DERMA SCIENCES, INC.
CIK:0000892160|SEC Filings
Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
[1] | Sep. 30, 2016 |
Sep. 30, 2015 |
[1] | |||
| Net Sales | $ 21,809,526 | $ 17,787,527 | $ 55,525,732 | $ 51,371,639 | ||||
| Cost of sales | 11,103,064 | 10,491,932 | 30,754,229 | 30,310,463 | ||||
| Gross Profit | 10,706,462 | 7,295,595 | 24,771,503 | 21,061,176 | ||||
| Operating Expenses | ||||||||
| Selling, general and administrative | 13,694,540 | 12,228,883 | 32,726,074 | 38,053,638 | ||||
| Acquisition related | 2,734,653 | 0 | 2,892,713 | 0 | ||||
| Research and development | 76,274 | 120,386 | 76,274 | 703,511 | ||||
| Total operating expenses | 16,505,467 | 12,349,269 | 35,695,061 | 38,757,149 | ||||
| Operating loss | (5,799,005) | (5,053,674) | (10,923,558) | (17,695,973) | ||||
| Other expense, net | (230,571) | (672,259) | 4,572,570 | (159,533) | ||||
| Loss from continuing operations before income taxes | (6,029,576) | (5,725,933) | (6,350,988) | (17,855,506) | ||||
| Income tax benefit | 1,456,277 | 1,051,892 | 1,394,120 | 755,108 | ||||
| Net Loss from Continuing Operations | (4,573,299) | (4,674,041) | (4,956,868) | (17,100,398) | ||||
| Discontinued Operations | ||||||||
| Loss from discontinued DSC 127 program | 0 | (4,851,892) | 0 | (13,231,893) | ||||
| Income from discontinued FAD operations | 261,658 | 591,202 | 1,115,583 | 1,558,380 | ||||
| Gain on sale of FAD business | 3,755,205 | 0 | 3,755,205 | 0 | ||||
| Income tax provision | (835,135) | (28,071) | (1,080,704) | (84,179) | ||||
| Income (Loss) from Discontinued Operations | 3,181,728 | (4,288,761) | 3,790,084 | (11,757,692) | ||||
| Net Loss | $ (1,391,571) | $ (8,962,802) | $ (1,166,784) | $ (28,858,090) | ||||
| Net income (loss) per common share - basic and diluted | ||||||||
| Continuing operations | $ (0.17) | $ (0.18) | $ (0.19) | $ (0.66) | ||||
| Discontinued operations | 0.12 | (0.17) | 0.15 | (0.46) | ||||
| Total net loss per common share - basic and diluted | $ (0.05) | $ (0.35) | $ (0.04) | $ (1.12) | ||||
| Shares used in computing net loss per common share - basic and diluted | 27,241,706 | 25,806,549 | 26,343,962 | 25,707,314 | ||||
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Consolidated Balance Sheets - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
[1] | ||
|---|---|---|---|---|---|
| Current Assets | |||||
| Cash and cash equivalents | $ 25,974,166 | $ 15,814,205 | |||
| Short-term investments | 15,000,000 | 25,003,990 | |||
| Accounts receivable, net of allowances of $3,089,492 and $667,826, respectively | 10,697,668 | 6,307,148 | |||
| Inventories | 14,393,173 | 16,351,013 | |||
| Current portion of notes receivable | 938,677 | 0 | |||
| Prepaid expenses and other current assets | 1,680,343 | 1,406,799 | |||
| Current assets of discontinued operations | 577,762 | 7,172,095 | |||
| Total current assets | 69,261,789 | 72,055,250 | |||
| Long-term equity investment | 15,426,148 | 16,110,178 | |||
| Long-term portion of notes receivable | 2,086,879 | 0 | |||
| Equipment and improvements, net of accumulated depreciation and amortization of $7,838,929 and $7,158,155, respectively | 4,474,165 | 4,025,811 | |||
| Identifiable intangible assets, net of accumulated amortization of $14,915,522 and $12,805,688, respectively | 24,951,604 | 9,441,188 | |||
| Goodwill | 64,590,456 | 8,778,009 | |||
| Other assets | 103,820 | 99,385 | |||
| Long-term assets of discontinued operations | 0 | 5,221,689 | |||
| Total assets | 180,894,861 | 115,731,510 | |||
| Current Liabilities | |||||
| Accounts payable | 3,194,480 | 3,283,581 | |||
| Accrued expenses and other current liabilities | 8,193,998 | 6,297,691 | |||
| Current portion of contingent consideration | 42,078,758 | 0 | |||
| Current liabilities of discontinued operations | 120,192 | 4,905,489 | |||
| Total current liabilities | 53,587,428 | 14,486,761 | |||
| Long-term portion of contingent consideration | 12,372,775 | 0 | |||
| Long-term liabilities | 498,055 | 1,014,378 | |||
| Deferred tax liability | 2,023,906 | 920,879 | |||
| Long-term liabilities of discontinued operations | 0 | 883,637 | |||
| Total liabilities | 68,482,164 | 17,305,655 | |||
| Commitments and contingencies (Notes 3 and 13) | |||||
| Stockholders’ Equity | |||||
| Convertible preferred stock, $.01 par value; shares authorized 1,468,750; issued and outstanding 73,332 at September 30, 2016 and December 31, 2015 (liquidation preference of $3,222,368 at September 30, 2016) | 733 | 733 | |||
| Common stock, $.01 par value; shares authorized 50,000,000; issued and outstanding 28,269,225 at September 30, 2016 and 25,876,870 at December 31, 2015 | 282,692 | 258,769 | |||
| Additional paid-in capital | 248,140,518 | 234,943,291 | |||
| Accumulated other comprehensive income | 7,205,384 | 5,272,908 | |||
| Accumulated deficit | (143,216,630) | (142,049,846) | |||
| Total stockholders’ equity | 112,412,697 | 98,425,855 | |||
| Total liabilities and stockholders’ equity | $ 180,894,861 | $ 115,731,510 | |||
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