Strong Fourth Quarter Revenues of $43.1
Million Drive Full Year Revenues of $150.2 Million
Avadel Pharmaceuticals plc (NASDAQ:AVDL) today announced its
financial results for the fourth quarter and full year 2016.
Highlights Include:
- Total revenues for fourth quarter and full year 2016 were $43.1
million and $150.2 million, compared to $44.6 million and $173.0
million in the prior year periods.
- GAAP net income for the fourth quarter was $4.7 million, or
$0.11 per diluted share, compared to GAAP net income of $73.5
million, or $1.69 per diluted share, during the same period last
year. GAAP net loss for the full year 2016 was $41.3 million or
$1.00 per diluted share compared to GAAP net income of $41.8
million or $0.96 per diluted share during the same period last
year.
- Adjusted net income for the fourth quarter was $0.1 million, or
$0.00 per diluted share, compared to an adjusted net income of
$10.8 million, or $0.25 per diluted share, during the same period
last year. (1)
- Cash and marketable securities at December 31, 2016 were $154.2
million, up from $149.7 million, at September 30, 2016 and $144.8
million at December 31, 2015.
Michael Anderson, Avadel's Chief Executive
Officer, remarked, “We hit a number of milestones during 2016,
including the approval and successful launch of our third hospital
product, Akovaz®, and in particular during the fourth quarter, we
reached an agreement with the FDA on our special protocol
assessment for our REST-ON Phase III clinical trial, began
enrollment and dosing of patients, and ended the year by
redomiciling from France to Ireland and changing our company name
in the process. Although it is still early in the enrollment
process, REST-ON remains on track, and the successful completion of
our trial continues to be a primary objective in 2017.”
Mike Kanan, Avadel's Chief Financial Officer,
said, “We are pleased to report strong fourth quarter revenues,
which allowed us to finish 2016 above the top end of guidance with
$150.2 million in total revenues. A key contributing factor to our
strong financial performance was the ability to maintain stable
price and share across our branded hospital products, Bloxiverz®
and Vazculep®, while successfully launching our third product
Akovaz®. We estimate that we exited the quarter and year with
approximately 27% of the 7.5 million vial per year ephedrine
market, as was our goal. Despite the recent introduction of a
second competitor, as we have demonstrated in the past with our
other products, we expect to secure and retain our requisite share
of the market.”
Kanan continued, “I'm also pleased to report
that our cash and marketable securities increased $9.4 million to
$154.2 million at December 31, 2016 from $144.8 million at December
31, 2015. We continue to focus on generating cash and have ample
liquidity to execute our strategy, including completion of the
REST-ON trial and investment in other growth initiatives.”
Fourth Quarter 2016 Results
The Company generated revenues during the fourth
quarter 2016 of $43.1 million, compared to $44.6 million during the
same period last year. On a GAAP basis, the Company recorded net
income of $4.7 million during the fourth quarter 2016, or $0.11 per
diluted share, compared to net income of $73.5 million, or $1.69
per diluted share, for the same period last year.
Included in the net income for the fourth quarter 2016 were $3.3
million of gains related to changes in the fair value of related
party contingent consideration and related party payables compared
to $55.8 million of such gains in the same period last year.
Adjusted net income for the fourth quarter was $0.1 million, or
$0.00 per diluted share, compared to an adjusted net income of
$10.8 million, or $0.25 per diluted share, during the same period
last year.(1) The decline in adjusted net income and adjusted
diluted EPS from the previous year was primarily due to lower
product sales resulting from increased competition for Bloxiverz®,
our neostigmine product, higher SG&A from increased headcount
and one-time cross border merger related expenses plus higher
R&D spend on the REST-ON Phase III clinical trial. Please see
the Supplemental Information section within this document for a
reconciliation of adjusted net income and adjusted diluted EPS to
the respective GAAP amounts.
2017 Guidance
“We are reaffirming the guidance we issued in
January 2017 of full year 2017 revenue in the range of $170 to $200
million and adjusted EPS of between $0.20 and $0.35 per diluted
share. Although a second Akovaz® competitor has recently
launched, we feel at this time it is premature to modify our full
year 2017 guidance. We expect R&D spending be in the
range of $40 and $50 million and our full year adjusted tax rate to
fall in the range of 70% - 80%,” commented Mike Kanan.
