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BioDelivery Sciences International - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

BioDelivery Sciences International (ISIN: US09060J1060, WKN: 766464) Kursdatum: 21.07.2017 Kurs: 3,250 USD
Beschreibung Daten
Symbol BDSI
Marktkapitalisierung 174.457.072,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Gesundheitswesen
Rohdaten nach US GAAP in Millionen USD
Letztes Bilanz Update 16.03.2017


Fundamental Verhältnisse errechnet am: 21.07.2017
-3,21 -3,23 0,00% -128,24 -33,76 -2,60 11,22 -9,88




The following table sets forth certain quarterly financial data for

the periods indicated (in thousands, except per share data):


























Quarter Ended






March 31,




June 30,




September 30,




December 31,





























Gross profit




















Income (loss) from operations



















Net (loss ) income



















Basic (loss) income per share



















Diluted (loss) income per share























Quarter Ended






March 31,




June 30,




September 30,




December 31,





























Gross profit





















Income (loss) from operations



















Net loss


















Basic loss per share


















Diluted loss per share




















Principles of consolidation


The consolidated financial statements include the accounts of the

Company, Arius One, Arius Two and BND. For each period presented

BND has been an inactive subsidiary. All significant inter-company

balances and transactions have been eliminated.




Revenue recognition

Net Product Sales

Product Sales- The Company generally recognizes revenue from

its product sales upon transfer of title, which occurs when product

is received by its customers. The Company sells its products

primarily to large national wholesalers, which have the right to

return the products they purchase. The Company is required to

reasonably estimate the amount of future returns at the time of

revenue recognition. The Company recognizes product sales net of

estimated allowances for rebates, price adjustments chargebacks and

prompt payment discounts. When the Company cannot reasonably

estimate the amount of future product returns, it defers revenues

until the risk of product return has been substantially


As of December 31, 2015 and 2014, the Company had $1.9 million

and $0.8 million of deferred revenue related to sales to

wholesalers for which future returns could not be reasonably

estimated at the time of sale. Deferred revenue is recognized when

the product is sold to the end user, based upon prescriptions

filled. To estimate product sold to end users, the Company relies

on third-party information, including prescription data and

information obtained from significant distributors with respect to

their inventory levels and sales to customers. Deferred revenue is

recorded net of estimated allowances for rebates, price

adjustments, chargebacks, prompt payment and other discounts.

Estimated allowances are recorded and classified as accrued

expenses in the accompanying balance sheets as of December 31,

2015 and 2014 (Note 3).

Product Returns- Consistent with industry practice, the

Company offers contractual return rights that allow its customers

to return the products within an 18-month period that begins six

months prior to and ends twelve months subsequent to expiration of

the products. The Company does not believe it has sufficient

experience with BUNAVAIL® to estimate its

returns at time of exfactory sales. When the Company cannot

reasonably estimate the amount of future product returns, it

records revenues when the risk of product return has been

substantially eliminated which is at the time the product is sold

through to the end user.

Rebates- The liability for government program rebates is

calculated based on historical and current rebate redemption and

utilization rates contractually submitted by each program’s


Price Adjustments and Chargebacks- The Company’s

estimates of price adjustments and chargebacks are based on its

estimated mix of sales to various third-party payers, which are

entitled either contractually or statutorily to discounts from the

Company’s listed prices of its products. In the event that

the sales mix to third-party payers is different from the

Company’s estimates, the Company may be required to pay

higher or lower total price adjustments and/or chargebacks than it

had estimated and such differences may be significant.

The Company, from time to time, offers certain promotional

product-related incentives to its customers. These programs include

certain product incentives to pharmacy customers and other sales

stocking allowances. The Company has voucher programs for

BUNAVAIL® whereby the

Company offers a point-of-sale subsidy to retail consumers. The

Company estimates its liabilities for these voucher programs based

on the actual redemption rates as reported to the Company by a

third-party claims processing organization and actual redemption

rates for the Company’s completed programs. The Company

accounts for the costs of these special promotional programs as

price adjustments, which are a reduction of gross revenue.

Prompt Payment Discounts- The Company typically offers its

wholesale customers a prompt payment discount of 2% as an incentive

to remit payments within the first 30 to 37 days after the invoice

date depending on the customer and the products purchased.

Gross to Net Accruals-A significant majority of the

Company’s gross to net accruals are the

result of its voucher program and Medicaid rebates, with the

majority of those programs having an accrual to payment cycle of

anywhere from one to three months. In addition to this relatively

short accrual to payment cycle, the Company receives daily

information from the wholesalers regarding their sales of the

Company’s products and actual on hand inventory levels of its

products. During the year ended December 31, 2015, the three

large wholesalers account for approximately 77% of the Company

voucher and Medicaid accruals. This enables the Company to execute

accurate provisioning procedures. Consistent with the

pharmaceutical industry, the accrual to payment cycle for returns

is longer and can take several years depending on the expiration of

the related products. However, since the Company does not have

sufficient experience with measuring returns, at the time of

exfactory sales, it records revenue when the risk of product return

has been substantially eliminated.

Once the Company has adequate experience with measuring returns, it

then can record sales exfactory.

License and Development agreements

The Company periodically enters into license and development

agreements to develop and commercialize its products. The

arrangements typically are multi-deliverable arrangements that are

funded through upfront payments, milestone payments and other forms

of payment. The Company currently has multiple license and

development agreements that are described in notes 6, 7 and 8.

Depending on the nature of the contract these revenues are

classified as research and development reimbursements or contract