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Avadel Pharmaceuticals Reports First Quarter 2018 Results
NOCTIVA™ launch underway across the U.S.
FT 218 granted Orphan Drug Designation
Generated revenue of
First quarter 2018 highlights and financial overview:
- On
January 10, 2018 theU.S. Food and Drug Administration granted Orphan Drug Designation to FT 218 for the treatment of narcolepsy. - Divested pediatric products in February to
Cerecor, Inc. and increased strategic focus on urology, hospital and CNS / sleep markets. - Completed a convertible debt offering with net proceeds of
$138.4 million . - Launched NOCTIVA to the trade four weeks ahead of schedule.
- Total revenues for the first quarter 2018 were
$33.3 million , compared to$34.8 million in the fourth quarter 2017 and$52.5 million in the first quarter 2017. - GAAP net loss for the first quarter 2018 was
$(12.2) million , or$(0.32) per diluted share, compared to GAAP net loss of$(8.2) million , or$(0.21) per diluted share, in the fourth quarter 2017 and a GAAP net income of$25.9 million , or$0.61 per diluted share, in the first quarter 2017. - Adjusted net loss for the first quarter 2018 was
$(13.0) million , or$(0.34) per diluted share, compared to an adjusted net loss of$(10.0) million , or$(0.25) per diluted share, in the fourth quarter 2017 and an adjusted net income of$11.8 million , or$0.28 per diluted share, in the first quarter 2017. (1) - Cash and marketable securities at
March 31, 2018 were$198.2 million , up from$94.1 million atDecember 31 , 2017.
“Our quarter overall was a series of positive events that continued to advance our company’s strategic objectives. We divested our pediatric products, and increased our focus for future growth across the urology, sleep and hospital markets. We received positive news from
Mr. Anderson continued, “In addition to shipping NOCTIVA ahead of schedule, we have seen accelerated progress on the payer front. In less than 30 days since our trade launch, we have gone from 0 to approximately 100 million covered accessible lives, including our first two major preferred brand formulary wins with a top commercial and government payer, respectively. Our patient support programs are fully operational and will continue to serve as a bridge for patients as we secure additional preferred branded formulary coverage over the next 3-6 months.”
First Quarter 2018 Results
Revenues during the first quarter 2018 were
On a GAAP basis, net loss was
Research and Development (R&D) expenses totaled
Selling, General and Administrative (SG&A) expenses were
Adjusted net loss for the first quarter 2018 was
2018 Guidance
The Company is reiterating full year 2018 guidance and expects revenues of between
Conference Call
A conference call to discuss these results has been scheduled for
About
Safe Harbor: This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “will,” “may,” “believe,” “expect,” “anticipate,” “estimate,” “project” and similar expressions, and the negatives thereof, identify forward-looking statements, each of which speaks only as of the date the statement is made. Although we believe that our forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business and operations, our business is subject to significant risks and as a result there can be no assurance that actual results of our research, development and commercialization activities and our results of operations will not differ materially from the results contemplated in such forward-looking statements. These risks include: (i) risks relating to our exchangeable senior notes including use of the net proceeds from the offering of the notes and other future events related to the notes; (ii) risks relating to the divestiture of our former pediatric business including whether such divestiture will be accretive to our operating income and cash flow; (iii) risks relating to our license agreement with
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, GAAP interest expense on exchangeable notes, impairment of intangible assets, if any, amortization of intangible assets, restructuring costs, foreign exchange gains and losses on assets and liabilities denominated in foreign currencies, unrealized gains/losses on equity marketable securities, non-cash license revenue adjustments and impacts of US tax reform, but includes the operating cash flows plus any unpaid accrued amounts associated with the contingent consideration and cash interest payments or related accruals on exchangeable notes, 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 comparable 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.