Conference Call
A conference call to discuss these results has been scheduled
for Tuesday, March 7, 2017 at 10:00 a.m. ET. A question and answer
period will follow management's prepared remarks. To access the
conference call, investors are invited to dial (844) 388-0559 (U.S.
and Canada) or (216) 562-0393 (International). The conference ID
number is 69283135. A live audio webcast and accompanying slides
can be accessed by visiting the “News & Events” page of the
Company’s Investors website at www.avadel.com. A replay of the
webcast will be archived on Avadel’s website for 90 days following
the event.
About REST-ON Phase III Clinical
Trial
REST-ON is a double-blind, randomized, placebo
controlled study of 264 patients to assess the efficacy and safety
of a once nightly formulation of sodium oxybate for
extended-release oral suspension for the treatment of excessive
daytime sleepiness and cataplexy in patients suffering from
narcolepsy. For more information, please visit
clinicaltrial.avadel.com.
About Avadel Pharmaceuticals
plc:
Avadel Pharmaceuticals plc (NASDAQ:AVDL) is a
specialty pharmaceutical company that seeks to develop
differentiated pharmaceutical products that are safe, effective and
easy to take through formulation development, by utilizing its
proprietary drug delivery technology and in-licensing / acquiring
new products; ultimately, helping patients adhere to their
prescribed medical treatment and see better results. Avadel
currently markets products in the hospital and primary care spaces.
The Company is headquartered in Dublin, Ireland with operations in
St. Louis, Missouri, United States and Lyon, France. For more
information, please visit www.avadel.com.
Safe Harbor: This release may
include “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
herein that are not clearly historical in nature are
forward-looking, and the words “anticipate, “assume,” “believe,”
“expect,” “estimate,” “plan,” “will,” “may,” and the negative of
these and similar expressions generally identify forward-looking
statements. All forward-looking statements involve risks,
uncertainties and contingencies, many of which are beyond Avadel's
control and could cause actual results to differ materially from
the results contemplated in such forward-looking statements. These
risks, uncertainties and contingencies include the risks relating
to: our dependence on a small number of products and customers for
the majority of our revenues; the possibility that our
Bloxiverz®,Vazculep® and Akovaz® products, which are not patent
protected, could face substantial competition resulting in a loss
of market share or forcing us to reduce the prices we charge for
those products; the possibility that we could fail to successfully
complete the research and development for pipeline products we are
evaluating for potential application to the FDA pursuant to our
“unapproved-to-approved” strategy, or that competitors could
complete the development of such product and apply for FDA approval
of such product before us; our dependence on the performance of
third parties in partnerships or strategic alliances for the
commercialization of some of our products; the possibility that our
products may not reach the commercial market or gain market
acceptance; our need to invest substantial sums in research and
development in order to remain competitive; our dependence on
certain single providers for development of several of our drug
delivery platforms and products; our dependence on a limited number
of suppliers to manufacture our products and to deliver certain raw
materials used in our products; the possibility that our
competitors may develop and market technologies or products that
are more effective or safer than ours, or obtain regulatory
approval and market such technologies or products before we do; the
challenges in protecting the intellectual property underlying our
drug delivery platforms and other products; our dependence on key
personnel to execute our business plan; the amount of additional
costs we will incur to comply with U.S. securities laws as a result
of our ceasing to qualify as a foreign private issuer; and the
other risks, uncertainties and contingencies described in the
Company's filings with the U.S. Securities and Exchange Commission,
including our annual report on Form 10-K for the year ended
December 31, 2015, all of which filings are also available on the
Company's website. Avadel undertakes no obligation to update its
forward-looking statements as a result of new information, future
events or otherwise, except as required by law.
