QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The information below has been prepared on a basis consistent with our audited consolidated financial statements.

	2019 Quarters (unaudited)
(in thousands, except per share data)	First		Second		Third		Fourth(1)
Net revenues	$	52,887	$	54,357	$	51,337	$	47,966
Total operating expenses		48,485		45,065		44,009		52,637
Operating income/(expense)		4,402		9,292		7,328		(4,671)
(Provision)/benefit for income taxes		(469)		653		(64)		2,817
Net income/(loss)	$	449	$	6,585	$	3,895	$	(4,835)
Basic and diluted earnings/(loss) per share:
Basic earnings/(loss) per share	$	0.04	$	0.55	$	0.32	$	(0.41)
Diluted earnings/(loss) per share	$	0.04	$	0.53	$	0.32	$	(0.41)

⁽¹⁾ During the fourth quarter 2019, we recognized a $4.6 million inventory reserve charge, primarily related to our exit from the market of Methylphenidate Extended Release. We also recognized Cortrophin pre-launch charges of $6.5 million.

	2018 Quarters (unaudited)
(in thousands, except per share data)	First		Second		Third		Fourth
Net revenues	$	46,483	$	47,268	$	50,703	$	57,122
Total operating expenses		39,946		40,005		40,589		45,677
Operating income		6,537		7,263		10,114		11,445
Provision for income taxes		(592)		(726)		(1,329)		(1,910)
Net income	$	2,250	$	2,777	$	5,037	$	5,430
Basic and diluted earnings per share:
Basic earnings per share	$	0.19	$	0.24	$	0.43	$	0.46
Diluted earnings per share	$	0.19	$	0.23	$	0.42	$	0.46