Vanda Pharmaceuticals Reports Second Quarter 2017 Financial Results

Thursday, August 3, 2017 Drug News
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- Total net product sales were $42.1 million in the second quarter of 2017

VANDA PHARMACEUTICALS INC.

Reconciliation of GAAP to Non-GAAP Financial Information

(in thousands, except for share and per share amounts)

(unaudited)

Three Months Ended

Six Months Ended

June 30

June 30

June 30

June 30

2017

2016

2017

2016

Net loss

$

(1,534)

$

(4,618)

$

(9,179)

$

(16,976)

Adjustments:

Stock-based compensation

2,656

2,074

4,912

4,340

Intangible asset amortization

432

2,942

886

5,885

Non-GAAP Net income (loss)

$

1,554

$

398

$

(3,381)

$

(6,751)

Non-GAAP Net income (loss) per share, basic

$

0.03

$

0.01

$

(0.08)

$

(0.16)

Weighted average shares outstanding, basic

44,718,597

43,202,751

44,559,368

43,153,598

Operating expenses

$

43,980

$

40,818

$

89,301

$

86,555

Adjustments:

Cost of goods sold excluding amortization

(4,529)

(6,494)

(8,532)

(12,450)

Stock-based compensation

(2,656)

(2,074)

(4,912)

(4,340)

Intangible asset amortization

(432)

(2,942)

(886)

(5,885)

Non-GAAP Operating expenses excluding

Cost of goods sold

$

36,363

$

29,308

$

74,971

$

63,880

Research and development

$

7,648

$

6,700

$

18,215

$

14,248

Adjustment:

Stock-based compensation

(285)

(489)

(694)

(1,013)

Non-GAAP Research and development

$

7,363

$

6,211

$

17,521

$

13,235

Selling, general and administrative

$

31,371

$

24,682

$

61,668

$

53,972

Adjustment:

Stock-based compensation

(2,371)

(1,585)

(4,218)

(3,327)

Non-GAAP Selling, general and administrative

$

29,000

$

23,097

$

57,450

$

50,645



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