$VNDA
Vanda Pharmaceuticals Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515177216 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $27.58M $22.15M $9.143M
YoY Change 153.93% 142.26% 13.32%
Cost Of Revenue $5.766M $5.015M
YoY Change 2812.12%
Gross Profit $18.87M $12.99M $9.143M
YoY Change 76.99% 42.09%
Gross Profit Margin 68.43% 58.65% 100.0%
Selling, General & Admin $18.39M $18.81M $27.89M
YoY Change -34.66% -32.58% 571.63%
% of Gross Profit 97.41% 144.76% 305.07%
Research & Development $5.946M $4.478M $7.263M
YoY Change 69.21% -38.35% -10.45%
% of Gross Profit 31.5% 34.47% 79.44%
Depreciation & Amortization $3.200M $140.0K $125.0K
YoY Change 300.0% 12.0% 16.82%
% of Gross Profit 16.95% 1.08% 1.37%
Operating Expenses $24.33M $23.28M $35.16M
YoY Change -23.13% -33.77% 186.66%
Operating Profit -$5.458M -$10.29M -$26.58M
YoY Change -74.74% -61.27% 482.21%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $70.00K $70.00K $50.00K
YoY Change 133.33% 40.0% 0.0%
Pretax Income -$5.390M -$10.22M -$26.53M
YoY Change -75.02% -61.48% 487.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.386M -$10.22M -$26.53M
YoY Change -75.04% -61.48% 487.14%
Net Earnings / Revenue -19.53% -46.14% -290.2%
Basic Earnings Per Share -$0.79
Diluted Earnings Per Share -$128.4K -$244.8K -$0.79
COMMON SHARES
Basic Shares Outstanding 41.80M shares 41.64M shares 33.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.6M $134.3M $100.4M
YoY Change 130.62% 33.79% -9.49%
Cash & Equivalents $48.34M $32.81M $43.26M
Short-Term Investments $98.30M $101.5M $57.14M
Other Short-Term Assets $319.0K $324.0K $3.200M
YoY Change 36.32% -89.88% -13.51%
Inventory $4.962M $5.215M $192.0K
Prepaid Expenses
Receivables $15.82M $20.12M $1.691M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $174.4M $162.2M $105.5M
YoY Change 144.84% 53.69% -9.12%
LONG-TERM ASSETS
Property, Plant & Equipment $3.869M $3.080M $2.208M
YoY Change 67.34% 39.49% -2.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K $800.0K
YoY Change 0.0% 0.0% 33.33%
Total Long-Term Assets $49.32M $51.47M $15.47M
YoY Change 229.86% 232.84% 71.32%
TOTAL ASSETS
Total Short-Term Assets $174.4M $162.2M $105.5M
Total Long-Term Assets $49.32M $51.47M $15.47M
Total Assets $223.7M $213.6M $121.0M
YoY Change 159.59% 76.59% -3.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.631M $1.490M $953.0K
YoY Change 557.66% 56.35% -14.38%
Accrued Expenses $43.56M $30.30M $13.16M
YoY Change 545.08% 130.17% 239.8%
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 $45.19M $31.79M $45.40M
YoY Change 18.02% -29.99% 42.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.753M $4.378M $54.60M
YoY Change 2580.71% -91.98% -37.02%
Total Long-Term Liabilities $3.753M $4.378M $54.60M
YoY Change 2580.71% -91.98% -37.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.19M $31.79M $45.40M
Total Long-Term Liabilities $3.753M $4.378M $54.60M
Total Liabilities $73.95M $61.17M $100.0M
YoY Change -13.3% -38.83% -15.73%
SHAREHOLDERS EQUITY
Retained Earnings -$303.6M -$298.2M -$334.7M
YoY Change -14.79% -10.9% 13.35%
Common Stock $453.3M $450.7M $355.7M
YoY Change 26.92% 26.7% 17.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $149.7M $152.5M $20.98M
YoY Change
Total Liabilities & Shareholders Equity $223.7M $213.6M $121.0M
YoY Change 159.59% 76.59% -3.32%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$5.386M -$10.22M -$26.53M
YoY Change -75.04% -61.48% 487.14%
Depreciation, Depletion And Amortization $3.200M $140.0K $125.0K
YoY Change 300.0% 12.0% 16.82%
Cash From Operating Activities $12.10M $5.600M -$23.90M
YoY Change -132.97% -123.43% 161.96%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $783.0K $135.0K
YoY Change -66.67% 480.0% 486.96%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$32.80M $8.500M
YoY Change -71.7% -485.88% -72.13%
Cash From Investing Activities $2.900M -$33.60M $389.0K
YoY Change -72.12% -8737.53% -98.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K -100.0K 2.011M
YoY Change -104.97% -1141.97%
NET CHANGE
Cash From Operating Activities 12.10M 5.600M -23.90M
Cash From Investing Activities 2.900M -33.60M 389.0K
Cash From Financing Activities 600.0K -100.0K 2.011M
Net Change In Cash 15.60M -28.10M -21.50M
YoY Change -159.32% 30.67% -201.63%
FREE CASH FLOW
Cash From Operating Activities $12.10M $5.600M -$23.90M
Capital Expenditures -$100.0K $783.0K $135.0K
Free Cash Flow $12.20M $4.817M -$24.04M
YoY Change -133.52% -120.04% 162.78%

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35721000
CY2014Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
292000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3500000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
7198000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1393000
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
Vanda Pharmaceuticals Inc.
CY2015Q1 dei Trading Symbol
TradingSymbol
VNDA
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.61 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.14
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5555000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M19D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0159 pure
CY2015Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
239000
CY2015Q1 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41744948 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001347178
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
203000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
22150000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11000
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5656662 shares
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
59890000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
11000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-581000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
45000
CY2015Q1 us-gaap Other Income
OtherIncome
72000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10293000
CY2015Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-197000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10210000
CY2015Q1 us-gaap Revenues
Revenues
22150000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
783000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-10221000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
16466000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1945000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
282000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1924000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
140000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
239000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4478000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18806000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1800000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4144000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-28092000
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
25000000
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5015000
CY2015Q1 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
203000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-79000
CY2015Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
282000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
24387000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-33568000
CY2015Q1 us-gaap Advertising Expense
AdvertisingExpense
1000000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
32443000
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2015Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
654000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
27105000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1945000
CY2015Q1 vnda Share Based Compensation Option Awards Contractual Term
ShareBasedCompensationOptionAwardsContractualTerm
P10Y
CY2015Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Remaining Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingPercentageOfShareSubjectToOptionAwards
0.75 pure
CY2015Q1 vnda Percentage Of Responsibility For Patients Cost Of Branded Prescription
PercentageOfResponsibilityForPatientsCostOfBrandedPrescription
0.50 pure
CY2015Q1 vnda Option Awards Vesting Period After Completion Of One Year Of Service
OptionAwardsVestingPeriodAfterCompletionOfOneYearOfService
P3Y
CY2015Q1 vnda Percentage Of Future Sublicense Fees Payable
PercentageOfFutureSublicenseFeesPayable
Mid-twenties
CY2015Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfShareSubjectToOptionAwards
0.25 pure
CY2015Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vesting Period One
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestingPeriodOne
P4Y
CY2015Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Initial Vesting Period Directors
ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialVestingPeriodDirectors
P4Y
CY2015Q1 vnda Share Based Compensation Arrangement By Share Based Payment Annual Award Vesting Period Directors
ShareBasedCompensationArrangementByShareBasedPaymentAnnualAwardVestingPeriodDirectors
P1Y

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