Corcept Therapeutics (CORT) FY2019 results: revenue $306 million, up 22.0% on the year
Corcept Therapeutics Inc. (CORT) reported revenue of $306 million for fiscal 2019, the year ended 31 December 2019, up 22.0% on the year before. Net income was $94 million, up 24.9%, and diluted earnings per share $0.77. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$306 million
+22.0% on the year
FY2012FY2019
Operating margin
36.4%
35.6% a year earlier
FY2012FY2019
Net income
$94 million
+24.9% on the year
FY2012FY2019
Diluted EPS
$0.77
+28.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
306
251
159
+22.0%
Cost of revenue
5.5
5.2
3.6
+5.5%
Gross profit
301
246
156
+22.3%
Gross margin
98.2%
97.9%
97.8%
Research and development
89.0
75.2
40.4
+18.3%
Selling, general and administrative
100
81.3
62.4
+23.5%
Operating income
112
89.5
52.9
+24.7%
Operating margin
36.4%
35.6%
33.2%
Pre-tax income
117
92.2
52.8
+26.6%
Income tax
22.5
16.7
-76.3
+34.4%
Effective tax rate
19.3%
18.2%
-144.5%
Net income
94.2
75.4
129
+24.9%
Net margin
30.7%
30.0%
81.1%
Diluted EPS
$0.77
$0.60
$1.04
+28.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
136
116
60.9
+17.7%
Capital expenditure
1.1
0.3
0.4
+265.1%
Free cash flow
135
115
60.5
+17.0%
Free cash flow margin
44.1%
45.9%
38.0%
Cash from investing
-118
-90.8
-73.5
Cash from financing
-28.6
-14.3
-8.0
Depreciation and amortisation
0.7
0.2
0.1
+197.9%
Share-based compensation
29.3
23.7
13.4
+23.4%
Buybacks
31.0
23.7
0.0
+30.9%
Diluted shares, weighted
123m
127m
125m
-3.3%
Shares outstanding at period end
115m
115m
115m
-0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
371
276
191
+34.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
1.9
n/a
n/a
Other liabilities
39.2
35.8
29.6
+9.5%
Total liabilities and equity
412
312
221
+32.3%
Fixed assets
1.1
0.7
0.5
+60.3%
Investments
284
165
73.0
+72.0%
Cash and equivalents
31.3
41.6
31.1
-24.9%
Receivables
19.9
17.6
15.3
+13.3%
Inventory
5.4
4.7
4.6
+14.6%
Other assets
70.6
82.0
96.1
-13.9%
Total assets
412
312
221
+32.3%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.