$VNDA
Vanda Pharmaceuticals Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515365182 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $31.85M $28.34M $14.78M
YoY Change 107.22% 91.75% 69.73%
Cost Of Revenue $6.170M $6.510M $703.0K
YoY Change 807.35% 826.03%
Gross Profit $22.74M $18.89M $14.08M
YoY Change 54.79% 34.18%
Gross Profit Margin 71.38% 66.65% 95.24%
Selling, General & Admin $28.88M $18.46M $11.29M
YoY Change 66.74% 63.49% 96.66%
% of Gross Profit 127.03% 97.71% 80.19%
Research & Development $8.750M $9.974M $3.701M
YoY Change 84.21% 169.49% -53.86%
% of Gross Profit 38.49% 52.8% 26.29%
Depreciation & Amortization $3.200M $3.000M $600.0K
YoY Change 357.14% 400.0% 20.0%
% of Gross Profit 14.08% 15.88% 4.26%
Operating Expenses $40.57M $28.43M $14.99M
YoY Change 79.35% 89.66% 8.92%
Operating Profit -$14.89M -$9.541M -$1.448M
YoY Change -121.37% 558.91% -73.34%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $100.0K $80.00K $20.00K
YoY Change 233.33% 300.0% -33.33%
Pretax Income -$14.80M -$9.460M -$1.430M
YoY Change -121.23% 561.54% -73.42%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.80M -$9.461M -$1.426M
YoY Change -121.22% 563.46% -73.62%
Net Earnings / Revenue -46.46% -33.38% -9.65%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$345.6K -$222.9K -$0.04
COMMON SHARES
Basic Shares Outstanding 42.82M shares 42.29M shares 33.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.2M $144.3M $56.09M
YoY Change 10.29% 157.3% -60.56%
Cash & Equivalents $50.84M $46.79M $15.31M
Short-Term Investments $92.34M $97.53M $40.78M
Other Short-Term Assets $979.0K $275.0K $182.0K
YoY Change 535.71% 51.1% -93.72%
Inventory $1.294M $3.797M $1.268M
Prepaid Expenses
Receivables $16.33M $15.79M $3.696M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.5M $173.9M $64.84M
YoY Change 17.51% 168.17% -55.91%
LONG-TERM ASSETS
Property, Plant & Equipment $4.570M $4.159M $2.233M
YoY Change 87.53% 86.25% 6.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.200M $800.0K $800.0K
YoY Change 11328.57% 0.0% 60.0%
Total Long-Term Assets $46.50M $46.67M $14.34M
YoY Change 55.14% 225.5% 78.77%
TOTAL ASSETS
Total Short-Term Assets $166.5M $173.9M $64.84M
Total Long-Term Assets $46.50M $46.67M $14.34M
Total Assets $213.1M $220.5M $79.18M
YoY Change 24.08% 178.55% -48.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.300M $4.900M $547.0K
YoY Change 534.73% 795.8% 48.24%
Accrued Expenses $46.00M $41.00M $6.825M
YoY Change 561.78% 500.73% 50.6%
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 $51.32M $45.89M $38.85M
YoY Change 559.09% 18.13% 21.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.706M $3.718M $113.0K
YoY Change 19.51% 3190.27% -99.85%
Total Long-Term Liabilities $3.706M $3.718M $113.0K
YoY Change 19.51% 3190.27% -99.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.32M $45.89M $38.85M
Total Long-Term Liabilities $3.706M $3.718M $113.0K
Total Liabilities $80.02M $74.61M $78.11M
YoY Change 635.03% -4.49% -25.67%
SHAREHOLDERS EQUITY
Retained Earnings -$327.8M -$313.1M -$357.7M
YoY Change 13.84% -12.48% 17.77%
Common Stock $460.8M $459.0M $358.8M
YoY Change 2.69% 27.93% 1.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.0M $145.9M $1.063M
YoY Change
Total Liabilities & Shareholders Equity $213.1M $220.5M $79.18M
YoY Change 24.08% 178.55% -48.95%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$14.80M -$9.461M -$1.426M
YoY Change -121.22% 563.46% -73.62%
Depreciation, Depletion And Amortization $3.200M $3.000M $600.0K
YoY Change 357.14% 400.0% 20.0%
Cash From Operating Activities -$400.0K -$4.900M -$7.600M
YoY Change -97.01% -35.53% -25.49%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$900.0K $0.00
YoY Change 75.0%
Acquisitions
YoY Change
Other Investing Activities $5.100M $600.0K $5.800M
YoY Change -118.09% -89.66%
Cash From Investing Activities $4.400M -$300.0K $5.700M
YoY Change -115.44% -105.26%
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 3.600M 200.0K
YoY Change -100.0% 1700.0% -99.59%
NET CHANGE
Cash From Operating Activities -400.0K -4.900M -7.600M
Cash From Investing Activities 4.400M -300.0K 5.700M
Cash From Financing Activities 0.000 3.600M 200.0K
Net Change In Cash 4.000M -1.600M -1.700M
YoY Change -91.23% -5.88% -104.4%
FREE CASH FLOW
Cash From Operating Activities -$400.0K -$4.900M -$7.600M
Capital Expenditures -$700.0K -$900.0K $0.00
Free Cash Flow $300.0K -$4.000M -$7.600M
YoY Change -102.31% -47.37% -25.49%

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us-gaap Finite Lived Intangible Assets Amortization Method
FiniteLivedIntangibleAssetsAmortizationMethod
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5534752 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
12805000
dei Amendment Flag
AmendmentFlag
false
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.45
dei Entity Registrant Name
EntityRegistrantName
Vanda Pharmaceuticals Inc.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Increase Decrease In Inventories
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us-gaap Revenues
Revenues
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
78076000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
282000
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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42059839 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
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OtherIncome
225000
