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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2015
Selected Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data

Note 21 — Selected Quarterly Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share amounts)

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

 

2015

 

2015

 

2015

 

2015

 

Product sales, net

 

$

 33,168 

 

$

 37,202 

 

$

 41,986 

 

$

 41,973 

 

Promotion services revenue

 

 

 400 

 

 

 744 

 

 

 894 

 

 

 890 

 

Cost of product sales

 

 

 4,597 

 

 

 5,681 

 

 

 6,853 

 

 

 5,217 

(2)

Net income (loss)

 

 

 8,962 

 

 

 (4,022)

(1)

 

 11,979 

 

 

 12,544 

(2)

Basic net income (loss) per share

 

$

 0.18 

 

$

 (0.08)

 

$

 0.24 

 

$

 0.25 

 

Diluted net income (loss) per share

 

$

 0.17 

 

$

 (0.08)

 

$

 0.23 

 

$

 0.24 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share amounts)

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

 

2014

 

2014

 

2014

 

2014

 

Product sales, net

 

$

 26,064 

 

$

 31,551 

 

$

 33,621 

 

$

 40,737 

 

Promotion services revenue

 

 

 501 

 

 

 962 

 

 

 666 

 

 

 688 

 

Cost of product sales

 

 

 4,561 

 

 

 5,011 

 

 

 6,005 

 

 

 7,425 

 

Net income

 

 

 4,134 

 

 

 9,640 

 

 

 7,915 

 

 

 3,519 

(3)

Basic net income per share

 

$

 0.08 

 

$

 0.19 

 

$

 0.16 

 

$

 0.07 

 

Diluted net income per share

 

$

 0.08 

 

$

 0.18 

 

$

 0.15 

 

$

 0.07 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

During the three months ended June 30, 2015, the Company recorded upfront payments totaling $5.5 million in research and development expense related to its licensing arrangements. In addition, during the three months ended June 30, 2015, the Company recorded an additional charge of $10.8 million of operating expense, in addition to the $2.0 million charge recorded in the fourth quarter of 2013, to reflect the Company’s total SEC settlement expense incurred related to penalties, fines and/or other remedies related to the SEC and DOJ investigations of $12.8 million. Refer also to Notes 18 and 22 for more information on the SEC and DOJ investigations.

(2)

During the three months ended December 31, 2015, the Company recorded a milestone payment totaling $2.0 million in research and development expense related to its licensing arrangements, and recorded a $1.1 million and $0.3 million reduction to cost of product sales and general and administrative expense, respectively, related to return of inventory and other items as part of its termination of collaboration with Cardiome. Refer also to Note17 for more information related to this termination.

(3)

During the three months ended December 31, 2014, the Company recorded upfront payments totaling $11.0 million in research and development expense related to its licensing arrangements.