XML 40 R27.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED
The following tables provide unaudited consolidated quarterly financial data for 2019 and 2018, which have been revised to correct for immaterial errors in prior periods as detailed below and further described in Note X, “Revision of Prior Period Financial Statements” (in thousands, except per share data):
 
March 31, 2019
 
June 30, 2019
 
September 30, 2019
 
December 31, 2019
Total revenues
$
75,488

 
$
77,767

 
$
83,808

 
$
89,483

Gross profit
57,011

 
53,477

 
62,703

 
46,162

Operating expenses (1)
175,024

 
169,662

 
81,050

 
240,329

Net loss from continuing operations
$
(122,400
)
 
$
(121,169
)
 
$
(23,940
)
 
$
(200,152
)
Net income (loss) from discontinued operations
$
—

 
$
—

 
$
—

 
$
—

Net loss
$
(122,400
)
 
$
(121,169
)
 
$
(23,940
)
 
$
(200,152
)
 
 
 
 
 
 
 
 
Basic and diluted earnings per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(3.55
)
 
$
(3.58
)
 
$
(0.71
)
 
$
(5.90
)
Income (loss) from discontinued operations
—

 
—

 
—

 
—

Total
$
(3.55
)
 
$
(3.58
)
 
$
(0.71
)
 
$
(5.90
)
 
March 31, 2018
 
June 30, 2018
 
September 30, 2018
 
December 31, 2018
Total revenues
$
116,867

 
$
145,663

 
$
121,646

 
$
87,871

Gross profit
52,955

 
68,887

 
75,157

 
59,155

Operating expenses (2)
104,239

 
27,591

 
95,084

 
78,241

Net loss from continuing operations
$
(58,994
)
 
$
(26,795
)
 
$
(65,282
)
 
$
(21,004
)
Net income (loss) from discontinued operations
$
3,856

 
$
5,736

 
$
95,517

 
$
(1,531
)
Net (loss) income
$
(55,138
)
 
$
(21,059
)
 
$
30,235

 
$
(22,535
)
 
 
 
 
 
 
 
 
Basic and diluted earnings per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(1.72
)
 
$
(0.78
)
 
$
(1.89
)
 
$
(0.61
)
Income (loss) from discontinued operations
0.11

 
0.17

 
2.77

 
(0.04
)
Total
$
(1.61
)
 
$
(0.61
)
 
$
0.88

 
$
(0.65
)
The sum of quarterly earnings per share totals differ from annual earnings per share totals due to rounding.

(1) 
Operating expenses for the first quarter of 2019 include $74.9 million relating to IPR&D acquired through the Perosphere acquisition and $7.4 million relating to the restructuring expenses for the consolidation of the women’s health and maternal health sales forces. Operating expenses for the second quarter of 2019 include $77.4 million of impairment charges relating to the Makena base technology intangible asset. Operating expenses for the fourth quarter of 2019 include $155.0 million of impairment charges relating to the Makena auto-injector, Intrarosa and Vyleesi asset groups.

(2) 
Operating expenses for the second quarter of 2018 include the reversal of $49.8 million relating to the fair value of a contingent consideration liability that was no longer expected to be paid.

The following tables present the effect of the revisions to our unaudited condensed consolidated statements of operations for the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 to correct for immaterial errors in prior periods as further described in Note X, “Revision of Prior Period Financial Statements” (in thousands, except per share amounts):

 
Three Months Ended March 31, 2019
 
Three Months Ended June 30, 2019
 
As reported
 
Adj
 
As adjusted
 
As reported
 
Adj
 
As adjusted
Product sales, net
$
75,729

 
$
(316
)
 
$
75,413

 
$
77,976

 
$
(342
)
 
$
77,634

Total revenues
75,804

 
(316
)
 
75,488

 
78,109

 
(342
)
 
77,767

Income tax (benefit) expense
(137
)
 
—

 
(137
)
 
(120
)
 
—

 
(120
)
Net loss
$
(122,084
)
 
$
(316
)
 
$
(122,400
)
 
$
(120,827
)
 
$
(342
)
 
$
(121,169
)
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
$
(3.54
)
 
$
(0.01
)
 
$
(3.55
)
 
$
(3.57
)
 
$
(0.01
)
 
$
(3.58
)

 
Three Months Ended September 30, 2019
 
Three Months Ended December 31, 2019
 
As reported
 
Adj
 
As adjusted
 
As reported
 
Adj
 
As adjusted
Product sales, net
$
84,107

 
$
(323
)
 
$
83,784

 
$
73,378

 
$
(224
)
 
$
73,154

Total revenues
84,131

 
(323
)
 
83,808

 
89,707

 
(224
)
 
89,483

Income tax (benefit) expense
232

 
—

 
232

 
(21
)
 
—

 
(21
)
Net loss
$
(23,617
)
 
$
(323
)
 
$
(23,940
)
 
$
(199,928
)
 
$
(224
)
 
$
(200,152
)
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
$
(0.70
)
 
$
(0.01
)
 
$
(0.71
)
 
$
(5.89
)
 
$
(0.01
)
 
$
(5.90
)


The following tables present the effect of the revisions to our unaudited condensed consolidated statements of operations for the three months ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018 to correct for immaterial errors in prior periods as further described in Note X, “Revision of Prior Period Financial Statements” (in thousands, except per share amounts):

 
Three Months Ended March 31, 2018
 
Three Months Ended June 30, 2018
 
As reported
 
Adj
 
As adjusted
 
As reported
 
Adj
 
As adjusted
Product sales, net
$
117,348

 
$
(520
)
 
$
116,828

 
$
146,219

 
$
(591
)
 
$
145,628

Total revenues
117,387

 
(520
)
 
116,867

 
146,254

 
(591
)
 
145,663

Income tax (benefit) expense
(8,000
)
 
376

 
(7,624
)
 
52,556

 
387

 
52,943

Net loss
$
(54,242
)
 
$
(896
)
 
$
(55,138
)
 
$
(20,081
)
 
$
(978
)
 
$
(21,059
)
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
$
(1.59
)
 
$
(0.02
)
 
$
(1.61
)
 
$
(0.58
)
 
$
(0.03
)
 
$
(0.61
)

 
Three Months Ended September 30, 2018
 
Three Months Ended December 31, 2018
 
As reported
 
Adj
 
As adjusted
 
As reported
 
Adj
 
As adjusted
Product sales, net
$
122,238

 
$
(592
)
 
$
121,646

 
$
88,047

 
$
(251
)
 
$
87,796

Total revenues
122,238

 
(592
)
 
121,646

 
88,122

 
(251
)
 
87,871

Income tax (benefit) expense
(2,352
)
 
12

 
(2,340
)
 
(2,550
)
 
7

 
(2,543
)
Net loss
$
30,839

 
$
(604
)
 
$
30,235

 
$
(22,277
)
 
$
(258
)
 
$
(22,535
)
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
$
0.89

 
$
(0.01
)
 
$
0.88

 
$
(0.64
)
 
$
(0.01
)
 
$
(0.65
)