HORIZON PHARMA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) As of -------------------------- March 31, December 31, 2013 2012 ------------ ------------Assets (Unaudited) Current assets Cash and cash equivalents $ 81,076 $ 104,087 Restricted cash 800 800 Accounts receivable, net 7,650 3,463 Inventories, net 4,367 5,245 Prepaid expenses and other current assets 2,918 3,323 ------------ ------------ Total current assets 96,811 116,918 Property and equipment, net 3,668 3,725 Developed technology, net 65,208 68,892 Other assets 4,173 4,449 ------------ ------------ Total assets $ 169,860 $ 193,984 ============ ============Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 4,942 $ 5,986 Accrued expenses 15,019 16,784 Deferred revenues - current portion 2,087 2,230 Notes payable - current portion 15,913 11,935 ------------ ------------ Total current liabilities 37,961 36,935Long-term liabilities Notes payable, net of debt discount 34,403 36,866 Deferred revenues, net of current 9,731 9,554 Deferred tax liabilities, net 3,437 4,408 Other long term liabilities 238 243 ------------ ------------ Total liabilities 85,770 88,006 ------------ ------------Commitments and ContingenciesStockholders' equity Common stock, $0.0001 par value per share; 200,000,000 shares authorized; 61,947,247 and 61,722,247 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively. 6 6 Additional paid-in capital 418,535 417,455 Accumulated other comprehensive loss (4,169) (3,372) Accumulated deficit (330,282) (308,111) ------------ ------------ Total stockholders' equity 84,090 105,978 ------------ ------------ Total liabilities and stockholders' equity $ 169,860 $ 193,984 ============ ============ HORIZON PHARMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) For the Three Months Ended March 31, -------------------------- 2013 2012 ------------ ------------ (Unaudited)RevenuesSales of goods $ 10,630 $ 2,854Contract revenue 68 53 ------------ ------------ Gross sales 10,698 2,907Sales discounts and allowances (1,527) (384) ------------ ------------ Net sales 9,171 2,523 ------------ ------------Cost of goods sold 4,247 2,067 ------------ ------------Gross profit 4,924 456Operating Expenses Research and development 2,198 4,069 Sales and marketing 16,070 10,972 General and administrative 5,200 5,203 ------------ ------------ Total operating expenses 23,468 20,244 ------------ ------------Operating loss (18,544) (19,788)Interest expense, net (3,603) (4,551)Foreign exchange (loss) gain (905) 501Other expense - (52) ------------ ------------Loss before benefit for income taxes (23,052) (23,890)Income tax benefit (881) (164) ------------ ------------Net loss $ (22,171) $ (23,726) ============ ============Net loss per share- basic and diluted $ (0.36) $ (0.98) ------------ ------------Weighted average shares outstanding used in calculating net loss per share - basic and diluted 61,939,822 24,116,490 ------------ ------------ HORIZON PHARMA, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS (in thousands, except share and per share amounts) Three Months Ended March 31, -------------------------- 2013 2012 ------------ ------------ (Unaudited)GAAP Net Loss $ (22,171) $ (23,726)Non-GAAP Adjustments (net of tax effect): Amortization of developed technology 1,324 713 Stock-based compensation 1,079 1,759 Non-cash interest expense 910 593 Depreciation expense 259 184 Amortization of deferred revenue (68) (53) ------------ ------------ Total of non-GAAP adjustments 3,504 3,195 ------------ ------------Non-GAAP Net Loss $ (18,667) $ (20,531) ============ ============Weighted average shares - basic and diluted 61,939,822 24,116,490GAAP net loss per common share-basic and diluted $ (0.36) $ (0.98) Non-GAAP adjustments detailed above 0.06 0.13 ------------ ------------Non-GAAP net loss per common share-basic and diluted $ (0.30) $ (0.85) ============ ============ HORIZON PHARMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, -------------------------- 2013 2012 ------------ ------------ (Unaudited)Cash flows from operating activitiesNet loss $ (22,171) $ (23,726)Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 1,922 1,076 Stock-based compensation 1,079 1,759 Non-cash interest expense 910 593 Paid in kind interest expense 783 - Loss on disposal of asset - 65 Foreign exchange (loss) gain 905 (501) Changes in operating assets and liabilities: Accounts receivable (4,300) 1,595 Inventories 866 (1,243) Prepaid expenses and other current assets 379 (1,582) Accounts payable (1,026) 560 Accrued expenses (1,682) 45 Deferred revenues 349 746 Deferred tax liabilities (864) (177) Other non-current assets and liabilities 81 - ------------ ------------ Net cash used in operating activities (22,769) (20,790) ------------ ------------Cash flows from investing activitiesPurchase of property and equipment (225) (133) ------------ ------------ Net cash used in investing activities (225) (133) ------------ ------------Cash flows from financing activitiesProceeds from issuance of notes payable, net of issuance costs - 55,578Proceeds from private equity offering, net of issuance costs - 47,581Repayment of notes payable - (19,814) ------------ ------------ Net cash provided by financing activities - 83,345 ------------ ------------Effect of foreign exchange rate changes on cash and cash equivalents (17) (37) Net (decrease) increase in cash and cash equivalents (23,011) 62,385Cash and cash equivalentsBeginning of period 104,087 17,966 ------------ ------------End of period $ 81,076 $ 80,351 ============ ============
Contacts
Robert J. De Vaere
Executive Vice President and Chief Financial Officer
Email Contact
Investors
Kathy Galante
Burns McClellan, Inc.
212-213-0006
Email Contact
