Recro Pharma Financials

$71.8 M

Revenue FY, 2017

$214.9 M

Mkt cap, 25-Apr-2018
Gross profit (FY, 2017)33.6 M
Gross profit margin (FY, 2017), %46.8%
Net income (FY, 2017)(50.1 M)
EBIT (FY, 2017)(40.3 M)
Cash, 31-Dec-201761 M
EV207.5 M

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

52 m69.3 m71.8 m

Revenue growth, %

33%

Cost of goods sold

28.1 m37.2 m38.2 m

Gross profit

23.9 m32.2 m33.6 m

Gross profit Margin, %

46%46%47%

R&D expense

7.9 m12.3 m33.3 m33.1 m

General and administrative expense

4 m13 m12.7 m25.4 m

Operating expense total

11.9 m25.3 m46 m112.1 m

Depreciation and amortization

2.6 m

EBIT

(11.9 m)(7 m)(25.8 m)(40.3 m)

EBIT margin, %

(13%)(37%)(56%)

Interest expense

4.3 m5.6 m5.6 m12 m

Interest income

10.5 k12 k49 k385 k

Pre tax profit

(16.1 m)(12.5 m)(31.3 m)(52 m)

Income tax expense

15.6 m1.1 m1.9 m

Net Income

(16.1 m)3 m(30.2 m)(50.1 m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

18.7 m16.5 m17.7 m17.3 m17 m18.7 m16.9 m

Cost of goods sold

9.4 m10 m10.3 m9.5 m5.7 m10.5 m10.4 m

Gross profit

9.3 m6.5 m7.5 m7.7 m11.2 m8.2 m6.5 m

Gross profit Margin, %

50%39%42%45%66%44%38%

R&D expense

227 k1.8 m3.6 m1.8 m2.8 m2.7 m7.8 m8.3 m7 m7.8 m7.1 m

General and administrative expense

646.6 k958.6 k1.1 m2.4 m2.6 m3.5 m2.7 m2.8 m3.8 m4 m6.3 m

Operating expense total

873.6 k2.8 m4.7 m4.1 m18.3 m16.7 m22.8 m24.1 m20.9 m26 m26.4 m

EBIT

373 k(164 k)(5 m)(6.8 m)(3.9 m)(7.3 m)(9.4 m)

EBIT margin, %

2%(1%)(28%)(39%)(23%)(39%)(56%)

Interest expense

4.3 m4.3 m1.7 m2 m1.5 m1.3 m1.5 m1.2 m1.2 m

Interest income

215 2.3 k4.6 k3.7 k4 k2 k9 k8 k10 k105 k117 k

Pre tax profit

(6.5 m)(8.1 m)(5.4 m)(8.4 m)(10.5 m)

Income tax expense

(11 k)195 k(18 k)293 k1.7 m

Net Income

(5.1 m)(2.8 m)(4.7 m)(4.1 m)(1.3 m)(2.2 m)(6.5 m)(14.4 m)(5.4 m)(8.1 m)(8.9 m)

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

19.7 m19.8 m64.5 m61 m

Accounts Receivable

89.6 k8.6 m10.4 m9.7 m

Inventories

9 m1.1 m9.8 m

Current Assets

20.4 m38.7 m84.8 m87.3 m

PP&E

37.9 m37.3 m39.1 m

Goodwill

6.4 m6.4 m6.4 m

Total Assets

20.4 m138.7 m183 m186.2 m

Accounts Payable

869.9 k1.6 m4.1 m8 m

Short-term debt

4.5 m2.2 m

Current Liabilities

1.4 m9.5 m16.3 m49.9 m

Long-term debt

11.9 m25.2 m22.2 m53.6 m

Total Debt

11.9 m29.8 m24.4 m53.6 m

Total Liabilities

111.4 m157.4 m

Common Stock

77.1 k92 k190 k

Additional Paid-in Capital

52.9 m71.3 m132.7 m140 m

Retained Earnings

(34.1 m)(31.1 m)(61.3 m)(111.3 m)

