Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2021
Segment Information  
Schedule of Segment Information

The Company operates in two reportable segments: Dermatology Product Sales and Pharmaceutical and Biotechnology Product Development. The accounting policies of the Company’s segments are the same as those described in Note 2. The following tables summarize, for the periods indicated, operating results from continued operations by reportable segment (Certain reclass adjustments were made in the quarter ended September 30, 2021 to conform with the filing of the Journey Medical Corporation Form S-1 on October 22, 2021, as amended on November 8, 2021):

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

Three Months Ended September 30, 2021

    

Sales

    

Development

    

Consolidated

Net revenue

$

19,610

$

1,475

$

21,085

Direct cost of goods

 

(11,167)

 

 

(11,167)

Research and development

 

(794)

 

(27,286)

 

(28,080)

General and administrative1

(10,755)

(11,466)

(22,221)

Wire transfer fraud loss

(9,540)

(9,540)

Other expense

 

(1,375)

 

5,437

 

4,062

Segment loss

$

(14,021)

(31,841)

$

(45,861)

Note 1:Includes $9.2 million in sales and marketing costs for the quarter ended September 30, 2021.

Pharmaceutical

and

Dermatology

Biotechnology

($ in thousands)

Products

Product

Three Months Ended September 30, 2020

    

Sales

    

Development

    

Consolidated

Net revenue

$

9,447

$

28

$

9,475

Direct cost of goods

 

(3,379)

 

(3,379)

Research and development

 

 

(13,756)

(13,756)

General and administrative1

 

(5,829)

 

(9,554)

(15,383)

Other expense

(187)

(6,734)

(6,921)

Segment income (loss)

$

52

$

(30,016)

$

(29,964)

Note 1:Includes $4.6 million in sales and marketing costs for the quarter ended September 30, 2020.

Pharmaceutical

    

and

Dermatology

Biotechnology

Products

Product

Nine Months Ended September 30, 2021

    

Sales

    

Development

    

Consolidated

Net revenue

$

45,617

$

4,898

$

50,515

Direct cost of goods

 

(22,559)

 

 

(22,559)

Research and development

 

(14,566)

 

(71,245)

 

(85,811)

General and administrative1

(24,776)

(34,369)

(59,145)

Wire transfer fraud loss

(9,540)

(9,540)

Other Expenses

 

(3,120)

 

33,342

 

30,222

Segment loss

$

(28,944)

$

(67,374)

$

(96,318)

Note 1:Includes $20.8 million in sales and marketing costs for the nine months ended September 30, 2021.

Pharmaceutical

and

Dermatology

Biotechnology

Products

Product

Nine Months Ended September 30, 2020

    

Sales

    

Development

    

Consolidated

Net revenue

$

30,808

$

1,042

$

31,850

Direct cost of goods

 

(10,313)

 

(10,313)

Research and development

 

 

(46,146)

(46,146)

General and administrative1

 

(16,284)

 

(29,074)

(45,358)

Other expense

(492)

(12,036)

(12,528)

Segment income (loss)

$

3,719

$

(86,214)

$

(82,495)

Note 1:Includes $12.7 million in sales and marketing costs for the nine months ended September 30, 2020.

The following tables summarize, for the periods indicated, total assets by reportable segment:

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

September 30, 2021

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

13,043

$

$

13,043

Tangible assets

67,597

327,193

394,790

Total segment assets

$

80,640

$

327,193

$

407,833

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

December 31, 2020

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

14,629

$

$

14,629

Tangible assets

35,422

283,362

318,784

Total segment assets

$

50,051

$

283,362

$

333,413