2022 Q4 Form 10-Q Financial Statement

#000095017022022901 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.865M $1.739M $1.440M
YoY Change 74.48% 20.76% -12.14%
Cost Of Revenue $143.0K $184.0K $131.0K
YoY Change 64.37% 40.46% 31.0%
Gross Profit $2.722M $1.555M $1.309M
YoY Change 75.05% 18.79% -12.73%
Gross Profit Margin 95.01% 89.42% 90.9%
Selling, General & Admin $67.33M $61.48M $48.71M
YoY Change 30.49% 26.23% 38.76%
% of Gross Profit 2473.51% 3953.83% 3720.86%
Research & Development $89.30M $81.55M $83.50M
YoY Change 18.36% -2.33% 12.68%
% of Gross Profit 3280.49% 5244.57% 6378.69%
Depreciation & Amortization $290.0K $278.0K $400.0K
YoY Change -12.91% -30.5% -42.86%
% of Gross Profit 10.65% 17.88% 30.56%
Operating Expenses $156.6M $143.2M $132.2M
YoY Change 23.29% 8.33% 21.51%
Operating Profit -$153.9M -$141.5M -$130.9M
YoY Change 22.64% 8.09% 22.15%
Interest Expense $6.793M $4.127M $692.0K
YoY Change 804.53% 496.39% -46.77%
% of Operating Profit
Other Income/Expense, Net -$37.00K $30.00K $31.00K
YoY Change -254.17% -3.23% -69.0%
Pretax Income -$147.1M -$137.3M -$130.2M
YoY Change 17.99% 5.49% 23.15%
Income Tax
% Of Pretax Income
Net Earnings -$147.1M -$137.3M -$130.2M
YoY Change 17.99% 5.49% 23.11%
Net Earnings / Revenue -5135.99% -7896.66% -9039.65%
Basic Earnings Per Share -$2.31 -$2.21
Diluted Earnings Per Share -$2.47 -$2.31 -$2.213M
COMMON SHARES
Basic Shares Outstanding 59.49M 59.42M 58.82M
Diluted Shares Outstanding 59.43M 58.82M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.272B $1.394B $1.844B
YoY Change -26.96% -24.44% 174.92%
Cash & Equivalents $162.7M $199.8M $423.4M
Short-Term Investments $1.110B $1.194B $1.421B
Other Short-Term Assets $50.83M $53.02M $34.34M
YoY Change 27.57% 54.37% 13.34%
Inventory
Prepaid Expenses
Receivables $13.66M $18.45M $24.19M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.337B $1.465B $1.902B
YoY Change -25.75% -22.96% 172.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.898M $2.821M $2.907M
YoY Change -3.91% -2.96% -60.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.770M $4.909M $5.144M
YoY Change 12.21% -4.57% -11.31%
Total Long-Term Assets $19.47M $20.97M $25.48M
YoY Change -21.0% -17.71% -35.81%
TOTAL ASSETS
Total Short-Term Assets $1.337B $1.465B $1.902B
Total Long-Term Assets $19.47M $20.97M $25.48M
Total Assets $1.356B $1.486B $1.927B
YoY Change -25.69% -22.89% 160.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.95M $7.077M $4.733M
YoY Change 81.34% 49.52% -119.01%
Accrued Expenses $72.67M $85.01M $66.80M
YoY Change 8.01% 27.27% 42.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $99.26M $99.69M $78.94M
YoY Change 16.51% 26.28% 32.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $12.58M
YoY Change 0.0% -99.21% -41.2%
Total Long-Term Liabilities $100.0K $100.0K $12.58M
YoY Change 0.0% -99.21% -41.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.26M $99.69M $78.94M
Total Long-Term Liabilities $100.0K $100.0K $12.58M
Total Liabilities $103.9M $106.0M $91.53M
YoY Change 7.89% 15.76% 13.0%
SHAREHOLDERS EQUITY
Retained Earnings -$2.000B -$1.900B
YoY Change 33.74%
Common Stock $3.291B $3.276B
YoY Change 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.253B $1.380B $1.836B
YoY Change
Total Liabilities & Shareholders Equity $1.356B $1.486B $1.927B
YoY Change -25.69% -22.89% 160.92%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$147.1M -$137.3M -$130.2M
YoY Change 17.99% 5.49% 23.11%
Depreciation, Depletion And Amortization $290.0K $278.0K $400.0K
YoY Change -12.91% -30.5% -42.86%
Cash From Operating Activities -$126.9M -$118.9M -$68.83M
YoY Change 30.19% 72.7% -24.37%
INVESTING ACTIVITIES
Capital Expenditures $282.0K -$364.0K $0.00
YoY Change -175.81%
Acquisitions
YoY Change
Other Investing Activities $90.06M $111.3M -$24.98M
YoY Change -401.31% -545.57% -285.06%
Cash From Investing Activities $89.78M $111.0M -$24.98M
YoY Change -396.68% -544.11% -285.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.00K 1.229M 1.816M
YoY Change -117.06% -32.32% -49.56%
NET CHANGE
Cash From Operating Activities -126.9M -118.9M -68.83M
Cash From Investing Activities 89.78M 111.0M -24.98M
Cash From Financing Activities 29.00K 1.229M 1.816M
Net Change In Cash -37.13M -6.684M -91.99M
YoY Change -70.98% -92.73% 24.48%
FREE CASH FLOW
Cash From Operating Activities -$126.9M -$118.9M -$68.83M
Capital Expenditures $282.0K -$364.0K $0.00
Free Cash Flow -$127.2M -$118.5M -$68.83M
YoY Change 30.97% 72.17% -24.37%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:6.0pt;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:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The full extent to which the COVID-19 pandemic and its downstream effects may directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend in large part on future developments, which cannot be predicted with confidence at this time, including: the scope, duration and severity of ongoing and future waves of the pandemic, including the impact of any variant strains of the COVID-19 virus; </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the extent of healthcare staffing shortages that have continued even as COVID-19-related restrictions have eased;</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> the impact of the pandemic on the Company’s customers and vendors, including capacity and resource constraints; the impact of the pandemic on the willingness of women with PPD to seek treatment with ZULRESSO and the number of physicians willing to prescribe it; the impact of the downstream effects of the pandemic on business operations across the U.S.; and </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the scope and extent of any future actions or restrictive measures taken to contain or mitigate the impact of the pandemic</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Company has made estimates of the impact of the COVID-19 pandemic within its condensed consolidated financial statements. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Due to the evolving nature of the COVID-19 pandemic, its downstream effects, and their impacts,</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> there may be changes to those estimates in future periods, and a</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">ctual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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