Non-GAAP Disclosures and
Adjustments
Avadel discloses certain non-GAAP financial
measures, including adjusted net income and loss and adjusted net
income and loss per diluted share, as management believes that a
comparison of its current and historical results would be difficult
if the disclosures were limited to financial measures prepared only
in accordance with generally accepted accounting principles (GAAP)
in the U.S. In addition to reporting its financial results in
accordance with GAAP, Avadel reports certain non-GAAP results that
exclude, if any, fair value remeasurements of its contingent
consideration, impairment of intangible assets, amortization of
intangible assets, foreign exchange gains and losses on assets and
liabilities denominated in foreign currency, but includes the
operating cash flows plus any unpaid accrued amounts associated
with the contingent consideration, in order to supplement
investors' and other readers' understanding and assessment of the
Company's financial performance. The Company's management
uses these non-GAAP measures internally for forecasting, budgeting
and measuring its operating performance. Investors and other
readers should review the related GAAP financial measures and the
reconciliation of non-GAAP measures to their most closely
applicable GAAP measure set forth below and should consider
non-GAAP measures only as a supplement to, not as a substitute for
or as a superior measure to, measures of financial performance
prepared in accordance with GAAP. The table provided within the
following “Supplemental Information” section reconciles GAAP net
income and loss and diluted earnings or loss per share to the
corresponding adjusted amounts.
1Non-GAAP financial measure. Descriptions of Avadel’s non-GAAP
financial measures are included under the caption Non-GAAP
Disclosures and Adjustments included within this press release and
reconciliations of such non-GAAP financial measures to their most
closely applicable GAAP financial measures are found in the
Supplemental Information section herein.
AVADEL PHARMACEUTICALS
PLCCONSOLIDATED STATEMENTS OF INCOME
(LOSS)(In thousands, except per share data) |
|
|
|
|
|
|
|
Three-Months Ended |
|
Twelve-Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Product
sales and services |
|
$ |
42,364 |
|
|
$ |
43,847 |
|
|
$ |
147,222 |
|
|
$ |
172,288 |
|
License
and research revenue |
|
721 |
|
|
721 |
|
|
3,024 |
|
|
721 |
|
Total |
|
43,085 |
|
|
44,568 |
|
|
150,246 |
|
|
173,009 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
2,591 |
|
|
2,937 |
|
|
13,248 |
|
|
11,410 |
|
Research
and development |
|
13,476 |
|
|
5,161 |
|
|
34,611 |
|
|
25,608 |
|
Selling,
general and administrative |
|
10,688 |
|
|
6,808 |
|
|
44,179 |
|
|
21,712 |
|
Intangible asset amortization |
|
2,970 |
|
|
3,141 |
|
|
13,888 |
|
|
12,564 |
|
Changes
in fair value of related party contingent consideration |
|
(3,704 |
) |
|
(51,079 |
) |
|
49,285 |
|
|
30,957 |
|
Total |
|
26,021 |
|
|
(33,032 |
) |
|
155,211 |
|
|
102,251 |
|
Operating income
(loss) |
|
17,064 |
|
|
77,600 |
|
|
(4,965 |
) |
|
70,758 |
|
Investment and other income |
|
555 |
|
|
65 |
|
|
1,635 |
|
|
1,236 |
|
Interest
expense |
|
(261 |
) |
|
— |
|
|
(963 |
) |
|
— |
|
Other
income (expense) - changes in fair value of related party
payable |
|
(413 |
) |
|
4,746 |
|
|
(6,548 |
) |
|
(4,883 |
) |
Foreign
exchange gain |
|
1,135 |
|
|
2,498 |
|
|
1,123 |
|
|
10,594 |
|
Income (loss) before
income taxes |
|
18,080 |
|
|
84,909 |
|
|
(9,718 |
) |
|
77,705 |
|
Income
tax provision |
|
13,346 |
|
|
11,391 |
|
|
31,558 |
|
|
35,907 |
|
Net income (loss) |
|
$ |
4,734 |
|
|
$ |
73,518 |
|
|
$ |
(41,276 |
) |
|
$ |
41,798 |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic: |
|
$ |
0.11 |
|
|
$ |
1.79 |
|
|
$ |
(1.00 |
) |
|
$ |
1.03 |
|
Earnings (loss) per
share - diluted: |
|
$ |
0.11 |
|
|
$ |
1.69 |
|
|
$ |
(1.00 |
) |
|
$ |
