Corcept Therapeutics (CORT) FY2022 results: revenue $402 million, up 9.8% on the year

Corcept Therapeutics Inc. (CORT) reported revenue of $402 million for fiscal 2022, the year ended 31 December 2022, up 9.8% on the year before. Net income was $101 million, down 9.9%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$402 million

+9.8% on the year

FY2015FY2022

Operating margin

28.0%

34.0% a year earlier

FY2015FY2022

Net income

$101 million

-9.9% on the year

FY2015FY2022

Diluted EPS

$0.87

-2.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	402	366	354	+9.8%
Cost of revenue	5.4	5.3	5.6	+2.0%
Gross profit	396	361	348	+9.9%
Gross margin	98.7%	98.6%	98.4%
Research and development	131	114	115	+15.0%
Selling, general and administrative	153	122	105	+24.9%
Operating income	113	124	128	-9.5%
Operating margin	28.0%	34.0%	36.2%
Pre-tax income	116	125	132	-7.1%
Income tax	14.8	12.5	25.6	+18.2%
Effective tax rate	12.7%	10.0%	19.4%
Net income	101	113	106	-9.9%
Net margin	25.2%	30.7%	30.0%
Diluted EPS	$0.87	$0.89	$0.85	-2.2%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	120	168	152	-28.3%
Capital expenditure	0.4	0.5	1.2	-11.9%
Free cash flow	120	167	151	-28.4%
Free cash flow margin	29.8%	45.7%	42.6%
Cash from investing	-114	136	-119
Cash from financing	-17.3	-303	12.2
Depreciation and amortisation	1.3	1.1	0.5	+17.4%
Share-based compensation	42.4	42.9	33.5	-1.1%
Buybacks	0.0	n/a	9.9
Diluted shares, weighted	116m	126m	124m	-7.9%
Shares outstanding at period end	108m	106m	117m	+1.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	502	376	523	+33.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	n/a	0.0	0.5
Other liabilities	81.6	48.0	47.9	+70.2%
Total liabilities and equity	583	424	572	+37.7%
Fixed assets	0.6	1.0	1.7	-36.8%
Investments	370	258	401	+43.4%
Cash and equivalents	66.3	77.6	76.2	-14.5%
Receivables	31.1	27.6	26.2	+12.4%
Inventory	6.1	5.0	4.9	+22.3%
Other assets	109	54.3	62.1	+100.7%
Total assets	583	424	572	+37.7%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.