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 PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share data) |
||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Revenues: | ||||||||
Product sales | $ | 33,161 | $ | 51,757 | ||||
License revenue | 132 | 750 | ||||||
Total revenues | 33,293 | 52,507 | ||||||
Operating expenses: | ||||||||
Cost of products | 6,592 | 3,902 | ||||||
Research and development expenses | 9,951 | 7,206 | ||||||
Selling, general and administrative expenses | 24,487 | 11,812 | ||||||
Intangible asset amortization | 1,767 | 564 | ||||||
Loss (gain) - changes in fair value of related party contingent consideration | 2,968 | (6,971 | ) | |||||
Restructuring costs | 153 | 2,653 | ||||||
Total operating expenses | 45,918 | 19,166 | ||||||
Operating (loss) income | (12,625 | ) | 33,341 | |||||
Investment income and other income (expense), net | 54 | 821 | ||||||
Interest expense, net | (1,597 | ) | (263 | ) | ||||
Other (expense) income - changes in fair value of related party payable | (395 | ) | 550 | |||||
(Loss) income before income taxes | (14,563 | ) | 34,449 | |||||
Income tax (benefit) provision | (2,327 | ) | 8,539 | |||||
Net (loss) income | $ | (12,236 | ) | $ | 25,910 | |||
Net (loss) income per share - basic | $ | (0.32 | ) | $ | 0.63 | |||
Net (loss) income per share - diluted | (0.32 | ) | 0.61 | |||||
Weighted average number of shares outstanding - basic | 38,559 | 41,374 | ||||||
Weighted average number of shares outstanding - diluted | 38,559 | 42,810 |
AVADEL PHARMACEUTICALS PLC UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) |
||||||||
March 31, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 40,911 | $ | 16,564 | ||||
Marketable securities | 157,269 | 77,511 | ||||||
Accounts receivable | 16,677 | 14,785 | ||||||
Inventories | 5,948 | 6,157 | ||||||
Prepaid expenses and other current assets | 11,128 | 8,958 | ||||||
Total current assets | 231,933 | 123,975 | ||||||
Property and equipment, net | 2,722 | 3,001 | ||||||
Goodwill | 18,491 | 18,491 | ||||||
Intangible assets, net | 72,571 | 92,289 | ||||||
Research and development tax credit receivable | 5,903 | 5,272 | ||||||
Other non-current assets | 20,241 | 10,249 | ||||||
Total assets | $ | 351,861 | $ | 253,277 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 114 | $ | 111 | ||||
Current portion of long-term related party payable | 21,121 | 25,007 | ||||||
Accounts payable | 15,906 | 7,477 | ||||||
Deferred revenue | 1,884 | 2,007 | ||||||
Accrued expenses | 45,948 | 50,926 | ||||||
Other current liabilities | 2,212 | 1,011 | ||||||
Total current liabilities | 87,185 | 86,539 | ||||||
Long-term debt, less current portion | 111,724 | 156 | ||||||
Long-term related party payable, less current portion | 51,646 | 73,918 | ||||||
Other non-current liabilities | 14,252 | 7,084 | ||||||
Total liabilities | 264,807 | 167,697 | ||||||
Shareholders’ equity: | ||||||||
Preferred shares, $0.01 nominal value; 50,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; none issued or outstanding at March 31, 2018 and December 31, 2017, respectively | — | — | ||||||
Ordinary shares, nominal value of $0.01; 500,000 shares authorized; 42,066 issued and 37,642 outstanding at March 31, 2018 and 41,463 issued and 39,346 outstanding at December 31, 2017 | 420 | 414 | ||||||
Treasury shares, at cost, 4,424 and 2,117 shares held at March 31, 2018 and December 31, 2017, respectively | (42,573 | ) | (22,361 | ) | ||||
Additional paid-in capital | 427,383 | 393,478 | ||||||
Accumulated deficit | (274,921 | ) | (262,685 | ) | ||||
Accumulated other comprehensive loss | (23,255 | ) | (23,266 | ) | ||||
Total shareholders’ equity | 87,054 | 85,580 | ||||||
Total liabilities and shareholders’ equity | $ | 351,861 | $ | 253,277 |
AVADEL PHARMACEUTICALS PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