0.96 |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding - basic |
|
41,269 |
|
|
41,125 |
|
|
41,248 |
|
|
40,580 |
|
Weighted average number
of shares outstanding - diluted |
|
42,808 |
|
|
43,430 |
|
|
41,248 |
|
|
43,619 |
|
AVADEL PHARMACEUTICALS
PLCCONSOLIDATED BALANCE SHEETS(In
thousands, except per share data) |
|
|
|
|
|
As of December 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
39,215 |
|
|
$ |
65,064 |
|
Marketable securities |
|
114,980 |
|
|
79,738 |
|
Accounts
receivable |
|
17,839 |
|
|
7,487 |
|
Inventories |
|
3,258 |
|
|
3,666 |
|
Research
and development tax credit receivable |
|
— |
|
|
2,382 |
|
Prepaid
expenses and other current assets |
|
5,894 |
|
|
8,064 |
|
Total
current assets |
|
181,186 |
|
|
166,401 |
|
Property
and equipment, net |
|
3,320 |
|
|
2,616 |
|
Goodwill |
|
18,491 |
|
|
18,491 |
|
Intangible assets, net |
|
22,837 |
|
|
15,825 |
|
Research
and development tax credit receivable |
|
1,775 |
|
|
— |
|
Income
tax deferred charge |
|
10,342 |
|
|
11,581 |
|
Other |
|
7,531 |
|
|
167 |
|
Total assets |
|
$ |
245,482 |
|
|
$ |
215,081 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
268 |
|
|
$ |
434 |
|
Current
portion of long-term related party payable |
|
34,177 |
|
|
25,204 |
|
Accounts
payable |
|
7,105 |
|
|
5,048 |
|
Deferred
revenue |
|
2,223 |
|
|
5,121 |
|
Accrued
expenses |
|
17,222 |
|
|
9,308 |
|
Income
taxes |
|
1,200 |
|
|
— |
|
Other |
|
226 |
|
|
133 |
|
Total
current liabilities |
|
62,421 |
|
|
45,248 |
|
Long-term
debt |
|
547 |
|
|
684 |
|
Long-term
related party payable |
|
135,170 |
|
|
97,489 |
|
Other |
|
5,275 |
|
|
2,526 |
|
Total
liabilities |
|
203,413 |
|
|
145,947 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Preferred
shares, $0.01 nominal value; 50,000 shares authorized at December
31, 2016, none authorized at December 31, 2015; none issued or
outstanding at December 31, 2016 and December 31, 2015,
respectively |
|
— |
|
|
— |
|
Ordinary
shares, nominal value of $0.01 and €0.122; 500,000 and 53,178
shares authorized; 41,371 and 41,241 issued and outstanding at
December 31, 2016 and 2015, respectively |
|
414 |
|
|
6,331 |
|
Additional paid-in capital |
|
385,020 |
|
|
363,984 |
|
Accumulated deficit |
|
(319,800 |
) |
|
(278,524 |
) |
Accumulated other comprehensive loss |
|
(23,565 |
) |
|
(22,657 |
) |
Total
shareholders' equity |
|
42,069 |
|
|
69,134 |
|
Total liabilities and
shareholders' equity |
|
$ |
245,482 |
|
|
$ |
215,081 |
|
AVADEL PHARMACEUTICALS
PLCCONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands) |
|
|
|
|
|
Twelve-Months Ended December 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Net
income (loss) |
|
$ |
(41,276 |
) |
|
$ |
41,798 |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
Depreciation and amortization |
|
14,489 |
|
|
13,132 |
|
Loss on
disposal of property and equipment |
|
110 |
|
|
— |
|
Loss on
sale of marketable securities |
|
826 |
|
|
779 |
|
Unrealized foreign currency exchange gain |
|
(349 |
) |
|
(8,969 |
) |
Gains on
waiver of research and development grants and other |
|
— |
|
|
(1,498 |
) |
Remeasurement of related party acquisition-related contingent
consideration |
|
49,285 |
|
|
30,957 |
|
Remeasurement of related party financing-related royalty
agreements |
|
6,548 |
|
|
4,883 |
|
Change in
deferred tax and income tax deferred charge |
|
(4,000 |
) |
|
69 |
|
Stock-based compensation expense |
|
14,679 |
|
|
7,741 |
|
Increase
(decrease) in cash from: |
|
|
|
|
Accounts
receivable |
|
(10,050 |
) |
|
(8,440 |
) |
Inventories |
|
1,831 |
|
|
3,036 |
|
Prepaid
expenses and other current assets |
|
3,412 |
|
|
(684 |
) |
Research
and development tax credit receivable |
|
397 |
|
|
2,975 |
|
Accounts
payable & other current liabilities |
|
(434 |
) |
|
(8,533 |
) |
Deferred
revenue |
|
(2,923 |
) |
|
3,815 |
|
Accrued
expenses |
|
6,764 |
|
|
3,376 |
|
Accrued
income taxes |
|
1,778 |
|
|
(393 |
) |
Earn-out
payments for related party contingent consideration in excess of
