| Segment Information |
17. 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:
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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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|
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Products |
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Product |
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|
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Three Months Ended June 30, 2020 |
|
Sales |
|
Development |
|
Consolidated |
Net revenue |
|
$ |
9,415 |
|
$ |
42 |
|
$ |
9,457 |
Direct cost of goods |
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|
(3,124) |
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|
— |
|
|
(3,124) |
Sales and marketing costs |
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|
(3,400) |
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|
— |
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|
(3,400) |
Research and development |
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|
— |
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|
(17,273) |
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|
(17,273) |
General and administrative |
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|
(1,349) |
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(9,707) |
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|
(11,056) |
Other expense |
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(172) |
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|
(2,895) |
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(3,067) |
Segment income (loss) |
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$ |
1,370 |
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|
(29,833) |
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$ |
(28,463) |
Segment assets |
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|
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|
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Intangible assets, net |
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|
6,667 |
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|
— |
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|
6,667 |
Tangible assets |
|
|
19,133 |
|
|
242,773 |
|
|
261,906 |
Total segment assets |
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$ |
25,800 |
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$ |
242,773 |
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$ |
268,573 |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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($ in thousands) |
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Products |
|
Product |
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|
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Three Months Ended June 30, 2019 |
|
Sales |
|
Development |
|
Consolidated |
Net Revenue |
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$ |
8,199 |
|
$ |
1,051 |
|
$ |
9,250 |
Direct cost of goods |
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|
(2,386) |
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|
— |
|
|
(2,386) |
Sales and marketing costs |
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|
(4,202) |
|
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— |
|
|
(4,202) |
Research and development(1) |
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— |
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(18,711) |
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|
(18,711) |
General and administrative |
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|
(747) |
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(8,494) |
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|
(9,241) |
Other expense |
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— |
|
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(2,190) |
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|
(2,190) |
Segment income (loss) |
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$ |
864 |
|
$ |
(28,344) |
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$ |
(27,480) |
Segment assets |
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|
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|
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Intangible assets, net |
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|
971 |
|
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— |
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|
971 |
Tangible assets |
|
|
8,342 |
|
|
217,951 |
|
|
226,293 |
Total segment assets |
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$ |
9,313 |
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$ |
217,951 |
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$ |
227,264 |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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($in thousands) |
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Products |
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Product |
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Six Months Ended June 30, 2020 |
|
Sales |
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Development |
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Consolidated |
Net revenue |
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$ |
21,361 |
|
$ |
1,014 |
|
$ |
22,375 |
Direct cost of goods |
|
|
(6,934) |
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|
— |
|
|
(6,934) |
Sales and marketing costs |
|
|
(8,079) |
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— |
|
|
(8,079) |
Research and development |
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— |
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(32,390) |
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|
(32,390) |
General and administrative |
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|
(2,302) |
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(19,594) |
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(21,896) |
Other expense |
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(379) |
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(5,228) |
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|
(5,607) |
Segment income (loss) |
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$ |
3,667 |
|
|
(56,198) |
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$ |
(52,531) |
Segment assets |
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|
|
|
|
|
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|
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Intangible assets, net |
|
|
6,667 |
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|
— |
|
|
6,667 |
Tangible assets |
|
|
19,133 |
|
|
242,773 |
|
|
261,906 |
Total segment assets |
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$ |
25,800 |
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$ |
242,773 |
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$ |
268,573 |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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($in thousands) |
|
Products |
|
Product |
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Six Months Ended June 30, 2019 |
|
Sales |
|
Development |
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Consolidated |
Net Revenue |
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$ |
14,324 |
|
$ |
1,403 |
|
$ |
15,727 |
Direct cost of goods |
|
|
(4,270) |
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|
— |
|
|
(4,270) |
Sales and marketing costs |
|
|
(7,695) |
|
|
— |
|
|
(7,695) |
Research and development |
|
|
— |
|
|
(42,434) |
|
|
(42,434) |
General and administrative |
|
|
(1,139) |
|
|
(18,087) |
|
|
(19,226) |
Other expense |
|
|
— |
|
|
14,163 |
|
|
14,163 |
Segment income (loss) |
|
$ |
1,220 |
|
$ |
(44,955) |
|
$ |
(43,735) |
Segment assets |
|
|
|
|
|
|
|
|
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Intangible assets, net |
|
|
971 |
|
|
— |
|
|
971 |
Tangible assets |
|
|
8,342 |
|
|
217,951 |
|
|
226,293 |
Total segment assets |
|
$ |
9,313 |
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$ |
217,951 |
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$ |
227,264 |
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