$VNDA
Vanda Pharmaceuticals Inc.

2016 Q3 Form 10-Q Financial Statement

#000119312516661038 Filed on July 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $38.48M $36.03M $27.58M
YoY Change 35.77% 30.63% 153.93%
Cost Of Revenue $6.990M $6.494M $5.766M
YoY Change 7.37% 12.63% 2812.12%
Gross Profit $28.55M $26.59M $18.87M
YoY Change 51.12% 40.9% 76.99%
Gross Profit Margin 74.19% 73.81% 68.43%
Selling, General & Admin $21.91M $24.68M $18.39M
YoY Change 18.69% 34.24% -34.66%
% of Gross Profit 76.74% 92.81% 97.41%
Research & Development $7.294M $6.700M $5.946M
YoY Change -26.87% 12.68% 69.21%
% of Gross Profit 25.55% 25.19% 31.5%
Depreciation & Amortization $3.200M $3.200M $3.200M
YoY Change 6.67% 0.0% 300.0%
% of Gross Profit 11.21% 12.03% 16.95%
Operating Expenses $29.20M $31.38M $24.33M
YoY Change 2.71% 28.97% -23.13%
Operating Profit -$653.0K -$4.789M -$5.458M
YoY Change -93.16% -12.26% -74.74%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $220.0K $170.0K $70.00K
YoY Change 175.0% 142.86% 133.33%
Pretax Income -$430.0K -$4.618M -$5.390M
YoY Change -95.45% -14.32% -75.02%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$430.0K -$4.618M -$5.386M
YoY Change -95.46% -14.26% -75.04%
Net Earnings / Revenue -1.12% -12.82% -19.53%
Basic Earnings Per Share
Diluted Earnings Per Share -$9.881K -$106.9K -$128.4K
COMMON SHARES
Basic Shares Outstanding 43.28M shares 43.15M shares 41.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.6M $136.0M $146.6M
YoY Change -1.2% -7.26% 130.62%
Cash & Equivalents $32.77M $23.19M $48.34M
Short-Term Investments $109.8M $112.8M $98.30M
Other Short-Term Assets $11.00M $9.400M $319.0K
YoY Change 3900.0% 2846.71% 36.32%
Inventory $865.0K $927.0K $4.962M
Prepaid Expenses
Receivables $15.93M $14.03M $15.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $170.4M $160.4M $174.4M
YoY Change -2.0% -8.03% 144.84%
LONG-TERM ASSETS
Property, Plant & Equipment $4.731M $4.246M $3.869M
YoY Change 13.75% 9.74% 67.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.400M $4.500M $800.0K
YoY Change 325.0% 462.5% 0.0%
Total Long-Term Assets $38.04M $41.66M $49.32M
YoY Change -18.5% -15.53% 229.86%
TOTAL ASSETS
Total Short-Term Assets $170.4M $160.4M $174.4M
Total Long-Term Assets $38.04M $41.66M $49.32M
Total Assets $208.4M $202.0M $223.7M
YoY Change -5.49% -9.68% 159.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.400M $6.000M $1.631M
YoY Change 30.61% 267.87% 557.66%
Accrued Expenses $44.30M $45.70M $43.56M
YoY Change 8.05% 4.91% 545.08%
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 $50.68M $51.76M $45.19M
YoY Change 10.44% 14.53% 18.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.597M $3.663M $3.753M
YoY Change -3.25% -2.4% 2580.71%
Total Long-Term Liabilities $3.597M $3.663M $3.753M
YoY Change -3.25% -2.4% 2580.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.68M $51.76M $45.19M
Total Long-Term Liabilities $3.597M $3.663M $3.753M
Total Liabilities $79.28M $80.42M $73.95M
YoY Change 6.26% 8.76% -13.3%
SHAREHOLDERS EQUITY
Retained Earnings -$345.3M -$344.8M -$303.6M
YoY Change 10.29% 13.58% -14.79%
Common Stock $474.3M $466.3M $453.3M
YoY Change 3.34% 2.87% 26.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.2M $121.6M $149.7M
YoY Change
Total Liabilities & Shareholders Equity $208.4M $202.0M $223.7M
YoY Change -5.49% -9.68% 159.59%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$430.0K -$4.618M -$5.386M
YoY Change -95.46% -14.26% -75.04%
Depreciation, Depletion And Amortization $3.200M $3.200M $3.200M
YoY Change 6.67% 0.0% 300.0%
Cash From Operating Activities $1.300M -$3.300M $12.10M
YoY Change -126.53% -127.27% -132.97%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$100.0K -$100.0K
YoY Change -33.33% 0.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$13.20M $3.000M
YoY Change 400.0% -540.0% -71.7%
Cash From Investing Activities $2.300M -$13.30M $2.900M
YoY Change -866.67% -558.62% -72.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.000M 1.000M 600.0K
YoY Change 66.67% 66.67%
NET CHANGE
Cash From Operating Activities 1.300M -3.300M 12.10M
Cash From Investing Activities 2.300M -13.30M 2.900M
Cash From Financing Activities 6.000M 1.000M 600.0K
Net Change In Cash 9.600M -15.60M 15.60M
YoY Change -700.0% -200.0% -159.32%
FREE CASH FLOW
Cash From Operating Activities $1.300M -$3.300M $12.10M
Capital Expenditures -$600.0K -$100.0K -$100.0K
Free Cash Flow $1.900M -$3.200M $12.20M
YoY Change -147.5% -126.23% -133.52%

