2014 Q1 Form 10-Q Financial Statement

#000110465914038146 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $9.081M $10.33M $147.0K
YoY Change 6077.55% 848.07% -29.33%
Cost Of Revenue $494.0K $1.100M $0.00
YoY Change
Gross Profit $8.587M $9.300M $100.0K
YoY Change 8487.0%
Gross Profit Margin 94.56% 89.99% 68.03%
Selling, General & Admin $17.53M $15.20M $13.53M
YoY Change 29.51% 74.71% 396.08%
% of Gross Profit 204.11% 163.44% 13533.0%
Research & Development $4.482M $5.400M $4.522M
YoY Change -0.88% 3.85% -15.6%
% of Gross Profit 52.2% 58.06% 4522.0%
Depreciation & Amortization $227.0K $200.0K $162.0K
YoY Change 40.12% 0.0% -28.0%
% of Gross Profit 2.64% 2.15% 162.0%
Operating Expenses $22.01M $20.60M $18.06M
YoY Change 21.9% 49.28% 123.29%
Operating Profit -$13.42M -$11.30M -$17.91M
YoY Change -25.05% 127.32%
Interest Expense $1.207M -$2.700M $727.0K
YoY Change 66.02% 237.5% -24.43%
% of Operating Profit
Other Income/Expense, Net -$2.121M $0.00 -$506.0K
YoY Change 319.17% -63.83%
Pretax Income -$15.50M -$22.40M -$18.40M
YoY Change -15.76% 65.93% 97.85%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.54M -$22.41M -$18.41M
YoY Change -15.59% 65.82% 98.49%
Net Earnings / Revenue -171.16% -216.82% -12526.53%
Basic Earnings Per Share
Diluted Earnings Per Share -$370.8K -$645.5K -$595.5K
COMMON SHARES
Basic Shares Outstanding 42.04M shares 30.89M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.90M $82.20M $69.90M
YoY Change -15.74% -7.12% 86.9%
Cash & Equivalents $12.25M $32.98M $18.91M
Short-Term Investments $46.60M $49.20M $51.00M
Other Short-Term Assets $2.800M $2.800M $1.000M
YoY Change 180.0% 154.55% 0.0%
Inventory $7.957M $7.152M $3.113M
Prepaid Expenses
Receivables $9.725M $5.054M $1.650M
Other Receivables $700.0K $0.00 $600.0K
Total Short-Term Assets $79.93M $97.16M $76.33M
YoY Change 4.71% 6.23% 98.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.648M $2.554M $1.687M
YoY Change 56.97% 79.73% 40.58%
Goodwill
YoY Change
Intangibles $2.157M $1.158M $626.0K
YoY Change 244.57% 69.55%
Long-Term Investments $11.70M $8.800M
YoY Change
Other Assets $360.0K $361.0K $363.0K
YoY Change -0.83% 8.08% -86.56%
Total Long-Term Assets $17.59M $13.83M $2.729M
YoY Change 544.6% 447.45% -42.97%
TOTAL ASSETS
Total Short-Term Assets $79.93M $97.16M $76.33M
Total Long-Term Assets $17.59M $13.83M $2.729M
Total Assets $97.52M $111.0M $79.06M
YoY Change 23.35% 18.09% 83.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.200M $3.100M $3.700M
YoY Change -40.54% -61.25% -60.22%
Accrued Expenses $12.49M $15.17M $7.240M
YoY Change 72.51% 93.03% 503.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.10M
YoY Change 31.52%
Total Short-Term Liabilities $27.10M $26.40M $27.01M
YoY Change 0.35% 14.87% 35.64%
LONG-TERM LIABILITIES
Long-Term Debt $28.40M $34.40M $8.000M
YoY Change 255.0% 209.91% -59.8%
Other Long-Term Liabilities $2.101M $2.677M $1.860M
YoY Change 12.96% 49.72% -40.0%
Total Long-Term Liabilities $2.101M $2.677M $1.860M
YoY Change 12.96% 49.72% -91.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.10M $26.40M $27.01M
Total Long-Term Liabilities $2.101M $2.677M $1.860M
Total Liabilities $68.51M $77.53M $37.79M
YoY Change 81.29% 112.89% -11.97%
SHAREHOLDERS EQUITY
Retained Earnings -$194.1M -$178.5M -$104.7M
YoY Change 85.41% 106.98%
Common Stock $42.00K $40.00K $31.00K
YoY Change 35.48% 29.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.01M $33.46M $41.27M
YoY Change
Total Liabilities & Shareholders Equity $97.52M $111.0M $79.06M
YoY Change 23.35% 18.09% 83.0%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income -$15.54M -$22.41M -$18.41M
YoY Change -15.59% 65.82% 98.49%
Depreciation, Depletion And Amortization $227.0K $200.0K $162.0K
YoY Change 40.12% 0.0% -28.0%
Cash From Operating Activities -$19.10M -$9.400M -$17.22M
YoY Change 10.92% -41.61% 71.07%
INVESTING ACTIVITIES
Capital Expenditures $263.0K -$200.0K $372.0K
YoY Change -29.3% 0.0% 830.0%
Acquisitions
YoY Change
Other Investing Activities -$1.400M $21.10M -$2.800M
YoY Change -50.0% -331.87% -86.98%
Cash From Investing Activities -$1.629M $20.90M -$3.149M
YoY Change -48.27% -322.34% -85.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.000K $1.936M
YoY Change -99.69% 3851.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.000K -1.500M -$1.021M
YoY Change -100.49% -103.54% -3.41%
NET CHANGE
Cash From Operating Activities -$19.10M -9.400M -$17.22M
Cash From Investing Activities -$1.629M 20.90M -$3.149M
Cash From Financing Activities $5.000K -1.500M -$1.021M
Net Change In Cash -$20.73M 10.00M -$21.39M
YoY Change -3.11% -40.83% -34.53%
FREE CASH FLOW
Cash From Operating Activities -$19.10M -$9.400M -$17.22M
Capital Expenditures $263.0K -$200.0K $372.0K
Free Cash Flow -$19.37M -$9.200M -$17.60M
YoY Change 10.07% -42.14% 74.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Depreciation
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CY2013Q1 us-gaap Depreciation
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CY2014Q1 us-gaap Revenue Recognition Sales Of Goods