||||||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (12,236 | ) | $ | 25,910 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,985 | 837 | ||||||
Loss (gain) on sale of marketable securities | 662 | (287 | ) | |||||
Foreign exchange loss | (167 | ) | — | |||||
Remeasurement of related party acquisition-related contingent consideration | 2,968 | (6,971 | ) | |||||
Remeasurement of related party financing-related contingent consideration | 395 | (550 | ) | |||||
Amortization of debt discount and debt issuance costs | 657 | — | ||||||
Change in deferred tax and income tax deferred charge | (2,851 | ) | — | |||||
Stock-based compensation expense | 2,134 | 2,047 | ||||||
Other adjustments | 162 | — | ||||||
Net changes in assets and liabilities | ||||||||
Accounts receivable | (1,891 | ) | 4,376 | |||||
Inventories | (466 | ) | (2,148 | ) | ||||
Prepaid expenses and other current assets | (2,285 | ) | (1,354 | ) | ||||
Research and development tax credit receivable | (494 | ) | (716 | ) | ||||
Accounts payable & other current liabilities | 6,374 | 1,456 | ||||||
Deferred revenue | (123 | ) | (606 | ) | ||||
Accrued expenses | (5,854 | ) | 2,714 | |||||
Accrued income taxes | 32 | 8,538 | ||||||
Earn-out payments for related party contingent consideration in excess of acquisition-date fair value | (5,790 | ) | (7,166 | ) | ||||
Royalty payments for related party payable in excess of original fair value | (825 | ) | (1,003 | ) | ||||
Other non-current assets and liabilities | (395 | ) | 231 | |||||
Net cash (used in) provided by operating activities | (18,008 | ) | 25,308 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (41 | ) | (334 | ) | ||||
Proceeds from sales of marketable securities | 194,400 | 14,419 | ||||||
Purchases of marketable securities | (275,098 | ) | (46,074 | ) | ||||
Net cash used in investing activities | (80,739 | ) | (31,989 | ) | ||||
Cash flows from financing activities: | ||||||||
Earn-out payments for related party contingent consideration | (402 | ) | (444 | ) | ||||
Proceeds from debt issuance |
143,750 | — | ||||||
Payments for debt issuance costs | (5,391 | ) | — | |||||
Reimbursement of conditional R&D grants |
(39 | ) | — | |||||
Proceeds from loans or conditional R&D grants | 86 | — | ||||||
Share repurchases | (18,000 | ) | — | |||||
Exercise of warrants | 2,911 | — | ||||||
Cash proceeds from issuance of ordinary shares and warrants | — | 38 | ||||||
Net cash provided by (used in) financing activities | 122,915 | (406 | ) | |||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 179 | 108 | ||||||
Net change in cash and cash equivalents | 24,347 | (6,979 | ) | |||||
Cash and cash equivalents at January 1, | 16,564 | 39,215 | ||||||
Cash and cash equivalents at March 31, | $ | 40,911 | $ | 32,236 |
AVADEL PHARMACEUTICALS PLC UNAUDITED SUPPLEMENTAL INFORMATION (In thousands, except per share data) |
||||||||
Three Months Ended March 31, | ||||||||
Revenues by Product: | 2018 | 2017 | ||||||
Bloxiverz | $ | 7,491 | $ | 13,902 | ||||
Vazculep | 12,961 | 10,179 | ||||||
Akovaz | 10,217 | 25,638 | ||||||
Noctiva | 666 | — | ||||||
Other | 1,826 | 2,038 | ||||||
Total product sales | 33,161 | 51,757 | ||||||
License revenue | 132 | 750 | ||||||
Total revenues | $ | 33,293 | $ | 52,507 |
GAAP to Non-GAAP adjustments for the three-months ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization |
Foreign exchange (gain)/ loss |
Restructuring impacts |
Equity securities unrealized (gain)/loss impact |
Exchangeable Notes interest payments |
Contingent related party payable fair value remeasurements |
Contingent related party payable paid/accrued |
Total adjustments |
Adjusted GAAP |
|||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales | $ | 33,161 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33,161 | ||||||||||||||||||||
