2015 Q1 Form 10-Q Financial Statement

#000156459015002929 Filed on April 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $13.49M $14.95M $8.116M
YoY Change 66.23% 117.67% 75.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.730M $4.330M $3.640M
YoY Change 29.95% 5.35% 9.97%
% of Gross Profit
Research & Development $14.98M $14.99M $12.08M
YoY Change 23.98% 39.05% 47.0%
% of Gross Profit
Depreciation & Amortization $147.0K $100.0K $123.0K
YoY Change 19.51% -50.0% -16.33%
% of Gross Profit
Operating Expenses $19.71M $19.42M $15.73M
YoY Change 25.34% 29.1% 36.42%
Operating Profit -$6.221M -$7.611M
YoY Change -18.26% 10.22%
Interest Expense $150.0K $150.0K $40.00K
YoY Change 275.0% 400.0% 100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.067M -$4.320M -$7.572M
YoY Change -19.88% -46.93% 9.9%
Income Tax -$748.0K $0.00
% Of Pretax Income
Net Earnings -$5.319M -$4.319M -$7.572M
YoY Change -29.75% -46.97% 9.98%
Net Earnings / Revenue -39.43% -28.89% -93.3%
Basic Earnings Per Share
Diluted Earnings Per Share -$76.79K -$62.96K -$119.8K
COMMON SHARES
Basic Shares Outstanding 69.17M 68.40M 62.74M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.7M $226.2M $213.4M
YoY Change 5.78% 63.44% 272.43%
Cash & Equivalents $25.26M $6.030M $126.8M
Short-Term Investments $200.5M $220.2M $86.60M
Other Short-Term Assets $1.000M $183.0K $349.0K
YoY Change 186.53% -4.19% 16.33%
Inventory
Prepaid Expenses $623.0K $370.0K
Receivables $6.600M $10.37M $5.360M
Other Receivables $400.0K $400.0K $300.0K
Total Short-Term Assets $203.9M $190.9M $220.2M
YoY Change -7.41% 96.23% 258.07%
LONG-TERM ASSETS
Property, Plant & Equipment $3.000M $1.479M $1.410M
YoY Change 112.77% 5.19% -6.0%
Goodwill $1.585M $1.585M $1.585M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $29.80M $47.30M $30.40M
YoY Change -1.97% 22.22% 137.5%
Other Assets $157.0K $139.0K $0.00
YoY Change 247.5%
Total Long-Term Assets $34.61M $52.33M $35.29M
YoY Change -1.94% 20.13% 146.77%
TOTAL ASSETS
Total Short-Term Assets $203.9M $190.9M $220.2M
Total Long-Term Assets $34.61M $52.33M $35.29M
Total Assets $238.5M $243.2M $255.5M
YoY Change -6.65% 72.69% 237.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.800M $5.525M $6.100M
YoY Change 11.48% 82.83% 144.0%
Accrued Expenses $1.700M $3.400M $1.500M
YoY Change 13.33% -8.11% 36.36%
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 $19.97M $20.88M $16.41M
YoY Change 21.71% 106.12% 173.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.00M $14.90M $20.90M
YoY Change -47.37% 81.71% 151.81%
Total Long-Term Liabilities $11.00M $14.90M $20.90M
YoY Change -47.37% 81.71% 151.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.97M $20.88M $16.41M
Total Long-Term Liabilities $11.00M $14.90M $20.90M
Total Liabilities $31.02M $36.58M $38.08M
YoY Change -18.54% 91.23% 166.26%
SHAREHOLDERS EQUITY
Retained Earnings -$333.9M -$328.6M -$309.7M
YoY Change 7.8% 8.74%
Common Stock $541.3M $535.2M $678.0K
YoY Change 79742.48% 26.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.5M $206.6M $217.4M
YoY Change
Total Liabilities & Shareholders Equity $238.5M $243.2M $255.5M
YoY Change -6.65% 72.69% 237.07%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income -$5.319M -$4.319M -$7.572M
YoY Change -29.75% -46.97% 9.98%
Depreciation, Depletion And Amortization $147.0K $100.0K $123.0K
YoY Change 19.51% -50.0% -16.33%
Cash From Operating Activities -$2.400M -$2.700M $11.38M
YoY Change -121.09% 58.82% -241.92%
INVESTING ACTIVITIES
Capital Expenditures $1.084M $0.00 $126.0K
YoY Change 760.32% 85.29%
Acquisitions
YoY Change
Other Investing Activities $19.50M -$200.0K $4.000M
YoY Change 387.5% -99.71% -208.11%
Cash From Investing Activities $18.40M -$400.0K $3.887M
YoY Change 373.37% -99.42% -204.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.178M $7.585M
YoY Change -58.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.200M -2.100M 101.4M
YoY Change -96.84% -520.0% 4411.39%
NET CHANGE
Cash From Operating Activities -2.400M -2.700M 11.38M
Cash From Investing Activities 18.40M -400.0K 3.887M
Cash From Financing Activities 3.200M -2.100M 101.4M
Net Change In Cash 19.20M -5.200M 116.6M
YoY Change -83.54% -92.58% -1327.5%
FREE CASH FLOW
Cash From Operating Activities -$2.400M -$2.700M $11.38M
Capital Expenditures $1.084M $0.00 $126.0K
Free Cash Flow -$3.484M -$2.700M $11.25M
YoY Change -130.96% 58.82% -239.17%

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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, clinical trial accruals, fair value measurements, business combinations including the fair value of the contingent consideration liability for payments to former Ceregene, Inc. (Ceregene) stockholders and intangible assets related to the acquisition of Ceregene, and stock-based compensation. Estimates are based on historical experience and on various other market specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. </p></div>
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