| 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):
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|
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Pharmaceutical |
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and |
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($ in thousands) |
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Dermatology |
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Biotechnology |
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|
|
|
Products |
|
Product |
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|
|
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 $9.2 million in sales and marketing costs for the quarter ended September 30, 2021.
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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|
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($ in thousands) |
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Products |
|
Product |
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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.
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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|
|
|
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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 |
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|
(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.
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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|
|
|
|
Products |
|
Product |
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|
|
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 $12.7 million in sales and marketing costs for the nine months ended September 30, 2020.
The following tables summarize, for the periods indicated, total assets by reportable segment:
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Pharmaceutical |
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|
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and |
|
|
|
($ 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 |
|
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|
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|
|
|
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|
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|
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|
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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 |
|