Vanda Pharmaceuticals Reports Second Quarter 2019 Financial Results

Thursday, August 1, 2019 General News
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- Q2 2019 Total net product sales of $59.1 million, a 25% increase year over year

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

2019

2018

2019

2018

Net income

$

11,526

$

4,611

$

10,914

$

7,677

Adjustments:

       Stock-based compensation

3,101

2,721

6,383

5,872

       Intangible asset amortization

379

398

759

750

Non-GAAP Net income

$

15,006

$

7,730

$

18,056

$

14,299

Non-GAAP Net income per share, basic

$

0.28

$

0.15

$

0.34

$

0.29

Weighted average shares outstanding, basic

53,101,499

52,172,982

52,928,101

49,270,829

Operating expenses

$

49,165

$

43,437

$

98,965

$

84,587

Adjustments:

       Cost of goods sold excluding amortization

(6,368)

(5,213)

(11,481)

(9,773)

       Stock-based compensation

(3,101)

(2,721)

(6,383)

(5,872)

       Intangible asset amortization

(379)

(398)

(759)

(750)

Non-GAAP Operating expenses excluding

     Cost of goods sold

$

39,317

$

35,105

$

80,342

$

68,192

Research and development

$

10,950

$

9,866

$

24,228

$

19,282

Adjustment:

       Stock-based compensation

(756)

(316)

(1,484)

(637)

Non-GAAP Research and development

$

10,194

$

9,550

$

22,744

$

18,645

Selling, general and administrative

$

31,468

$

27,960

$

62,497

$

54,782

Adjustment:

       Stock-based compensation

(2,345)

(2,405)

(4,899)

(5,235)

Non-GAAP Selling, general and administrative

$

29,123

$

25,555

$

57,598

$

49,547



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