Avadel Pharmaceuticals plc (NASDAQ:AVDL) today announced its
financial results for the first quarter of 2017.
Highlights Include:
- Total revenues for the first quarter 2017 were $52.5 million,
compared to $43.1 million in the fourth quarter 2016 and $36.2
million in the first quarter 2016.
- GAAP net income for the first quarter 2017 was $25.4 million,
or $0.59 per diluted share, compared to GAAP net income of $4.7
million, or $0.11 per diluted share, in the fourth quarter 2016 and
a GAAP net loss of $6.1 million, or $0.15 per diluted share, in the
first quarter 2016.
- Adjusted net income for the first quarter 2017 was $11.3
million, or $0.26 per diluted share, compared to an adjusted net
income of $0.1 million, or $0.00 per diluted share, in the fourth
quarter 2016 and $1.8 million, or $0.04 per diluted share, in the
first quarter 2016. (1)
- Cash and marketable securities at March 31, 2017 were $179.2
million, up from $154.2 million at December 31, 2016.
Michael Anderson, Avadel's Chief Executive
Officer, remarked, “This was a strong start to the year for us,
producing record quarterly revenues of $52.5 million, driven
largely by the continued durability of our hospital products. We
saw strong performance from Akovaz® and continued to maintain
stable share and pricing for our other two hospital products,
Bloxiverz® and Vazculep®. In addition, we began site
initiations for our REST-ON Phase III clinical trial of once
nightly sodium oxybate in the United States, where we expect to
enroll a large portion of patients."
First Quarter 2017 Results
Revenues during the first quarter 2017 of $52.5
million, compared to $36.2 million during the same period last
year. The increase in revenues is due to Akovaz, which was not yet
in the market during the first quarter of 2016. On a GAAP basis,
net income was $25.4 million during the first quarter 2016, or
$0.59 per diluted share, compared to a net loss of $6.1 million, or
$0.15 per diluted share, for the same period last year.
Included in GAAP net income for the first quarter 2017 were $7.0
million of gains related to changes in the fair value of related
party contingent consideration, compared to charges of $8.2 million
in the same period last year. Changes in the fair value of related
party contingent consideration are non-cash items, and do not
reflect the cash amount paid to related parties. Cash payments can
be found in the Consolidated Statement of Cash Flows. Also,
included in GAAP net income in the first quarter 2017 are $2.7
million in restructuring costs related to the reduction of the
Company's workforce in France, which consist of employee severance,
benefits and other costs.
Research and Development expenses totaled $7.2
million for the first quarter, compared to $5.4 million for the
same period last year. The increase in spending is due to the
Company's Phase III REST-ON trial to assess the safety and efficacy
of a once-nightly version of sodium oxybate for the treatment of
excessive daytime sleepiness and cataplexy in patients suffering
from narcolepsy. The Company expects spending on Research and
Development to increase in the coming quarters and remain in line
with initial expectations of total spend between $40 and $50
million for the full year 2017. Selling, General and Administrative
expenses were $11.8 million in the first quarter 2017, compared to
$9.5 million in the same period last year. This
increase was primarily due to higher sales and marketing expenses
resulting from the acquisition of FSC Pediatrics, which incurred
three months of expenses during the three months ended March 31,
2017 compared to only two months in the prior year due to the
February 2016 acquisition.
Adjusted net income for the first quarter 2017
was $11.3 million, or $0.26 per diluted share, compared to $1.8
million, or $0.04 per diluted share, in the same period last
year.(1) The increase in adjusted net income is largely
attributable to an increase in revenues from Akovaz and a lower
adjusted effective tax rate of 41% compared to 83% in the prior
year period. 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
The Company is increasing its full year adjusted
EPS guidance to a range of $0.30 to $0.45 per diluted share, up
from its previous range of between $0.20 and $0.35 per diluted
share, on stronger than anticipated first quarter results.
The Company is narrowing its full year revenue guidance to be in
the range of $170 - $185 million as a result of a second competitor
for Akovaz entering the market earlier than anticipated and a shift
in market conditions for neostigmine. R&D spend is expected to
be in the range of $40 to $50 million, and the full year adjusted
tax rate is now expected to be in the range of 60% to 70%, down
from previous guidance of 70% - 80%.