acquisition-date fair value |
|
(20,252 |
) |
|
— |
|
Royalty
payments for related party payable in excess of original fair
value |
|
(2,469 |
) |
|
— |
|
Other
long-term assets and liabilities |
|
535 |
|
|
249 |
|
Net cash provided by
operating activities |
|
18,901 |
|
|
84,293 |
|
Cash flows from
investing activities: |
|
|
|
|
Purchases
of property and equipment |
|
(1,201 |
) |
|
(1,629 |
) |
Acquisitions of businesses, including cash acquired and other
adjustments |
|
628 |
|
|
— |
|
Proceeds
from sales of marketable securities |
|
71,546 |
|
|
48,308 |
|
Purchases
of marketable securities |
|
(107,603 |
) |
|
(78,409 |
) |
Net cash used in
investing activities |
|
(36,630 |
) |
|
(31,730 |
) |
Cash flows from
financing activities: |
|
|
|
|
Reimbursement of loans |
|
— |
|
|
(4,911 |
) |
Reimbursement of conditional R&D grants |
|
(277 |
) |
|
(747 |
) |
Earn-out
payments for related party contingent consideration |
|
(6,892 |
) |
|
(24,526 |
) |
Royalty
payments for related party payable |
|
(1,225 |
) |
|
(3,371 |
) |
Excess
tax benefit from stock-based compensation |
|
— |
|
|
2,814 |
|
Cash
proceeds from issuance of ordinary shares and warrants |
|
440 |
|
|
6,990 |
|
Net cash used in
financing activities |
|
(7,954 |
) |
|
(23,751 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
(166 |
) |
|
(3,508 |
) |
Net increase (decrease)
in cash and cash equivalents |
|
(25,849 |
) |
|
25,304 |
|
Cash and cash
equivalents - beginning balance |
|
65,064 |
|
|
39,760 |
|
Cash and cash
equivalents - ending balance |
|
$ |
39,215 |
|
|
$ |
65,064 |
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
Income
tax paid |
|
$ |
27,180 |
|
|
$ |
42,121 |
|
Interest
paid |
|
788 |
|
|
4,738 |
|
AVADEL PHARMACEUTICALS
PLCUNAUDITED SUPPLEMENTAL INFORMATION(In
thousands, except per share data) |
|
|
|
|
|
|
|
Three-Months Ended December 31, |
|
Twelve-Months Ended December 31, |
Revenues |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Bloxiverz |
|
$ |
16,938 |
|
|
$ |
36,009 |
|
|
$ |
82,896 |
|
|
$ |
150,083 |
|
Vazculep |
|
10,629 |
|
|
7,394 |
|
|
39,796 |
|
|
20,151 |
|
Akovaz |
|
11,263 |
|
|
— |
|
|
16,831 |
|
|
— |
|
Other |
|
3,534 |
|
|
444 |
|
|
7,699 |
|
|
2,054 |
|
Total
product sales and services |
|
42,364 |
|
|
43,847 |
|
|
147,222 |
|
|
172,288 |
|
License
and research revenue |
|
721 |
|
|
721 |
|
|
3,024 |
|
|
721 |
|
Total
revenues |
|
$ |
43,085 |
|
|
$ |
44,568 |
|
|
$ |
150,246 |
|
|
$ |
173,009 |
|
|
|
|
|
GAAP to Non-GAAP adjustments for the
three-months ended December 31, 2016 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange (gain)/loss |
|
Cross - border merger impacts |
|
Purchase accounting adjustments -
FSC |
|
Contingent related party payable fair value
remeasurements |
|
Contingent related party payable
paid/accrued |
|
Total adjustments |
|
Adjusted GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales and services |
|
$ |
42,364 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42,364 |
|
License
and research revenue |
|
721 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
721 |
|
Total |
|
43,085 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
43,085 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
2,591 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,019 |
|
|
— |
|
|
— |
|
|
1,019 |
|
|
3,610 |
|
Research
and development |
|
13,476 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,476 |
|
Selling,
general and administrative |
|
10,688 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,688 |
|
Intangible asset amortization |
|
2,970 |
|
|
(2,970 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,970 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
(3,704 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,704 |
|
|
7,645 |
|
|
11,349 |
|
|
7,645 |
|
Total |
|
26,021 |
|
|
(2,970 |
) |
|
— |
|
|
— |
|
|
1,019 |
|
|
3,704 |
|
|
7,645 |
|
|
9,398 |
|
|
35,419 |
|
Operating income
