Corcept Therapeutics (CORT) Q4 FY2023 earnings: revenue $135 million, up 31.4% on the year

Corcept Therapeutics Inc. (CORT) reported revenue of $135 million for Q4 FY2023, the quarter ended 31 December 2023, up 31.4% on the same quarter a year earlier. Net income was $31 million, up 88.9% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$135 millionup 31.4%

Net income$31 millionup 88.9%

Diluted EPS$0.28

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	135	124	n/a	n/a
Cost of revenue	1.9	1.6	n/a	n/a
Gross profit	134	122	n/a	n/a
Gross margin	98.6%	98.7%	n/a
Research and development	54.7	45.5	n/a	n/a
Selling, general and administrative	47.2	45.3	n/a	n/a
Operating income	31.7	31.2	n/a	n/a
Operating margin	23.4%	25.2%	n/a
Pre-tax income	36.8	36.4	n/a	n/a
Income tax	5.5	5.0	n/a	n/a
Effective tax rate	14.8%	13.8%	n/a
Net income	31.4	31.4	n/a	n/a
Net margin	23.2%	25.4%	n/a
Diluted EPS	$0.28	$0.28	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	5.9	52.9	n/a	n/a
Capital expenditure	0.0	0.0	n/a	n/a
Free cash flow	5.9	52.9	n/a	n/a
Free cash flow margin	4.3%	42.8%	n/a
Cash from investing	17.1	-110	n/a	n/a
Cash from financing	0.8	-3.9	n/a	n/a
Depreciation and amortisation	0.1	0.1	n/a	n/a
Share-based compensation	13.1	12.9	n/a	n/a
Buybacks	-145	0.0	n/a	n/a
Diluted shares, weighted	111m	111m	n/a	n/a
Shares outstanding at period end	103m	103m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	507	462	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	0.0	n/a	n/a	n/a
Other liabilities	115	132	n/a	n/a
Total liabilities and equity	622	594	n/a	n/a
Fixed assets	0.2	0.3	n/a	n/a
Investments	290	303	n/a	n/a
Cash and equivalents	136	112	n/a	n/a
Receivables	41.1	34.6	n/a	n/a
Inventory	7.7	7.5	n/a	n/a
Other assets	147	137	n/a	n/a
Total assets	622	594	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	124	135	147	164	183	182	157	194	208	202	165	256
Cost of revenue	1.6	1.9	2.5	2.5	2.9	3.0	2.4	3.4	4.6	2.5	2.9	4.1
Gross profit	122	134	144	161	180	179	155	191	203	200	162	252
Gross margin	99%	99%	98%	98%	98%	98%	98%	98%	98%	99%	98%	98%
R&D	45.5	54.7	58.5	58.7	59.3	70.3	60.7	60.5	68.8	64.9	66.3	53.9
SG&A	45.3	47.2	56.3	66.9	73.7	83.4	90.7	104	124	130	145	157
Operating income	31.2	31.7	29.5	35.6	46.6	25.3	3.4	26.7	10.2	4.5	-49.6	41.3
Operating margin	25%	23%	20%	22%	26%	14%	2%	14%	5%	2%	-30%	16%
Pre-tax income	36.4	36.8	35.0	41.6	52.9	32.0	9.6	31.7	15.2	9.9	-44.7	45.9
Tax rate	14%	15%	21%	15%	11%	4%	-114%	-11%	-29%	-145%	n/a	6%
Net income	31.4	31.4	27.8	35.5	47.2	30.7	20.5	35.1	19.7	24.3	-31.8	43.0
Net margin	25%	23%	19%	22%	26%	17%	13%	18%	9%	12%	-19%	17%
Diluted EPS	$0.28	$0.28	$0.25	$0.32	$0.41	$0.26	$0.17	$0.29	$0.16	$0.20	-$0.30	$0.36
Operating cash flow	52.9	5.9	23.8	41.2	73.8	59.3	4.8	43.9	54.5	38.4	-16.8	33.5
Capital expenditure	0.0	0.0	0.0	0.4	1.6	0.1	0.1	0.1	0.0	0.1	0.2	2.5
Free cash flow	52.9	5.9	23.8	40.8	72.2	59.2	4.7	43.9	54.5	38.4	-17.0	31.0
Buybacks	0.0	-145	0.5	3.5	11.7	0.0	27.4	103	42.5	0.0	0.0	0.0
Shares outstanding	103m	103m	104m	104m	105m	105m	106m	105m	105m	106m	107m	108m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001628280-24-005055: the filing on EDGAR. All of Corcept Therapeutics Inc.'s filings: EDGAR company page.

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