Conference Call
A conference call to discuss these results has been scheduled
for Tuesday, May 9, 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 9368017. 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
www.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, 2016, 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, restructuring costs, foreign exchange gains and
losses on assets and liabilities denominated in foreign currencies,
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 PLC |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (LOSS) |
(In thousands, except per share data) |
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Revenues: |
|
|
|
|
Product
sales and services |
|
$ |
51,757 |
|
|
$ |
35,353 |
|
License
and research revenue |
|
750 |
|
|
863 |
|
Total |
|
52,507 |
|
|
36,216 |
|
Operating
expenses: |
|
|
|
|
Cost of
products and services sold |
|
3,902 |
|
|
3,906 |
|
Research
and development expenses |
|
7,206 |
|
|
5,388 |
|
Selling,
general and administrative expenses |
|
11,812 |
|
|
9,461 |
|
Intangible asset amortization |
|
564 |
|
|
3,514 |
|
Changes
in fair value of related party contingent consideration |
|
(6,971 |
) |
|
8,243 |
|
Restructuring costs |
|
2,653 |
|
|
— |
|
Total operating
expenses |
|
19,166 |
|
|
30,512 |
|
Operating income |
|
33,341 |
|
|
5,704 |
|
Investment income, net |
|
529 |
|
|
200 |
|
Interest
expense, net |
|
(263 |
) |
|
(175 |
) |
Other
income (expense) - changes in fair value of related party
payable |
|
550 |
|
|
(1,534 |
) |
Foreign
exchange loss |
|
(231 |
) |
|
(2,941 |
) |
Income before income
taxes |
|
33,926 |
|
|
1,254 |
|
Income
tax provision |
|
8,525 |
|
|
7,312 |
|
Net income (loss) |
|
$ |
25,401 |
|
|
$ |
(6,058 |
) |
|
|
|
|
|
Net income (loss) per
share - basic |
|
$ |
0.61 |
|
|
$ |
(0.15 |
) |
Net income (loss) per
share - diluted |
|
0.59 |
|
|
(0.15 |
) |
|
|
|
|
|
Weighted average number
of shares outstanding - basic |
|
41,374 |
|
|
41,241 |
|
Weighted average number
of shares outstanding - diluted |
|
42,810 |
|
|
41,241 |
|
|
|
|
|
|
|
|
|
AVADEL PHARMACEUTICALS PLC |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except per share data) |
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
32,236 |
|
|
$ |
39,215 |
|
Marketable securities |
|
146,978 |
|
|
114,980 |
|
Accounts
receivable |
|
13,463 |
|
|
17,839 |
|
Inventories |
|
5,406 |
|
|
3,258 |
|
Prepaid
expenses and other current assets |
|
6,529 |
|
|
5,894 |
|
Total
current assets |
|
204,612 |
|
|
181,186 |
|
Property
and equipment, net |
|
3,382 |
|
|
3,320 |
|
Goodwill |
|
18,491 |
|
|
18,491 |
|
Intangible assets, net |
|
22,274 |
|
|
22,837 |
|
Research
and development tax credit receivable |
|
2,396 |
|
|
1,775 |
|
Income
tax deferred charge |
|
— |
|
|
10,342 |
|
Other |
|
7,533 |
|
|
7,531 |
|
Total assets |
|
$ |
258,688 |
|
|
$ |
245,482 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
272 |
|
|
$ |
268 |
|
Current
portion of long-term related party payable |
|
43,699 |
|
|
34,177 |
|
Accounts
payable |
|
7,962 |
|
|
7,105 |
|
Deferred
revenue |
|
1,617 |
|
|
2,223 |
|
Accrued
expenses |
|
19,936 |
|
|
17,222 |
|
Income
taxes |
|
9,723 |
|
|
1,200 |
|
Other |
|
825 |
|
|
226 |
|
Total
current liabilities |
|
84,034 |
|
|
62,421 |
|
Long-term
debt, less current portion |
|
555 |
|
|
547 |
|
Long-term
related party payable, less current portion |
|
109,514 |
|
|
135,170 |
|
Other |
|
5,488 |
|
|
5,275 |
|
Total
liabilities |
|
199,591 |
|
|
203,413 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Preferred
shares, $0.01 nominal value; 50,000 shares authorized at March 31,
2017 and December 31, 2016,respectively; none issued or outstanding
at March 31, 2017 and December 31, 2016, respectively |
|
— |
|
|
— |
|
Ordinary
shares, nominal value of $0.01; 500,000 shares authorized; 41,380
and 41,371 issued and outstanding at March 31, 2017 and December
31, 2016, respectively |
|
414 |
|
|
414 |
|
Additional paid-in capital |
|
387,105 |
|
|
385,020 |
|
Accumulated deficit |
|
(305,555 |
) |
|
(319,800 |
) |
Accumulated other comprehensive loss |
|
(22,867 |
) |
|
(23,565 |
) |
Total
shareholders' equity |
|
59,097 |
|
|
42,069 |
|
Total liabilities and
shareholders' equity |
|
$ |
258,688 |
|
|
$ |
245,482 |
|
|
|
AVADEL PHARMACEUTICALS PLC |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS |
(In thousands) |
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Cash
flows from operating activities: |
|
|
|
|
Net
income (loss) |
|
25,401 |
|
|
(6,058 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
837 |
|
|
3,754 |
|
Loss on
disposal of property and equipment |
|
— |
|
|
102 |
|
Loss on
sale of marketable securities |
|
236 |
|
|
285 |
|
Foreign
exchange loss |
|
— |
|
|
2,941 |
|
Grants
recognized in research and development expenses |
|
— |
|
|
(2 |
) |
Remeasurement of related party acquisition-related contingent
consideration |
|
(6,971 |
) |
|
8,243 |
|
Remeasurement of related party financing-related contingent
consideration |
|
(550 |
) |
|
1,534 |
|
Change in
deferred tax and income tax deferred charge |
|
— |
|
|
(1,682 |
) |
Stock-based compensation expense |
|
2,047 |
|
|
2,475 |
|
Increase
(decrease) in cash from: |
|
|
|
|
Accounts
receivable |
|
4,376 |
|
|
2,093 |
|
Inventories |
|
(2,148 |
) |
|
723 |
|
Prepaid
expenses and other current assets |
|
(1,354 |
) |
|
(131 |
) |
Research
and development tax credit receivable |
|
(716 |
) |
|
(363 |
) |
Accounts
payable & other current liabilities |
|
1,456 |
|
|
6,119 |
|
Deferred
revenue |
|
(606 |
) |
|
(758 |
) |
Accrued
expenses |
|
2,714 |
|
|
(2,888 |
) |
Accrued
income taxes |
|
8,523 |
|
|
5,616 |
|
Earn-out
payments for related party contingent consideration in excess of
acquisition-date fair value |
|
(7,166 |
) |
|
(1,566 |
) |
Royalty
payments for related party payable in excess of original fair
value |
|
(1,003 |
) |
|
(561 |
) |
Other
long-term assets and liabilities |
|
232 |
|
|
493 |
|
Net cash
provided by operating activities |
|
25,308 |
|
|
20,369 |
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
Purchases
of property and equipment |
|
(334 |
) |
|
(460 |
) |
Acquisitions of businesses |
|
— |
|
|
161 |
|
Proceeds
from sales of marketable securities |
|
14,419 |
|
|
9,766 |
|
Purchase
of marketable securities |
|
(46,074 |
) |
|
(50,454 |
) |
Net cash used
in investing activities |
|
(31,989 |
) |
|
(40,987 |
) |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
Earn-out
payments for related party contingent consideration |
|
(444 |
) |
|
(6,448 |
) |
Royalty
payments for related party payable |
|
— |
|
|
(531 |
) |
Cash
proceeds from issuance of ordinary shares and warrants |
|
38 |
|
|
— |
|
Net cash used
in financing activities |
|
(406 |
) |
|
(6,979 |
) |
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
108 |
|
|
403 |
|
|
|
|
|
|
Net decrease
in cash and cash equivalents |
|
(6,979 |
) |
|
(27,194 |
) |
Cash and cash
equivalents at January 1, |
|
39,215 |
|
|
65,064 |
|
Cash and cash
equivalents at March 31, |
|
$ |
32,236 |
|
|
$ |
37,870 |
|
|
|
AVADEL PHARMACEUTICALS PLC |
UNAUDITED SUPPLEMENTAL
INFORMATION |
(In thousands, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
Revenues by Product: |
|
2017 |
|
2016 |
|
|
|
|
|
Bloxiverz |
|
$ |
13,902 |
|
|
$ |
24,747 |
|
Vazculep |
|
10,179 |
|
|
9,406 |
|
Akovaz |
|
25,638 |
|
|
— |
|
Other |
|
2,038 |
|
|
1,200 |
|
Total product
sales and services |
|
51,757 |
|
|
35,353 |
|
License
and research revenue |
|
750 |
|
|
863 |
|
Total
revenues |
|
$ |
52,507 |
|
|
$ |
36,216 |
|
|
|
|
|
|
|
GAAP to Non-GAAP adjustments for the
three-months ended March 31, 2017 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange(gain)/loss |
|
Restructuringimpacts |
|
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 |
|
$ |
51,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,757 |
|
License
and research revenue |
|
750 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
750 |
|
Total |
|
52,507 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
52,507 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
3,902 |
|
|
— |
|
|
— |
|
|
— |
|
|
(46 |
) |
|
— |
|
|
— |
|
|
(46 |
) |
|
3,856 |
|
Research
and development |
|
7,206 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,206 |
|
Selling,
general and administrative |
|
11,812 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,812 |
|
Intangible asset amortization |
|
564 |
|
|
(564 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(564 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
(6,971 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,971 |
|
|
9,616 |
|
|
16,587 |
|
|
9,616 |
|
Restructuring costs |
