Summary of Quarterly Consolidated Financial Data (Unaudited) |
13. |
Summary of Quarterly Consolidated Financial Data (Unaudited) |
The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2019 and 2018:
|
|
2019 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
|
(In thousands, except per share amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product sales |
|
$ |
31,602 |
|
|
$ |
36,659 |
|
|
$ |
42,624 |
|
|
$ |
35,083 |
|
Cost of product sales |
|
|
(14,962 |
) |
|
|
(13,588 |
) |
|
|
(17,195 |
) |
|
|
(15,874 |
) |
Gross Profit |
|
|
16,640 |
|
|
|
23,071 |
|
|
|
25,429 |
|
|
|
19,209 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
42,972 |
|
|
|
41,425 |
|
|
|
34,708 |
|
|
|
48,277 |
|
General and administrative |
|
|
9,648 |
|
|
|
9,778 |
|
|
|
8,597 |
|
|
|
9,874 |
|
Sales and marketing |
|
|
28,720 |
|
|
|
23,647 |
|
|
|
16,977 |
|
|
|
20,420 |
|
Loss from operations |
|
|
(64,700 |
) |
|
|
(51,779 |
) |
|
|
(34,853 |
) |
|
|
(59,362 |
) |
Other income, net |
|
|
1,688 |
|
|
|
1,557 |
|
|
|
1,258 |
|
|
|
1,442 |
|
Net loss |
|
$ |
(63,012 |
) |
|
$ |
(50,222 |
) |
|
$ |
(33,595 |
) |
|
$ |
(57,920 |
) |
Basic and diluted net loss per share |
|
$ |
(0.80 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.65 |
) |
|
|
2018 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
|
(In thousands, except per share amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product sales |
|
$ |
11,567 |
|
|
$ |
17,277 |
|
|
$ |
19,786 |
|
|
$ |
28,844 |
|
Cost of product sales |
|
|
(3,133 |
) |
|
|
(5,231 |
) |
|
|
(7,576 |
) |
|
|
(11,572 |
) |
Gross Profit |
|
|
8,434 |
|
|
|
12,046 |
|
|
|
12,210 |
|
|
|
17,272 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
39,561 |
|
|
|
30,159 |
|
|
|
30,421 |
|
|
|
39,891 |
|
General and administrative |
|
|
7,028 |
|
|
|
6,209 |
|
|
|
7,288 |
|
|
|
8,738 |
|
Sales and marketing |
|
|
13,835 |
|
|
|
14,531 |
|
|
|
16,281 |
|
|
|
19,957 |
|
Loss from operations |
|
|
(51,990 |
) |
|
|
(38,853 |
) |
|
|
(41,780 |
) |
|
|
(51,314 |
) |
Other expense, net |
|
|
(275 |
) |
|
|
183 |
|
|
|
3,434 |
|
|
|
1,755 |
|
Net loss |
|
$ |
(52,265 |
) |
|
$ |
(38,670 |
) |
|
$ |
(38,346 |
) |
|
$ |
(49,559 |
) |
Basic and diluted net loss per share |
|
$ |
(0.81 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.63 |
) |
|