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<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. The Company has estimated its annual fees for Fanapt<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> under the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010. Management continually re-evaluates its estimates, judgments and assumptions, and management&#x2019;s evaluation could change. Actual results could differ from those estimates.</p> </div>
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.39
dei Entity Registrant Name
EntityRegistrantName
Vanda Pharmaceuticals Inc.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.57 pure
us-gaap Revenues
Revenues
69291000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
85000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-43000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1138000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
69291000
us-gaap Other Income
OtherIncome
288000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17264000
us-gaap Net Income Loss
NetIncomeLoss
-16976000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
109000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2301000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-16891000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4340000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
103993000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
85000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4580000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4340000
us-gaap Depreciation
Depreciation
435000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-20527000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
83577000
us-gaap Share Based Compensation
ShareBasedCompensation
4340000
us-gaap Advertising Expense
AdvertisingExpense
1100000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
53972000
us-gaap Costs And Expenses
CostsAndExpenses
86555000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1039000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14248000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5885000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-27649000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
12450000
us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
1039000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2222000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
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 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 Under Medicare Part D
PercentageOfResponsibilityForPatientsCostOfBrandedPrescriptionUnderMedicarePartD
0.50 pure
vnda Royalty Received On Net Sales Percentage
RoyaltyReceivedOnNetSalesPercentage
0.10 pure
vnda Percentage Of Future Sublicense Fees Payable
PercentageOfFutureSublicenseFeesPayable
Mid-twenties
vnda Royalty Period
RoyaltyPeriod
P10Y
vnda Option Awards Vesting Period After Completion Of One Year Of Service
OptionAwardsVestingPeriodAfterCompletionOfOneYearOfService
P3Y
vnda Share Based Compensation Option Awards Contractual Term
ShareBasedCompensationOptionAwardsContractualTerm
P10Y
vnda Share Based Compensation Arrangement By Share Based Payment Award Initial Vesting Period Directors
ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialVestingPeriodDirectors
P4Y
vnda Increase Decrease In Accrued Government And Other Rebates
IncreaseDecreaseInAccruedGovernmentAndOtherRebates
-1722000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5765618 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41991578 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2015Q2 us-gaap Revenues
Revenues
27582000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27582000
CY2015Q2 us-gaap Other Income
OtherIncome
72000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5458000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-5386000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5386000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2068000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Advertising Expense
AdvertisingExpense
900000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18386000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
33040000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5946000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2942000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5766000
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5804031 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43202751 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2016Q2 us-gaap Revenues
Revenues
36029000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
32000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
36029000
CY2016Q2 us-gaap Other Income
OtherIncome
171000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4789000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4618000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4586000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
32000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2074000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Advertising Expense
AdvertisingExpense
500000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24682000
CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
40818000
CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6700000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2942000
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6494000
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0

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