UNAUDITED QUARTERLY OPERATING RESULTS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Product revenues, net | $ 27,362 | $ 78,843 | $ 82,942 | $ 87,721 | $ 76,271 | $ 79,176 | $ 78,058 | $ 76,511 | $ 276,868 | $ 310,016 | $ 296,701 |
Cost of product revenues (excluding intangible asset amortization) | 11,900 | 15,934 | 15,908 | 15,328 | 15,184 | 14,188 | 12,899 | 27,229 | 59,070 | 69,500 | 178,908 |
Intangible asset amortization | 16,795 | 16,796 | 16,795 | 16,795 | 16,795 | 16,795 | 16,795 | 10,295 | 67,181 | 60,680 | 14,752 |
Total cost of products revenues | 28,695 | 32,730 | 32,703 | 32,123 | 31,979 | 30,983 | 29,694 | 37,524 | 126,251 | 130,180 | 193,660 |
Gross profit | (1,333) | 46,113 | 50,239 | 55,598 | 44,292 | 48,193 | 48,364 | 38,987 | 150,617 | 179,836 | 103,041 |
Research and development | 1,609 | 1,450 | 3,462 | 2,930 | 2,472 | 2,141 | 2,493 | 2,666 | 9,451 | 9,772 | 10,340 |
Selling, general and administrative | 26,602 | 30,514 | 30,368 | 31,476 | 26,824 | 26,426 | 29,322 | 31,260 | 118,960 | 113,832 | 116,449 |
Restructuring | 4,578 | 4,578 | |||||||||
Total operating expenses | 32,789 | 31,964 | 33,830 | 34,406 | 29,296 | 28,567 | 31,815 | 33,926 | 132,989 | 123,604 | 126,789 |
Income (loss) from operations | (34,122) | 14,149 | 16,409 | 21,192 | 14,996 | 19,626 | 16,549 | 5,061 | 17,628 | 56,232 | (23,748) |
Interest expense | (4,757) | (5,115) | (5,421) | (5,721) | (7,737) | (8,063) | (8,259) | (4,823) | (21,014) | (28,882) | (909) |
Interest income | 3 | 3 | 3 | 3 | 3 | 3 | 14 | 212 | 12 | 232 | 1,935 |
(Loss) income before income taxes | (38,876) | 9,037 | 10,991 | 15,474 | 7,262 | 11,566 | 8,304 | 450 | (3,374) | 27,582 | (22,722) |
(Benefit from) provision for income taxes | (13,842) | 991 | (61,852) | (188) | 304 | 280 | 246 | (74,891) | 830 | 0 | |
Net income (loss) | $ (25,034) | $ 8,046 | $ 72,843 | $ 15,662 | $ 6,958 | $ 11,286 | $ 8,058 | $ 450 | $ 71,517 | $ 26,752 | $ (22,722) |
Earnings (loss) per share - basic (in dollars per share) | $ (0.73) | $ 0.23 | $ 2.06 | $ 0.45 | $ 0.20 | $ 0.33 | $ 0.23 | $ 0.01 | $ 2.05 | $ 0.78 | $ (0.68) |
Weighted-average shares - basic (in shares) | 34,123,309 | 35,373,909 | 35,302,608 | 34,951,740 | 34,592,277 | 34,540,126 | 34,395,266 | 34,100,688 | 34,936,817 | 34,407,959 | 33,453,844 |
Earnings (loss) per share - diluted (in dollars per share) | $ (0.73) | $ 0.22 | $ 1.79 | $ 0.41 | $ 0.20 | $ 0.32 | $ 0.23 | $ 0.01 | $ 1.86 | $ 0.76 | $ (0.68) |
Weighted-average shares - diluted (in shares) | 34,123,309 | 36,261,174 | 41,286,853 | 41,160,092 | 35,417,623 | 35,069,188 | 35,091,906 | 35,069,693 | 41,045,805 | 35,151,353 | 33,453,844 |
Selling, general and administrative expenses | |||||||||||
Litigation settlements | $ 2,935 | ||||||||||
Xtampza ER | |||||||||||
Product revenues, net | $ 103,708 | $ 127,984 | $ 105,012 | ||||||||
Nucynta Products | |||||||||||
Product revenues, net | $ 173,160 | $ 182,032 | $ 191,689 | ||||||||
Estimates of Product Returned [Member] | Adjustment | |||||||||||
Product revenues, net | (38,329) | ||||||||||
Estimates of Product Returned [Member] | Adjustment | Xtampza ER | |||||||||||
Product revenues, net | (13,787) | ||||||||||
Estimates of Product Returned [Member] | Adjustment | Nucynta Products | |||||||||||
Product revenues, net | $ (24,542) |
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Cost of product sold and service rendered, excluding depreciation, depletion, and amortization. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of litigation expense, including but not limited to legal, forensic, accounting, and investigative fees. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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