License revenue | 132 | — | — | — | — | — | — | — | — | 132 | ||||||||||||||||||||||||||||||
Total revenues | 33,293 | — | — | — | — | — | — | — | — | 33,293 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of products | 6,592 | — | — | — | — | — | — | — | — | 6,592 | ||||||||||||||||||||||||||||||
Research and development expenses | 9,951 | — | — | — | — | — | — | — | — | 9,951 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 24,487 | — | — | — | — | — | — | — | — | 24,487 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 1,767 | (1,767 | ) | — | — | — | — | — | — | (1,767 | ) | — | ||||||||||||||||||||||||||||
Loss (gain) - changes in fair value of related party contingent consideration | 2,968 | — | — | — | — | — | (2,968 | ) | 5,790 | 2,822 | 5,790 | |||||||||||||||||||||||||||||
Restructuring costs | 153 | — | — | (153 | ) | — | — | — | — | (153 | ) | — | ||||||||||||||||||||||||||||
Total operating expenses | 45,918 | (1,767 | ) | — | (153 | ) | — | — | (2,968 | ) | 5,790 | 902 | 46,820 | |||||||||||||||||||||||||||
Operating (loss) income | (12,625 | ) | 1,767 | — | 153 | — | — | 2,968 | (5,790 | ) | (902 | ) | (13,527 | ) | ||||||||||||||||||||||||||
Investment income and other income (expense), net | 54 | — | (167 | ) | — | 298 | — | — | — | 131 | 185 | |||||||||||||||||||||||||||||
Interest expense, net | (1,597 | ) | — | — | — | — | 656 | — | — | 656 | (941 | ) | ||||||||||||||||||||||||||||
Other (expense) income - changes in fair value of related party payable | (395 | ) | — | — | — | — | — | 395 | (797 | ) | (402 | ) | (797 | ) | ||||||||||||||||||||||||||
(Loss) income before income taxes | (14,563 | ) | 1,767 | (167 | ) | 153 | 298 | 656 | 3,363 | (6,587 | ) | (517 | ) | (15,080 | ) | |||||||||||||||||||||||||
Income tax (benefit) provision | (2,327 | ) | 371 | — | — | (3 | ) | — | 123 | (246 | ) | 245 | (2,082 | ) | ||||||||||||||||||||||||||
Net (loss) income | $ | (12,236 | ) | $ | 1,396 | $ | (167 | ) | $ | 153 | $ | 301 | $ | 656 | $ | 3,240 | $ | (6,341 | ) | $ | (762 | ) | $ | (12,998 | ) | |||||||||||||||
Net income (loss) per share - diluted(1) | $ | (0.32 | ) | $ | 0.04 | $ | — | $ | — | $ | 0.01 | $ | 0.02 | $ | 0.08 | $ | (0.16 | ) | $ | (0.02 | ) | $ | (0.34 | ) | ||||||||||||||||
Weighted average number of shares outstanding - diluted | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 | 38,559 |
(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, 2017 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization |
Foreign exchange (loss) gain |
Restructuring impacts |
License revenue adjustment |
US tax reform impact |
Contingent related party payable fair value remeasurements |
Contingent related party payable paid/accrued |
Total adjustments |
Adjusted GAAP |
|||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales and services | $ | 34,832 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 34,832 | ||||||||||||||||||||
License revenue | (80 | ) | — | — | — | 342 | — | — | — | 342 | 262 | |||||||||||||||||||||||||||||
Total revenue | 34,752 | — | — | — | 342 | — | — | — | 342 | 35,094 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of products and services sold | 4,048 | — | — | — | — | — | — | — | — | 4,048 | ||||||||||||||||||||||||||||||
Research and development expenses | 11,325 | — | — | — | — | — | — | — | — | 11,325 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 23,056 | — | — | — | — | — | — | — | — | 23,056 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 1,967 | (1,967 | ) | — | — | — | — | — | — | (1,967 | ) | — | ||||||||||||||||||||||||||||
(Gain) loss - changes in fair value of related party contingent consideration |
(933 | ) | — | — | — | — | — | 933 | 6,067 | 7,000 | 6,067 | |||||||||||||||||||||||||||||
Restructuring costs | (631 | ) | — | — | 631 | — | — | — | — | 631 | — | |||||||||||||||||||||||||||||
