$VNDA
Vanda Pharmaceuticals Inc.

2017 Q2 Form 10-Q Financial Statement

#000119312517246701 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $42.06M $36.03M
YoY Change 16.73% 30.63%
Cost Of Revenue $4.529M $6.494M
YoY Change -30.26% 12.63%
Gross Profit $37.10M $26.59M
YoY Change 39.49% 40.9%
Gross Profit Margin 88.2% 73.81%
Selling, General & Admin $31.37M $24.68M
YoY Change 27.1% 34.24%
% of Gross Profit 84.57% 92.81%
Research & Development $7.648M $6.700M
YoY Change 14.15% 12.68%
% of Gross Profit 20.62% 25.19%
Depreciation & Amortization $700.0K $3.200M
YoY Change -78.13% 0.0%
% of Gross Profit 1.89% 12.03%
Operating Expenses $39.02M $31.38M
YoY Change 24.34% 28.97%
Operating Profit -$1.924M -$4.789M
YoY Change -59.82% -12.26%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $400.0K $170.0K
YoY Change 135.29% 142.86%
Pretax Income -$1.527M -$4.618M
YoY Change -66.93% -14.32%
Income Tax $7.000K $0.00
% Of Pretax Income
Net Earnings -$1.534M -$4.618M
YoY Change -66.78% -14.26%
Net Earnings / Revenue -3.65% -12.82%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03 -$106.9K
COMMON SHARES
Basic Shares Outstanding 44.72M shares 43.15M shares
Diluted Shares Outstanding 44.72M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.1M $136.0M
YoY Change 0.83% -7.26%
Cash & Equivalents $14.23M $23.19M
Short-Term Investments $122.9M $112.8M
Other Short-Term Assets $3.001M $9.400M
YoY Change -68.07% 2846.71%
Inventory $742.0K $927.0K
Prepaid Expenses
Receivables $21.02M $14.03M
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.6M $160.4M
YoY Change 8.87% -8.03%
LONG-TERM ASSETS
Property, Plant & Equipment $5.709M $4.246M
YoY Change 34.46% 9.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.400M $4.500M
YoY Change -24.44% 462.5%
Total Long-Term Assets $36.06M $41.66M
YoY Change -13.44% -15.53%
TOTAL ASSETS
Total Short-Term Assets $174.6M $160.4M
Total Long-Term Assets $36.06M $41.66M
Total Assets $210.7M $202.0M
YoY Change 4.27% -9.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.600M $6.000M
YoY Change -40.0% 267.87%
Accrued Expenses $46.90M $45.70M
YoY Change 2.63% 4.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.44M $51.76M
YoY Change 45.74% 14.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.817M $3.663M
YoY Change 4.2% -2.4%
Total Long-Term Liabilities $3.817M $3.663M
YoY Change 4.2% -2.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.44M $51.76M
Total Long-Term Liabilities $3.817M $3.663M
Total Liabilities $79.25M $80.42M
YoY Change -1.46% 8.76%
SHAREHOLDERS EQUITY
Retained Earnings -$355.0M -$344.8M
YoY Change 2.96% 13.58%
Common Stock $486.4M $466.3M
YoY Change 4.32% 2.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.4M $121.6M
YoY Change
Total Liabilities & Shareholders Equity $210.7M $202.0M
YoY Change 4.27% -9.68%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$1.534M -$4.618M
YoY Change -66.78% -14.26%
Depreciation, Depletion And Amortization $700.0K $3.200M
YoY Change -78.13% 0.0%
Cash From Operating Activities -$2.200M -$3.300M
YoY Change -33.33% -127.27%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$100.0K
YoY Change 500.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$5.200M -$13.20M
YoY Change -60.61% -540.0%
Cash From Investing Activities -$5.800M -$13.30M
YoY Change -56.39% -558.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.200M 1.000M
YoY Change 120.0% 66.67%
NET CHANGE
Cash From Operating Activities -2.200M -3.300M
Cash From Investing Activities -5.800M -13.30M
Cash From Financing Activities 2.200M 1.000M
Net Change In Cash -5.800M -15.60M
YoY Change -62.82% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$2.200M -$3.300M
Capital Expenditures -$600.0K -$100.0K
Free Cash Flow -$1.600M -$3.200M
YoY Change -50.0% -126.23%

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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 accounting principles generally accepted in the United States of America 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 <font style="WHITE-SPACE: nowrap">re-evaluates</font> its estimates, judgments and assumptions, and management&#x2019;s evaluation could change. Actual results could differ from those estimates.</p> </div>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0137 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.44
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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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 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
263000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2070000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-16891000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
103993000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-226000
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 Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16976000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4340000
us-gaap Depreciation
Depreciation
435000
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 Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
53972000
us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
12450000
us-gaap Costs And Expenses
CostsAndExpenses
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us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1039000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0
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 Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2381000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1039000
vnda Increase Decrease In Accrued Government And Other Rebates
IncreaseDecreaseInAccruedGovernmentAndOtherRebates
-1722000
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
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EarningsPerShareBasicAndDiluted
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Revenues
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SalesRevenueGoodsNet
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OtherIncome
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CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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NetIncomeLoss
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CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4586000
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OtherComprehensiveIncomeLossNetOfTax
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CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2016Q2 us-gaap Allocated Share Based Compensation Expense
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CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2016Q2 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
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CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
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CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
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ResearchAndDevelopmentExpense
6700000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2942000
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3409711 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44718597 shares
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2017Q2 us-gaap Revenues
Revenues
42056000
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
17000
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
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CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2017Q2 us-gaap Other Income
OtherIncome
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CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1573000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-39000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2656000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000
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SellingGeneralAndAdministrativeExpense
31371000
CY2017Q2 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
4529000
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
43980000
CY2017Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7648000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
432000
CY2017Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0

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