(loss) |
|
17,064 |
|
|
2,970 |
|
|
— |
|
|
— |
|
|
(1,019 |
) |
|
(3,704 |
) |
|
(7,645 |
) |
|
(9,398 |
) |
|
7,666 |
|
Investment and other income |
|
555 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
555 |
|
Interest
expense |
|
(261 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(261 |
) |
Other
expense - changes in fair value of related party payable |
|
(413 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
413 |
|
|
(1,018 |
) |
|
(605 |
) |
|
(1,018 |
) |
Foreign
exchange gain |
|
1,135 |
|
|
— |
|
|
(1,135 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,135 |
) |
|
— |
|
Income (loss) before
income taxes |
|
18,080 |
|
|
2,970 |
|
|
(1,135 |
) |
|
— |
|
|
(1,019 |
) |
|
(3,291 |
) |
|
(8,663 |
) |
|
(11,138 |
) |
|
6,942 |
|
Income
tax provision (benefit) |
|
13,346 |
|
|
1,066 |
|
|
— |
|
|
(6,754 |
) |
|
(366 |
) |
|
82 |
|
|
(499 |
) |
|
(6,471 |
) |
|
6,875 |
|
Net income (loss) |
|
$ |
4,734 |
|
|
$ |
1,904 |
|
|
$ |
(1,135 |
) |
|
$ |
6,754 |
|
|
$ |
(653 |
) |
|
$ |
(3,373 |
) |
|
$ |
(8,164 |
) |
|
$ |
(4,667 |
) |
|
$ |
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share - diluted(1) |
|
$ |
0.11 |
|
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
|
$ |
0.16 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.11 |
) |
|
$ |
— |
|
Weighted average number
of shares outstanding - diluted |
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
|
42,808 |
|
(1) Net income (loss) per share - diluted is
calculated by dividing Net income (loss) by the Weighted average
number of shares outstanding - diluted. Note, when recalculated
using this method, the balances in the Total adjustment and
Adjusted GAAP columns may not cross-foot as a result of rounding to
full precision.
|
|
|
|
GAAP to Non GAAP adjustments for the
three-months ended December 31, 2015 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange (gain)/loss |
|
Contingent related party payable fair value
remeasurements |
|
Contingent related party payable
paid/accrued |
|
Total adjustments |
|
Adjusted GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales and services |
|
$ |
43,847 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
43,847 |
|
License
and research revenue |
|
721 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
721 |
|
Total |
|
44,568 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
44,568 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
2,937 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,937 |
|
Research
and development |
|
5,161 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,161 |
|
Selling,
general and administrative |
|
6,808 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,808 |
|
Intangible asset amortization |
|
3,141 |
|
|
(3,141 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,141 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
(51,079 |
) |
|
— |
|
|
— |
|
|
51,079 |
|
|
8,158 |
|
|
59,237 |
|
|
8,158 |
|
Total |
|
(33,032 |
) |
|
(3,141 |
) |
|
— |
|
|
51,079 |
|
|
8,158 |
|
|
56,096 |
|
|
23,064 |
|
Operating income
(loss) |
|
77,600 |
|
|
3,141 |
|
|
— |
|
|
(51,079 |
) |
|
(8,158 |
) |
|
(56,096 |
) |
|
21,504 |
|
Investment and other income |
|
65 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
65 |
|
Interest
expense |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
expense - changes in fair value of related party payable |
|
4,746 |
|
|
— |
|
|
— |
|
|
(4,746 |
) |
|
(1,123 |
) |
|
(5,869 |
) |
|
(1,123 |
) |
Foreign
exchange gain |
|
2,498 |
|
|
— |
|
|
(2,498 |
) |
|
— |
|
|
— |
|
|
(2,498 |
) |
|
— |
|
Income (loss) before
income taxes |
|
84,909 |
|
|
3,141 |
|
|
(2,498 |
) |
|
(55,825 |
) |
|
(9,281 |
) |
|
(64,463 |
) |
|
20,446 |
|
Income
tax provision (benefit) |
|
11,391 |
|
|
1,099 |
|
|
(749 |
) |
|
(1,661 |
) |
|
(393 |
) |
|
(1,704 |
) |
|
9,687 |
|
Net income (loss) |
|
$ |
73,518 |
|
|
$ |
2,042 |
|
|
$ |
(1,749 |
) |
|
$ |
(54,164 |
) |
|
$ |
(8,888 |