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6892000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.60 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
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InvestmentIncomeNetAmortizationOfDiscountAndPremium
-612000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
127609000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-25046000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1813000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
21000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
21000
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
25000000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
97411000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1800000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4092000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10029000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
420000
us-gaap Advertising Expense
AdvertisingExpense
2400000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
329000
us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
4374000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
38391000
us-gaap Costs And Expenses
CostsAndExpenses
103368000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14115000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
282000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6074000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
999000
us-gaap Share Based Compensation
ShareBasedCompensation
6074000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55650000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-31012000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
17291000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20398000
vnda Share Based Compensation Option Awards Contractual Term
ShareBasedCompensationOptionAwardsContractualTerm
P10Y
vnda Share Based Compensation Arrangement By Share Based Payment Award Remaining Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingPercentageOfShareSubjectToOptionAwards
0.75 pure
vnda Share Based Compensation Arrangement By Share Based Payment Annual Award Vesting Period Directors
ShareBasedCompensationArrangementByShareBasedPaymentAnnualAwardVestingPeriodDirectors
P1Y
vnda Percentage Of Responsibility For Patients Cost Of Branded Prescription
PercentageOfResponsibilityForPatientsCostOfBrandedPrescription
0.50 pure
vnda Percentage Of Future Sublicense Fees Payable
PercentageOfFutureSublicenseFeesPayable
Mid-twenties
vnda Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfShareSubjectToOptionAwards
0.25 pure
vnda Share Based Compensation Arrangement By Share Based Payment Award Initial Vesting Period Directors
ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialVestingPeriodDirectors
P4Y
vnda Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vesting Period One
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestingPeriodOne
P4Y
vnda Option Awards Vesting Period After Completion Of One Year Of Service
OptionAwardsVestingPeriodAfterCompletionOfOneYearOfService
P3Y
vnda Royalty Payable On Net Sales Percentage
RoyaltyPayableOnNetSalesPercentage
0.10 pure
CY2014 us-gaap Licenses Revenue
LicensesRevenue
30700000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3728109 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33886845 shares
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1432000
CY2014Q3 us-gaap Licenses Revenue
LicensesRevenue
7764000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1448000
CY2014Q3 us-gaap Revenues
Revenues
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SalesRevenueGoodsNet
5329000
CY2014Q3 us-gaap Other Income
OtherIncome
22000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-1426000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6000
CY2014Q3 us-gaap Royalty Revenue
RoyaltyRevenue
1689000
CY2014Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-6000
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
536000
CY2014Q3 us-gaap Advertising Expense
AdvertisingExpense
300000
CY2014Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
16230000
CY2014Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1411000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11290000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
703000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3701000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5181975 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42435405 shares
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9451000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9541000
CY2015Q3 us-gaap Revenues
Revenues
28344000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
28344000
CY2015Q3 us-gaap Other Income
OtherIncome
80000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-9461000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10000
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
10000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2943000
CY2015Q3 us-gaap Advertising Expense
AdvertisingExpense
500000
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
37885000
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2061000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18458000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6510000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9974000

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