|
2,653 |
|
|
— |
|
|
— |
|
|
(2,653 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,653 |
) |
|
— |
|
Total |
|
19,166 |
|
|
(564 |
) |
|
— |
|
|
(2,653 |
) |
|
(46 |
) |
|
6,971 |
|
|
9,616 |
|
|
13,324 |
|
|
32,490 |
|
Operating income
(loss) |
|
33,341 |
|
|
564 |
|
|
— |
|
|
2,653 |
|
|
46 |
|
|
(6,971 |
) |
|
(9,616 |
) |
|
(13,324 |
) |
|
20,017 |
|
Investment and other income |
|
529 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
529 |
|
Interest
expense |
|
(263 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(263 |
) |
Other
expense - changes in fair value of related party payable |
|
550 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(550 |
) |
|
(1,299 |
) |
|
(1,849 |
) |
|
(1,299 |
) |
Foreign
exchange gain |
|
(231 |
) |
|
— |
|
|
231 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
231 |
|
|
— |
|
Income (loss) before
income taxes |
|
33,926 |
|
|
564 |
|
|
231 |
|
|
2,653 |
|
|
46 |
|
|
(7,521 |
) |
|
(10,915 |
) |
|
(14,942 |
) |
|
18,984 |
|
Income
tax provision (benefit) |
|
8,525 |
|
|
201 |
|
|
— |
|
|
— |
|
|
17 |
|
|
(360 |
) |
|
(691 |
) |
|
(833 |
) |
|
7,692 |
|
Net income (loss) |
|
$ |
25,401 |
|
|
$ |
363 |
|
|
$ |
231 |
|
|
$ |
2,653 |
|
|
$ |
29 |
|
|
$ |
(7,161 |
) |
|
$ |
(10,224 |
) |
|
$ |
(14,109 |
) |
|
$ |
11,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share - diluted(1) |
|
$ |
0.59 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
— |
|
|
$ |
(0.17 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.26 |
|
Weighted average number
of shares outstanding - diluted |
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
42,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 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 March 31, 2016 |
|
|
|
|
|
|
|
|
Exclude |
|
Include |
|
|
|
|
|
|
GAAP |
|
Intangible asset amortization |
|
Foreign exchange (gain)/loss |
|
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 |
|
$ |
35,353 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,353 |
|
License
and research revenue |
|
863 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
863 |
|
Total |
|
36,216 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
36,216 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
3,906 |
|
|
— |
|
|
— |
|
|
(763 |
) |
|
— |
|
|
— |
|
|
(763 |
) |
|
3,143 |
|
Research
and development |
|
5,388 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,388 |
|
Selling,
general and administrative |
|
9,461 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,461 |
|
Intangible asset amortization |
|
3,514 |
|
|
(3,514 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,514 |
) |
|
— |
|
Changes
in fair value of related party contingent consideration |
|
8,243 |
|
|
— |
|
|
— |
|
|
— |
|
|
(8,243 |
) |
|
6,445 |
|
|
(1,798 |
) |
|
6,445 |
|
Total |
|
30,512 |
|
|
(3,514 |
) |
|
— |
|
|
(763 |
) |
|
(8,243 |
) |
|
6,445 |
|
|
(6,075 |
) |
|
24,437 |
|
Operating income
(loss) |
|
5,704 |
|
|
3,514 |
|
|
— |
|
|
763 |
|
|
8,243 |
|
|
(6,445 |
) |
|
6,075 |
|
|
11,779 |
|
Investment and other income |
|
200 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
200 |
|
Interest
expense |
|
(175 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(175 |
) |
Other
expense - changes in fair value of related party payable |
|
(1,534 |
) |
|
— |
|
|
— |
|
|
— |
|
|
1,534 |
|
|
(892 |
) |
|
642 |
|
|
(892 |
) |
Foreign
exchange gain |
|
(2,941 |
) |
|
— |
|
|
2,941 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,941 |
|
|
— |
|
Income (loss) before
income taxes |
|
1,254 |
|
|
3,514 |
|
|
2,941 |
|
|
763 |
|
|
9,777 |
|
|
(7,337 |
) |
|
9,658 |
|
|
10,912 |
|
Income
tax provision (benefit) |
|
7,312 |
|
|
1,262 |
|
|
— |
|
|
274 |
|
|
551 |
|
|
(321 |
) |
|
1,766 |
|
|
9,078 |
|
Net income (loss) |
|
$ |
(6,058 |
) |
|
$ |
2,252 |
|
|
$ |
2,941 |
|
|
$ |
489 |
|
|
$ |
9,226 |
|
|
$ |
(7,016 |
) |
|
$ |
7,892 |
|
|
$ |
1,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share - diluted(1) |
|
$ |
(0.15 |
) |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.01 |
|
|
$ |
0.22 |
|
|
$ |
(0.17 |
) |
|
$ |
0.19 |
|
|
$ |
0.04 |
|
Weighted average number
of shares outstanding - diluted |
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
41,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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