) |
|
$ |
(62,759 |
) |
|
$ |
10,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share - diluted (1) |
|
$ |
1.69 |
|
|
$ |
0.05 |
|
|
$ |
(0.04 |
) |
|
$ |
(1.25 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.45 |
) |
|
$ |
0.25 |
|
Weighted average number
of shares outstanding - diluted |
|
43,430 |
|
|
43,430 |
|
|
43,430 |
|
|
43,430 |
|
|
43,430 |
|
|
43,430 |
|
|
43,430 |
|
(1) Net income (loss) per share - diluted is
calculated by dividing Net income (loss) by the Weighted average
number of shares outstanding - diluted. Note, when recalculated
using this method, the balances in the Total adjustment and
Adjusted GAAP columns may not cross-foot as a result of rounding to
full precision.
|
|
|
|
GAAP to Non-GAAP adjustments for the
twelve-months ended December 31, 2016 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange (gain)/loss |
|
Cross - border merger impacts |
|
Purchase accounting adjustments -
FSC |
|
Contingent related party payable fair value
remeasurements |
|
Contingent related party payable
paid/accrued |
|
Total adjustments |
|
Adjusted GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales and services |
|
$ |
147,222 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
147,222 |
|
License
and research revenue |
|
3,024 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,024 |
|
Total |
|
150,246 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
150,246 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
13,248 |
|
|
— |
|
|
— |
|
|
— |
|
|
(506 |
) |
|
— |
|
|
— |
|
|
(506 |
) |
|
12,742 |
|
Research
and development |
|
34,611 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
34,611 |
|
Selling,
general and administrative |
|
44,179 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
44,179 |
|
Intangible asset amortization |
|
13,888 |
|
|
(13,888 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,888 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
49,285 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(49,285 |
) |
|
26,966 |
|
|
(22,319 |
) |
|
26,966 |
|
Total |
|
155,211 |
|
|
(13,888 |
) |
|
— |
|
|
— |
|
|
(506 |
) |
|
(49,285 |
) |
|
26,966 |
|
|
(36,713 |
) |
|
118,498 |
|
Operating income
(loss) |
|
(4,965 |
) |
|
13,888 |
|
|
— |
|
|
— |
|
|
506 |
|
|
49,285 |
|
|
(26,966 |
) |
|
36,713 |
|
|
31,748 |
|
Investment and other income |
|
1,635 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,635 |
|
Interest
expense |
|
(963 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(963 |
) |
Other
expense - changes in fair value of related party payable |
|
(6,548 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,548 |
|
|
(3,636 |
) |
|
2,912 |
|
|
(3,636 |
) |
Foreign
exchange gain |
|
1,123 |
|
|
— |
|
|
(1,123 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,123 |
) |
|
— |
|
Income (loss) before
income taxes |
|
(9,718 |
) |
|
13,888 |
|
|
(1,123 |
) |
|
— |
|
|
506 |
|
|
55,833 |
|
|
(30,602 |
) |
|
38,502 |
|
|
28,784 |
|
Income
tax provision (benefit) |
|
31,558 |
|
|
4,986 |
|
|
— |
|
|
(6,754 |
) |
|
182 |
|
|
3,068 |
|
|
(1,667 |
) |
|
(185 |
) |
|
31,373 |
|
Net income (loss) |
|
$ |
(41,276 |
) |
|
$ |
8,902 |
|
|
$ |
(1,123 |
) |
|
$ |
6,754 |
|
|
$ |
324 |
|
|
$ |
52,765 |
|
|
$ |
(28,935 |
) |
|
$ |
38,687 |
|
|
$ |
(2,589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share - diluted (1) |
|
$ |
(1.00 |
) |
|
$ |
0.22 |
|
|
$ |
(0.03 |
) |
|
$ |
0.16 |
|
|
$ |
0.01 |
|
|
$ |
1.28 |
|
|
$ |
(0.70 |
) |
|
$ |
0.94 |
|
|
$ |
(0.06 |
) |
Weighted average number
of shares outstanding - diluted |
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
|
41,248 |
|
(1) Net income (loss) per share - diluted is
calculated by dividing Net income (loss) by the Weighted average
number of shares outstanding - diluted. Note, when recalculated
using this method, the balances in the Total adjustment and
Adjusted GAAP columns may not cross-foot as a result of rounding to
full precision.
