$VNDA
Vanda Pharmaceuticals Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514188616 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $10.86M $9.143M $8.068M
YoY Change 30.57% 13.32% -0.9%
Cost Of Revenue $198.0K
YoY Change
Gross Profit $10.66M $9.143M
YoY Change 28.17%
Gross Profit Margin 98.18% 100.0%
Selling, General & Admin $28.14M $27.89M $4.153M
YoY Change 434.96% 571.63% 6.21%
% of Gross Profit 263.87% 305.07%
Research & Development $3.514M $7.263M $8.111M
YoY Change -42.39% -10.45% -33.41%
% of Gross Profit 32.95% 79.44%
Depreciation & Amortization $800.0K $125.0K $107.0K
YoY Change 100.0% 16.82% -67.67%
% of Gross Profit 7.5% 1.37%
Operating Expenses $31.65M $35.16M $12.26M
YoY Change 178.64% 186.66% 0.69%
Operating Profit -$21.61M -$26.58M -$4.565M
YoY Change 533.05% 482.21% -45.11%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $30.00K $50.00K $50.00K
YoY Change 0.0% 0.0% -86.11%
Pretax Income -$21.58M -$26.53M -$4.519M
YoY Change 537.75% 487.14% -43.24%
Income Tax
% Of Pretax Income
Net Earnings -$21.58M -$26.53M -$4.519M
YoY Change 537.75% 487.14% -43.24%
Net Earnings / Revenue -198.63% -290.2% -56.01%
Basic Earnings Per Share -$0.64 -$0.79 -$0.15
Diluted Earnings Per Share -$0.64 -$0.79 -$0.15
COMMON SHARES
Basic Shares Outstanding 33.87M shares 33.50M shares 28.35M shares
Diluted Shares Outstanding 28.35M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.59M $100.4M $110.9M
YoY Change -38.62% -9.49% -29.48%
Cash & Equivalents $16.99M $43.26M $109.9M
Short-Term Investments $46.59M $57.14M $1.001M
Other Short-Term Assets $234.0K $3.200M $3.700M
YoY Change -92.45% -13.51% 42.31%
Inventory $1.093M $192.0K $21.00K
Prepaid Expenses
Receivables $2.376M $1.691M $1.462M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $71.22M $105.5M $116.1M
YoY Change -34.27% -9.12% -28.01%
LONG-TERM ASSETS
Property, Plant & Equipment $2.312M $2.208M $2.264M
YoY Change 4.71% -2.47% -9.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K $600.0K
YoY Change 33.33% 33.33% -45.45%
Total Long-Term Assets $14.95M $15.47M $9.027M
YoY Change 73.88% 71.32% -20.12%
TOTAL ASSETS
Total Short-Term Assets $71.22M $105.5M $116.1M
Total Long-Term Assets $14.95M $15.47M $9.027M
Total Assets $86.17M $121.0M $125.1M
YoY Change -26.32% -3.32% -27.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.0K $953.0K $1.113M
YoY Change -78.75% -14.38% 39.13%
Accrued Expenses $6.753M $13.16M $3.874M
YoY Change 79.12% 239.8% -24.04%
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 $38.29M $45.40M $31.97M
YoY Change 19.91% 42.01% -2.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $140.0K $54.60M $86.70M
YoY Change -99.83% -37.02% -23.27%
Total Long-Term Liabilities $140.0K $54.60M $86.70M
YoY Change -99.83% -37.02% -23.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.29M $45.40M $31.97M
Total Long-Term Liabilities $140.0K $54.60M $86.70M
Total Liabilities $85.29M $100.0M $118.7M
YoY Change -23.8% -15.73% -18.56%
SHAREHOLDERS EQUITY
Retained Earnings -$356.3M -$334.7M -$295.3M
YoY Change 19.41% 13.35%
Common Stock $357.2M $355.7M $301.8M
YoY Change 17.72% 17.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $885.0K $20.98M $6.481M
YoY Change
Total Liabilities & Shareholders Equity $86.17M $121.0M $125.1M
YoY Change -26.32% -3.32% -27.5%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$21.58M -$26.53M -$4.519M
YoY Change 537.75% 487.14% -43.24%
Depreciation, Depletion And Amortization $800.0K $125.0K $107.0K
YoY Change 100.0% 16.82% -67.67%
Cash From Operating Activities -$36.70M -$23.90M -$9.125M
YoY Change 353.09% 161.96% 5.01%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K $135.0K $23.00K
YoY Change 200.0% 486.96% -98.75%
Acquisitions
YoY Change
Other Investing Activities $10.60M $8.500M $30.50M
YoY Change 960.0% -72.13% -0.65%
Cash From Investing Activities $10.40M $389.0K $30.48M
YoY Change 1055.56% -98.72% 5.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 2.011M -193.0K
YoY Change -100.0% -1141.97%
NET CHANGE
Cash From Operating Activities -36.70M -23.90M -9.125M
Cash From Investing Activities 10.40M 389.0K 30.48M
Cash From Financing Activities 0.000 2.011M -193.0K
Net Change In Cash -26.30M -21.50M 21.16M
YoY Change 310.94% -201.63% 4.9%
FREE CASH FLOW
Cash From Operating Activities -$36.70M -$23.90M -$9.125M
Capital Expenditures -$300.0K $135.0K $23.00K
Free Cash Flow -$36.40M -$24.04M -$9.148M
YoY Change 355.0% 162.78% -13.17%

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CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33678706 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.90
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23904000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3870508 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.79
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.66 pure
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
135000
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-145000
CY2014Q1 us-gaap Licenses Revenue
LicensesRevenue
7452000
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
2319000
CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-13000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-26533000
CY2014Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-53000
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
436000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-340000
CY2014Q1 us-gaap Other Income
OtherIncome
45000
CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2448000
CY2014Q1 us-gaap Revenues
Revenues
9143000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
429000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7984000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
292000
CY2014Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-50000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
125000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-26546000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-26578000
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
8000000
CY2014Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1691000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-26533000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
192000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13000
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
565000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1393000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
35721000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2011000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1393000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-21504000
CY2014Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
436000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
7198000
CY2014Q1 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
2447000
CY2014Q1 us-gaap Advertising Expense
AdvertisingExpense
900000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27893000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-7452000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3500000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1354000
CY2014Q1 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
7452000
CY2014Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
389000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7263000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1400000
CY2014Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfShareSubjectToOptionAwards
0.25 pure
CY2014Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Remaining Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingPercentageOfShareSubjectToOptionAwards
0.75 pure
CY2014Q1 vnda Initial Stock Options Granted To Directors Vesting And Exercisable Period
InitialStockOptionsGrantedToDirectorsVestingAndExercisablePeriod
P4Y
CY2014Q1 vnda Sharebased Compensation Arrangement By Sharebased Payment Award Restricted Stock Units Or Non Vested Shares Vesting Period1
SharebasedCompensationArrangementBySharebasedPaymentAwardRestrictedStockUnitsOrNonVestedSharesVestingPeriod1
P4Y
CY2014Q1 vnda Subsequent Stock Options Granted To Directors Vesting And Exercisable Period
SubsequentStockOptionsGrantedToDirectorsVestingAndExercisablePeriod
P1Y
CY2014Q1 vnda Share Based Compensation Option Awards Contractual Term
ShareBasedCompensationOptionAwardsContractualTerm
P10Y
CY2014Q1 vnda Option Awards Vesting Period After Completion Of One Year Of Service
OptionAwardsVestingPeriodAfterCompletionOfOneYearOfService
P3Y

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