2022 Q1 Form 10-K Financial Statement

#000095017022001284 Filed on February 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $79.94M $83.39M $351.4M
YoY Change -19.58% -8.91% 29.66%
Cost Of Revenue $6.100M $3.509M $16.01M
YoY Change 17.53% -35.97% 162.43%
Gross Profit $73.84M $79.88M $335.4M
YoY Change -21.63% -7.18% 26.61%
Gross Profit Margin 92.37% 95.79% 95.44%
Selling, General & Admin $67.31M $59.43M $220.0M
YoY Change 26.39% 16.44% 20.25%
% of Gross Profit 91.17% 74.4% 65.59%
Research & Development $143.2M $123.0M $497.2M
YoY Change -2.96% -6.17% 20.64%
% of Gross Profit 193.89% 154.0% 148.23%
Depreciation & Amortization $4.088M $3.534M $13.24M
YoY Change 21.41% 12.91% 7.98%
% of Gross Profit 5.54% 4.42% 3.95%
Operating Expenses $210.5M $182.4M $717.1M
YoY Change 4.83% -2.76% 20.52%
Operating Profit -$136.6M -$102.6M -$381.7M
YoY Change 28.21% 0.99% 15.64%
Interest Expense -$8.835M -$15.66M -$40.14M
YoY Change -55.78% -119.57% -122.62%
% of Operating Profit
Other Income/Expense, Net $289.0K -$4.214M -$1.687M
YoY Change -136.35% -46.66% -377.92%
Pretax Income -$151.8M -$122.4M -$453.0M
YoY Change 11.79% 411.44% 144.38%
Income Tax $558.0K $20.00K $1.044M
% Of Pretax Income
Net Earnings -$152.3M -$122.5M -$454.0M
YoY Change 11.88% 410.01% 143.36%
Net Earnings / Revenue -190.55% -146.85% -129.2%
Basic Earnings Per Share -$2.19 -$6.70
Diluted Earnings Per Share -$2.191M -$1.786M -$6.697M
COMMON SHARES
Basic Shares Outstanding 69.38M 68.16M 67.80M
Diluted Shares Outstanding 69.52M 67.80M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $598.3M $740.2M $740.2M
YoY Change -38.02% -38.4% -38.39%
Cash & Equivalents $154.0M $307.6M $307.6M
Short-Term Investments $444.3M $432.6M $432.6M
Other Short-Term Assets $63.02M $71.75M $71.75M
YoY Change -7.32% 24.56% 24.56%
Inventory $17.81M $16.23M $16.23M
Prepaid Expenses
Receivables $28.37M $28.43M $28.43M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $707.5M $856.6M $856.6M
YoY Change -33.93% -33.87% -33.87%
LONG-TERM ASSETS
Property, Plant & Equipment $177.1M $141.2M $176.2M
YoY Change 40.42% 92.13% 54.55%
Goodwill $44.41M $44.41M
YoY Change 0.0%
Intangibles $160.0M $130.8M
YoY Change -0.25%
Long-Term Investments $241.1M $293.9M $293.9M
YoY Change 11.42% 77.13% 77.13%
Other Assets $21.22M $20.56M $20.56M
YoY Change 138.4% 133.3% 133.61%
Total Long-Term Assets $676.5M $665.8M $665.8M
YoY Change 28.39% 43.41% 43.4%
TOTAL ASSETS
Total Short-Term Assets $707.5M $856.6M $856.6M
Total Long-Term Assets $676.5M $665.8M $665.8M
Total Assets $1.384B $1.522B $1.522B
YoY Change -13.38% -13.48% -13.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.69M $17.14M $17.14M
YoY Change 50.86% 32.62% 32.85%
Accrued Expenses $126.4M $145.6M $156.1M
YoY Change 52.79% 34.16% 33.38%
Deferred Revenue $5.867M $9.076M
YoY Change -76.62% -86.37%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $568.0K $568.0K
YoY Change 13.6% 13.6%
Total Short-Term Liabilities $167.2M $181.4M $181.4M
YoY Change 31.68% -4.35% -4.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $410.0K $410.0K
YoY Change -41.43% -41.43%
Other Long-Term Liabilities $3.392M $1.005M $384.8M
YoY Change -99.11% -86.32% 0.83%
Total Long-Term Liabilities $3.392M $1.005M $385.2M
YoY Change -99.11% -86.32% 0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $167.2M $181.4M $181.4M
Total Long-Term Liabilities $3.392M $1.005M $385.2M
Total Liabilities $587.6M $599.8M $599.8M
YoY Change 8.17% -0.88% -0.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.226B -$2.074B
YoY Change 28.03%
Common Stock $70.00K $69.00K
YoY Change 2.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $796.4M $922.6M $922.6M
YoY Change
Total Liabilities & Shareholders Equity $1.384B $1.522B $1.522B
YoY Change -13.38% -13.48% -13.48%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$152.3M -$122.5M -$454.0M
YoY Change 11.88% 410.01% 143.36%
Depreciation, Depletion And Amortization $4.088M $3.534M $13.24M
YoY Change 21.41% 12.91% 7.98%
Cash From Operating Activities -$117.5M -$54.34M -$338.7M
YoY Change -26.25% -12.98% 156.16%
INVESTING ACTIVITIES
Capital Expenditures $32.18M -$16.05M $73.09M
YoY Change 96.08% -18.46% 66.48%
Acquisitions $0.00
YoY Change
Other Investing Activities -$2.578M $85.10M $942.0K
YoY Change -98.45% -27.61% -83.04%
Cash From Investing Activities -$37.36M $69.06M -$195.4M
YoY Change -79.52% -29.46% 9.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.612M 85.73M 118.6M
YoY Change -87.26% -82.49% -80.25%
NET CHANGE
Cash From Operating Activities -117.5M -54.34M -338.7M
Cash From Investing Activities -37.36M 69.06M -195.4M
Cash From Financing Activities 1.612M 85.73M 118.6M
Net Change In Cash -153.4M 100.4M -416.7M
YoY Change -53.51% -80.87% -243.67%
FREE CASH FLOW
Cash From Operating Activities -$117.5M -$54.34M -$338.7M
Capital Expenditures $32.18M -$16.05M $73.09M
Free Cash Flow -$149.7M -$38.30M -$411.8M
YoY Change -14.82% -10.46% 133.8%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:13.5pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:4.5pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the Consolidated Financial Statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, income taxes, stock-based compensation, and the liability related to the sale of future royalties. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</span></p>
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