|
|
|
|
GAAP to Non-GAAP adjustments for the
twelve-months ended December 31, 2015 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange (gain)/loss |
|
Contingent related party payable fair value
remeasurements |
|
Contingent related party payable
paid/accrued |
|
Total adjustments |
|
Adjusted GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales and services |
|
$ |
172,288 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
172,288 |
|
License
and research revenue |
|
721 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
721 |
|
Total |
|
173,009 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
173,009 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
11,410 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,410 |
|
Research
and development |
|
25,608 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25,608 |
|
Selling,
general and administrative |
|
21,712 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21,712 |
|
Intangible asset amortization |
|
12,564 |
|
|
(12,564 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,564 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
30,957 |
|
|
— |
|
|
— |
|
|
(30,957 |
) |
|
32,081 |
|
|
1,124 |
|
|
32,081 |
|
Total |
|
102,251 |
|
|
(12,564 |
) |
|
— |
|
|
(30,957 |
) |
|
32,081 |
|
|
(11,440 |
) |
|
90,811 |
|
Operating income
(loss) |
|
70,758 |
|
|
12,564 |
|
|
— |
|
|
30,957 |
|
|
(32,081 |
) |
|
11,440 |
|
|
82,198 |
|
Investment and other income |
|
1,236 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,236 |
|
Interest
expense |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
expense - changes in fair value of related party payable |
|
(4,883 |
) |
|
— |
|
|
— |
|
|
4,883 |
|
|
(4,414 |
) |
|
469 |
|
|
(4,414 |
) |
Foreign
exchange gain |
|
10,594 |
|
|
— |
|
|
(10,594 |
) |
|
— |
|
|
— |
|
|
(10,594 |
) |
|
— |
|
Income (loss) before
income taxes |
|
77,705 |
|
|
12,564 |
|
|
(10,594 |
) |
|
35,840 |
|
|
(36,495 |
) |
|
1,315 |
|
|
79,020 |
|
Income
tax provision (benefit) |
|
35,907 |
|
|
4,397 |
|
|
(3,178 |
) |
|
1,709 |
|
|
(1,545 |
) |
|
1,383 |
|
|
37,290 |
|
Net income (loss) |
|
$ |
41,798 |
|
|
$ |
8,167 |
|
|
$ |
(7,416 |
) |
|
$ |
34,131 |
|
|
$ |
(34,950 |
) |
|
$ |
(68 |
) |
|
$ |
41,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share - diluted (1) |
|
$ |
0.96 |
|
|
$ |
0.19 |
|
|
$ |
(0.17 |
) |
|
$ |
0.78 |
|
|
$ |
(0.80 |
) |
|
$ |
— |
|
|
$ |
0.96 |
|
Weighted average number
of shares outstanding - diluted |
|
43,619 |
|
|
43,619 |
|
|
43,619 |
|
|
43,619 |
|
|
43,619 |
|
|
43,619 |
|
|
43,619 |
|
(1) Net income (loss) per share - diluted is
calculated by dividing Net income (loss) by the Weighted average
number of shares outstanding - diluted. Note, when recalculated
using this method, the balances in the Total adjustment and
Adjusted GAAP columns may not cross-foot as a result of rounding to
full precision.
Contacts:
Michael F. Kanan
Chief Financial Officer
Phone: (636) 449-1844
Email : mkanan@avadel.com
Lauren Stival
Sr. Director, Investor Relations & Corporate Communications
Phone: (636) 449-5866
Email: lstival@avadel.com
Avadel Pharmaceuticals (NASDAQ:AVDL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Avadel Pharmaceuticals (NASDAQ:AVDL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024