Total operating expenses | 38,832 | (1,967 | ) | — | 631 | — | — | 933 | 6,067 | 5,664 | 44,496 | |||||||||||||||||||||||||||||
Operating income (loss) | (4,080 | ) | 1,967 | — | (631 | ) | 342 | — | (933 | ) | (6,067 | ) | (5,322 | ) | (9,402 | ) | ||||||||||||||||||||||||
Investment income and other income (expense), net | (426 | ) | — | 587 | — | — | — | — | — | 587 | 161 | |||||||||||||||||||||||||||||
Interest expense, net | (263 | ) | — | — | — | — | — | — | — | — | (263 | ) | ||||||||||||||||||||||||||||
Other income (expense) - changes in fair value of related party payable | (917 | ) | — | — | — | — | — | 917 | (832 | ) | 85 | (832 | ) | |||||||||||||||||||||||||||
Income (loss) before income taxes | (5,686 | ) | 1,967 | 587 | (631 | ) | 342 | — | (16 | ) | (6,899 | ) | (4,650 | ) | (10,336 | ) | ||||||||||||||||||||||||
Income tax (benefit) provision | 2,559 | 706 | — | — | — | (3,513 | ) | 307 | (440 | ) | (2,940 | ) | (381 | ) | ||||||||||||||||||||||||||
Net income (loss) | $ | (8,245 | ) | $ | 1,261 | $ | 587 | $ | (631 | ) | $ | 342 | $ | 3,513 | $ | (323 | ) | $ | (6,459 | ) | $ | (1,710 | ) | $ | (9,955 | ) | ||||||||||||||
Net income (loss) per share - diluted(1) | $ | (0.21 | ) | $ | 0.03 | $ | 0.01 | $ | (0.02 | ) | $ | 0.01 | $ | 0.09 | $ | (0.01 | ) | $ | (0.16 | ) | $ | (0.04 | ) | $ | (0.25 | ) | ||||||||||||||
Weighted average number of shares outstanding - diluted | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 | 39,350 |
(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, 2017 | ||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization |
Foreign exchange (gain)/loss |
Restructuring 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 | $ | 51,757 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,757 | ||||||||||||||||||
License revenue | 750 | — | — | — | — | — | — | — | 750 | |||||||||||||||||||||||||||
Total revenues | 52,507 | — | — | — | — | — | — | — | 52,507 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||
Cost of products | 3,902 | — | — | — | (46 | ) | — | — | (46 | ) | 3,856 | |||||||||||||||||||||||||
Research and development expenses | 7,206 | — | — | — | — | — | — | — | 7,206 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 11,812 | — | — | — | — | — | — | — | 11,812 | |||||||||||||||||||||||||||
Intangible asset amortization | 564 | (564 | ) | — | — | — | — | — | (564 | ) | — | |||||||||||||||||||||||||
Loss (gain) - 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 operating expenses | 19,166 | (564 | ) | — | (2,653 | ) | (46 | ) | 6,971 | 9,616 | 13,324 | 32,490 | ||||||||||||||||||||||||
Operating (loss) income | 33,341 | 564 | — | 2,653 | 46 | (6,971 | ) | (9,616 | ) | (13,324 | ) | 20,017 | ||||||||||||||||||||||||
Investment income and other income (expense), net | 821 | — | 231 | — | — | — | — | 231 | 1,052 | |||||||||||||||||||||||||||
Interest expense, net | (263 | ) | — | — | — | — | — | — | — | (263 | ) | |||||||||||||||||||||||||
Other (expense) income - changes in fair value of related party payable | 550 | — | — | — | — | (550 | ) | (1,299 | ) | (1,849 | ) | (1,299 | ) | |||||||||||||||||||||||
(Loss) income before income taxes | 34,449 | 564 | 231 | 2,653 | 46 | (7,521 | ) | (10,915 | ) | (14,942 | ) | 19,507 | ||||||||||||||||||||||||
Income tax (benefit) provision | 8,539 | 201 | — | — | 17 | (360 | ) | (691 | ) | (833 | ) | 7,706 | ||||||||||||||||||||||||
Net (loss) income | $ | 25,910 | $ | 363 | $ | 231 | $ | 2,653 | $ | 29 | $ | (7,161 | ) | $ | (10,224 | ) | $ | (14,109 | ) | $ | 11,801 | |||||||||||||||
Net income (loss) per share - diluted(1) | $ | 0.61 | $ | 0.01 | $ | 0.01 | $ | 0.06 | $ | — | $ | (0.17 | ) | $ | (0.24 | ) | $ | (0.33 | ) | $ | 0.28 | |||||||||||||||
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.
Source: Avadel Pharmaceuticals plc