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Product sales are recorded net of estimated rebates, chargebacks, discounts, co-pay assistance and other deductions (collectively, &#8220;sales deductions&#8221;) as well as estimated product returns.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Our products are distributed through wholesalers and pharmaceutical distributors. Each of these wholesalers and distributors will take title and ownership of the product upon physical receipt of the product and then distribute our products to pharmacies. Though these distributors will be invoiced concurrent with product shipment, we are unable to recognize revenue upon shipment until such time as we can reasonably estimate and record provisions for sales deductions and product returns utilizing historical information and market research projections.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Oxtellar XR Revenue</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company launched Oxtellar XR on February&#160;4, 2013.&#160;&#160; During the fourth quarter of 2013, the Company began to recognize revenue for Oxtellar XR contemporaneously upon shipment of finished product to wholesalers, net of allowances for estimated sales deductions and returns.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Trokendi XR Revenue</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company launched Trokendi XR on August&#160;26, 2013.&#160; Through March&#160;31, 2014 the Company recorded shipments to wholesalers as deferred revenue equal to the gross sales price net of known sales deductions. Because we lack the experiential data which would allow us to estimate all remaining sales rebates, allowances and returns,&#160; we must wait until these data become available to the Company in order to recognize revenue upon shipment to wholesalers.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Rather than recognize revenue upon shipments to wholesalers, the Company currently recognizes Trokendi XR revenue upon filling prescriptions at pharmacies because prescriptions filled at the pharmacy level have no remaining right of return.&#160; However, because we are still compiling historical data related to our experience with respect to other sales deductions, we cannot reasonably estimate all other sales rebates and allowances, but rather must wait until this data becomes available to the Company.&#160; Because this occurs approximately eight weeks after the close of the quarter, the Company currently delays recognition of revenue until the subsequent fiscal quarter when all the sales deductions are known.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">With respect to prescriptions which were filled in the fourth quarter, data on rebates and allowances were generally received by the end of the first quarter of 2014. Because of this time lag, the Company could not determine net revenue in a timeframe which would allow reporting fourth quarter net revenue in the Form&#160;10-K filed for the year ended December&#160;31, 2013. Consequently, revenue generated from prescriptions for Trokendi XR filled at the pharmacy level in the fourth quarter are reported in the Company&#8217;s first quarter 2014 financial results. We expect to continue to report revenue based on prescriptions filled at the pharmacy level until sufficient experience with rebates and allowances is assembled to allow reporting of revenue based on shipments to wholesalers.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company believes the compilation of sufficient product specific historical data to reasonably estimate returns, rebates, and allowances for Trokendi XR may be available by the second quarter of 2014, at which time the Company may record revenue based on shipments to wholesalers, rather than on prescriptions filled at the pharmacy level.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 3pt; MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Milestone Payments</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Milestone payments on licensing agreements are recognized as revenue when the collaborative partner acknowledges completion of the milestone and substantive effort was necessary to achieve the milestone. Management may recognize revenue contingent upon the achievement of a milestone in its entirety in the period in which the milestone is achieved only if the milestone meets all the criteria to be considered substantive.&#160; The Company recorded no milestone revenue during the three months ended March&#160;31, 2014 and 2013.</font></p></div>
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CY2014Q1 dei Entity Registrant Name
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SUPERNUS PHARMACEUTICALS INC
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0001356576
CY2014Q1 dei Document Type
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10-Q
CY2014Q1 dei Document Period End Date
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CY2014Q1 dei Entity Current Reporting Status
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.&#160; Organization and Business</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Supernus Pharmaceuticals,&#160;Inc. (the Company) is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases, including neurological and psychiatric disorders.&#160; The Company markets two epilepsy products, Oxtellar XR and Trokendi XR, and has several proprietary product candidates in clinical development that address the attention deficit hyperactivity disorder market.</font></p> </div>
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