17% 2.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $879.3M $892.2M $768.0M
YoY Change
Total Liabilities & Shareholders Equity $1.647B $1.583B $1.523B
YoY Change 6.77% 3.93% -19.46%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $18.89M $8.979M -$19.54M
YoY Change -26.69% -145.96% -386.12%
Depreciation, Depletion And Amortization $4.500M $18.43M $19.60M
YoY Change -76.38% -6.0% -2.15%
Cash From Operating Activities $53.24M $49.10M $19.13M
YoY Change 22.38% 156.7% -37.85%
INVESTING ACTIVITIES
Capital Expenditures $1.590M $2.836M $6.565M
YoY Change -53.29% -56.8% -14.38%
Acquisitions
YoY Change
Other Investing Activities -$13.62M -$12.69M $72.75M
YoY Change -226.98% -117.45% -136.31%
Cash From Investing Activities -$15.22M -$15.53M $66.18M
YoY Change -307.68% -123.47% -131.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.98M -$2.817M -$153.9M
YoY Change 5577.27% -98.17% -15.24%
NET CHANGE
Cash From Operating Activities 53.24M $49.10M $19.13M
Cash From Investing Activities -15.22M -$15.53M $66.18M
Cash From Financing Activities 24.98M -$2.817M -$153.9M
Net Change In Cash 63.00M $30.75M -$68.59M
YoY Change 22.89% -144.83% -80.88%
FREE CASH FLOW
Cash From Operating Activities $53.24M $49.10M $19.13M
Capital Expenditures $1.590M $2.836M $6.565M
Free Cash Flow $51.65M $46.27M $12.56M
YoY Change 28.81% 268.26% -45.64%

Facts In Submission

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CY2024Q1 pcrx Finite Lived Intangible Asset Expected Amortization Year Nine
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CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
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29.22
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21192000 usd
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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6758000 usd
CY2023 pcrx Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Gain Loss
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61000 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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28011000 usd
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignCurrencyGainLoss
-104000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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27907000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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141920000 usd
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CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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127631000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2024Q1 us-gaap Interest Receivable
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CY2024Q1 pcrx Number Of Major Customers
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3 wholesaler
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CY2024Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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200000 usd
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Compensationexpensefromstockoptionsemployees
6729000 usd
CY2023Q1 pcrx Compensationexpensefromstockoptionsemployees
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6464000 usd
CY2024Q1 us-gaap Restricted Stock Expense
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6210000 usd
CY2023Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
5250000 usd
CY2024Q1 pcrx Compensation Expense From Employee Stock Purchase Plan
CompensationExpenseFromEmployeeStockPurchasePlan
212000 usd
CY2023Q1 pcrx Compensation Expense From Employee Stock Purchase Plan
CompensationExpenseFromEmployeeStockPurchasePlan
276000 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13151000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11990000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7079748 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.40
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
900995 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
31.95
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
155397 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
46.84
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
245082 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
50.23
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7580264 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.35
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.65
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85
CY2024Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2024Q1 us-gaap Net Income Loss
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8979000 usd
CY2023Q1 us-gaap Net Income Loss
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-19536000 usd
CY2024Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
10008000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Parent Diluted
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-19536000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46499000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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45949000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52193000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45949000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2024Q1 us-gaap Earnings Per Share Basic
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0.19
CY2023Q1 us-gaap Earnings Per Share Basic
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-0.43
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-0.43
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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8944000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13162000 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
13657000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-27773000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1299000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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13640000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-26474000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4661000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6938000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26
CY2023Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1000000 usd
CY2024Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1000000 usd
CY2024Q1 us-gaap Restructuring Costs
RestructuringCosts
5535000 usd
CY2023Q1 us-gaap Restructuring Costs
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0 usd
CY2024Q1 pcrx Contingent Consideration Gain Loss Restructuring Charges And Other
ContingentConsiderationGainLossRestructuringChargesAndOther
-1903000 usd
CY2023Q1 pcrx Contingent Consideration Gain Loss Restructuring Charges And Other
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-12107000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
CY2024Q1 us-gaap Restructuring Charges
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3300000 usd
CY2024Q1 us-gaap Payments For Reinsurance
PaymentsForReinsurance
386000 usd
CY2024Q1 us-gaap Restructuring Reserve
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2914000 usd
CY2023Q3 pcrx Litigation Settlement Amount Expected To Be Awarded From Other Party
LitigationSettlementAmountExpectedToBeAwardedFromOtherParty
14500000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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