$VNDA
Vanda Pharmaceuticals Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516757991 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $38.24M $38.48M $28.34M
YoY Change 20.08% 35.77% 91.75%
Cost Of Revenue $5.270M $6.990M $6.510M
YoY Change -14.59% 7.37% 826.03%
Gross Profit $30.87M $28.55M $18.89M
YoY Change 35.77% 51.12% 34.18%
Gross Profit Margin 80.71% 74.19% 66.65%
Selling, General & Admin $23.91M $21.91M $18.46M
YoY Change -17.21% 18.69% 63.49%
% of Gross Profit 77.46% 76.74% 97.71%
Research & Development $7.610M $7.294M $9.974M
YoY Change -13.03% -26.87% 169.49%
% of Gross Profit 24.65% 25.55% 52.8%
Depreciation & Amortization $2.300M $3.200M $3.000M
YoY Change -28.13% 6.67% 400.0%
% of Gross Profit 7.45% 11.21% 15.88%
Operating Expenses $33.63M $29.20M $28.43M
YoY Change -17.11% 2.71% 89.66%
Operating Profit -$654.0K -$653.0K -$9.541M
YoY Change -95.61% -93.16% 558.91%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $150.0K $220.0K $80.00K
YoY Change 50.0% 175.0% 300.0%
Pretax Income -$500.0K -$430.0K -$9.460M
YoY Change -96.62% -95.45% 561.54%
Income Tax $100.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$604.0K -$430.0K -$9.461M
YoY Change -95.92% -95.46% 563.46%
Net Earnings / Revenue -1.58% -1.12% -33.38%
Basic Earnings Per Share
Diluted Earnings Per Share -$13.65K -$9.881K -$222.9K
COMMON SHARES
Basic Shares Outstanding 43.95M shares 43.28M shares 42.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.3M $142.6M $144.3M
YoY Change -1.29% -1.2% 157.3%
Cash & Equivalents $40.43M $32.77M $46.79M
Short-Term Investments $100.9M $109.8M $97.53M
Other Short-Term Assets $1.579M $11.00M $275.0K
YoY Change 61.29% 3900.0% 51.1%
Inventory $779.0K $865.0K $3.797M
Prepaid Expenses
Receivables $20.27M $15.93M $15.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $174.2M $170.4M $173.9M
YoY Change 4.58% -2.0% 168.17%
LONG-TERM ASSETS
Property, Plant & Equipment $5.015M $4.731M $4.159M
YoY Change 9.74% 13.75% 86.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.400M $3.400M $800.0K
YoY Change 6.25% 325.0% 0.0%
Total Long-Term Assets $36.20M $38.04M $46.67M
YoY Change -22.16% -18.5% 225.5%
TOTAL ASSETS
Total Short-Term Assets $174.2M $170.4M $173.9M
Total Long-Term Assets $36.20M $38.04M $46.67M
Total Assets $210.4M $208.4M $220.5M
YoY Change -1.26% -5.49% 178.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $6.400M $4.900M
YoY Change -13.21% 30.61% 795.8%
Accrued Expenses $45.80M $44.30M $41.00M
YoY Change -0.43% 8.05% 500.73%
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 $50.32M $50.68M $45.89M
YoY Change -1.94% 10.44% 18.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.724M $3.597M $3.718M
YoY Change 0.49% -3.25% 3190.27%
Total Long-Term Liabilities $3.724M $3.597M $3.718M
YoY Change 0.49% -3.25% 3190.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.32M $50.68M $45.89M
Total Long-Term Liabilities $3.724M $3.597M $3.718M
Total Liabilities $79.04M $79.28M $74.61M
YoY Change -1.22% 6.26% -4.49%
SHAREHOLDERS EQUITY
Retained Earnings -$345.9M -$345.3M -$313.1M
YoY Change 5.49% 10.29% -12.48%
Common Stock $477.1M $474.3M $459.0M
YoY Change 3.54% 3.34% 27.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.3M $129.2M $145.9M
YoY Change
Total Liabilities & Shareholders Equity $210.4M $208.4M $220.5M
YoY Change -1.26% -5.49% 178.55%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$604.0K -$430.0K -$9.461M
YoY Change -95.92% -95.46% 563.46%
Depreciation, Depletion And Amortization $2.300M $3.200M $3.000M
YoY Change -28.13% 6.67% 400.0%
Cash From Operating Activities -$1.200M $1.300M -$4.900M
YoY Change 200.0% -126.53% -35.53%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$600.0K -$900.0K
YoY Change 0.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities $8.800M $3.000M $600.0K
YoY Change 72.55% 400.0% -89.66%
Cash From Investing Activities $8.200M $2.300M -$300.0K
YoY Change 86.36% -866.67% -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 800.0K 6.000M 3.600M
YoY Change 66.67% 1700.0%
NET CHANGE
Cash From Operating Activities -1.200M 1.300M -4.900M
Cash From Investing Activities 8.200M 2.300M -300.0K
Cash From Financing Activities 800.0K 6.000M 3.600M
Net Change In Cash 7.800M 9.600M -1.600M
YoY Change 95.0% -700.0% -5.88%
FREE CASH FLOW
Cash From Operating Activities -$1.200M $1.300M -$4.900M
Capital Expenditures -$700.0K -$600.0K -$900.0K
Free Cash Flow -$500.0K $1.900M -$4.000M
YoY Change -266.67% -147.5% -47.37%

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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, however, the amount of the estimated liability could increase, but the range of this increase is not reasonably estimable at this time. 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
-0.40
dei Entity Registrant Name
EntityRegistrantName
Vanda Pharmaceuticals Inc.
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
7001000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21542000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8828000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18078000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
19440000
us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
7001000
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
107773000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
710000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
103000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-76000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7001000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
107773000
us-gaap Other Income
OtherIncome
511000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17917000
us-gaap Net Income Loss
NetIncomeLoss
-17406000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-63000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-52000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17303000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6440000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
130858000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-483000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
103000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5399000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6440000
us-gaap Depreciation
Depreciation
654000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-18159000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
113409000
us-gaap Share Based Compensation
ShareBasedCompensation
6440000
us-gaap Advertising Expense
AdvertisingExpense
1200000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1730000
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
-2441000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5181975 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42435405 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2015Q3 us-gaap Revenues
Revenues
28344000
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
10000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
28344000
CY2015Q3 us-gaap Other Income
OtherIncome
80000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9541000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-9461000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9451000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2061000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap Advertising Expense
AdvertisingExpense
500000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18458000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
37885000
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9974000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2943000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6510000
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3845456 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43515404 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2016Q3 us-gaap Revenues
Revenues
38482000
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
18000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
38482000
CY2016Q3 us-gaap Other Income
OtherIncome
223000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-653000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-430000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-412000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
18000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2100000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q3 us-gaap Advertising Expense
AdvertisingExpense
100000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21908000
CY2016Q3 us-gaap Costs And Expenses
CostsAndExpenses
39135000
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
700000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7294000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2943000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6990000
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0

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