Total Equity

18.9 m40.4 m71.6 m28.8 m

Debt to Equity Ratio

0.6 x0.7 x0.3 x

Debt to Assets Ratio

0.6 x0.2 x0.1 x

Financial Leverage

1.1 x3.4 x2.6 x6.5 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

29.9 m27.8 m23.9 m16.6 m15.7 m28.3 m14.9 m14.8 m24.8 m19.5 m8.7 m

Accounts Receivable

35.8 k86.8 k80.2 k15 m9.6 m12.2 m11.5 m12.4 m12.3 m10.1 m

Inventories

9.6 m8.6 m7.6 m6.7 m9.8 m7.8 m6.9 m

Current Assets

30.2 m28.1 m24.1 m17.3 m42.4 m48.4 m36.2 m35.2 m49 m77.3 m69.8 m

PP&E

39.4 m38.7 m37 m36.6 m36.5 m37.3 m37.6 m

Goodwill

6.7 m6.7 m6.4 m6.4 m6.4 m6.4 m6.4 m

Total Assets

30.2 m28.1 m24.1 m17.9 m129.8 m134.5 m135.1 m133.7 m146 m176.1 m169.8 m

Accounts Payable

32.4 k400.2 k682.2 k552.7 k767 k781 k2 m1.8 m1.9 m3 m3.4 m

Short-term debt

9.1 m13.7 m4.9 m5.4 m1.5 m

Current Liabilities

824.8 k1.3 m1.9 m2.6 m15.8 m19.1 m12.5 m12.4 m11.3 m12.9 m12 m

Long-term debt

36.5 m24.4 m22.6 m22.2 m22.7 m

Total Debt

45.6 m38 m27.4 m27.6 m24.2 m

Total Liabilities

824.8 k1.3 m1.9 m2.6 m115.1 m106.1 m100 m102.4 m105.4 m111.7 m112.8 m

Additional Paid-in Capital

52.4 m52.6 m52.7 m53.5 m54.2 m70 m72.6 m76.7 m91.4 m133.6 m135.1 m

Retained Earnings

(25.9 m)(30.6 m)(38.2 m)(39.5 m)(41.7 m)(37.6 m)(45.5 m)(50.9 m)(69.4 m)(78.2 m)

Total Equity

29.4 m26.8 m22.2 m15.3 m14.7 m28.4 m35 m31.3 m40.6 m64.4 m57 m

Financial Leverage

1 x1 x1.1 x1.2 x8.8 x4.7 x3.9 x4.3 x3.6 x2.7 x3 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(16.1 m)3 m(30.2 m)(50.1 m)

Depreciation and Amortization

1.4 k4.1 m5 m4.9 m

Accounts Receivable

(51.2 k)4 m(1.8 m)725 k

Inventories

1.3 m(325 k)(1.1 m)

Accounts Payable

1.1 m2.2 m8.5 m

Cash From Operating Activities

(10.9 m)8.5 m(3.2 m)

Purchases of PP&E

(2.4 m)(3.8 m)(6.2 m)

Cash From Investing Activities

(55.1 m)(3.8 m)(10.3 m)

Long-term Borrowings

(16.3 m)(6.3 m)(27.3 m)

Cash From Financing Activities

30.5 m46.7 m51.7 m23.9 m

Interest Paid

4.9 m4.5 m5.3 m

Income Taxes Paid

467 k

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

(5.1 m)(7.9 m)(12.7 m)(4.1 m)(5.5 m)(7.6 m)(6.5 m)(14.4 m)(19.8 m)(8.1 m)(16.9 m)

Depreciation and Amortization

1.3 m2.7 m1.3 m2.5 m3.8 m1.2 m2.4 m

Accounts Receivable

2.6 k38.4 k(48.4 k)9.4 k(1.9 m)309 k

Inventories

345 k1.4 m1.3 m2.3 m(830 k)936 k1.9 m

Accounts Payable

306.9 k988.5 k1.6 m532.7 k4 m2.7 m2.6 m1.9 m4.5 m(2.4 m)

Cash From Operating Activities

(815.9 k)(2.7 m)(6.6 m)(3 m)1.7 m7.8 m(2.4 m)(5.4 m)(4.2 m)(7.1 m)(11 m)

Purchases of PP&E

(1.2 m)(1.8 m)(344 k)(1.1 m)(2 m)(1.7 m)(3.2 m)

Cash From Investing Activities

(53.9 m)(54.5 m)(344 k)(1.1 m)(2 m)(37.9 m)(44.8 m)

Long-term Borrowings

(2.6 m)(2.6 m)

Cash From Financing Activities

30.7 m30.5 m30.5 m(125 k)48.2 m55.2 m(2.1 m)1.5 m11.2 m(2.1 m)23 k

Interest Paid

3.4 m1.2 m2.4 m3.5 m1 m2.1 m

Income Taxes Paid

467 k

Ratios

USDY, 2017

EV/EBIT

-5.1 x

Revenue/Employee

374.1 k

Financial Leverage

6.5 x
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Operating Metrics

FY, 2016

Patents Issued

13
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