Liquidia (LQDA) FY2023 results: revenue $17 million, up 9.7% on the year

Liquidia Corp. (LQDA) reported revenue of $17 million for fiscal 2023, the year ended 31 December 2023, up 9.7% on the year before. Net income was -$79 million, and diluted earnings per share $-1.21. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2024.

Revenue

$17 million

+9.7% on the year

FY2019FY2023

Operating margin

-419.6%

-243.3% a year earlier

FY2019FY2023

Net income

-$79 million

FY2019FY2023

Diluted EPS

-$1.21

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	17.5	15.9	12.9	+9.7%
Cost of revenue	2.9	2.9	3.0	+1.0%
Gross profit	14.6	13.1	9.8	+11.7%
Gross margin	83.5%	82.1%	76.5%
Research and development	43.2	19.4	20.5	+122.5%
Selling, general and administrative	44.7	n/a	n/a
Operating income	-73.4	-38.8	-33.8
Operating margin	-419.6%	-243.3%	-262.9%
Interest expense	6.3	2.3	0.8	+168.3%
Income tax	0.0	0.0	0.0
Net income	-78.5	-41.0	-34.6
Net margin	-448.9%	-257.4%	-269.0%
Diluted EPS	-$1.21	-$0.67	-$0.70

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-41.6	-28.6	-34.0
Capital expenditure	1.3	0.6	0.1	+117.9%
Free cash flow	-42.9	-29.2	-34.1
Free cash flow margin	-245.0%	-183.1%	-265.6%
Cash from investing	-11.3	-0.6	-0.1
Cash from financing	43.2	65.0	26.3	-33.4%
Depreciation and amortisation	2.2	3.6	5.6	-40.3%
Share-based compensation	10.1	9.3	6.7	+8.5%
Diluted shares, weighted	65m	61m	50m	+6.6%
Shares outstanding at period end	69m	65m	52m	+6.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	47.3	90.4	65.3	-47.7%
Debt	0.0	19.9	10.4
Operating lease liabilities	2.3	3.3	4.2	-31.0%
Finance lease liabilities	0.1	0.2	0.4	-62.6%
Other liabilities	68.7	15.4	13.5	+346.1%
Total liabilities and equity	118	129	93.7	-8.4%
Fixed assets	4.5	4.2	5.0	+7.9%
Goodwill	3.9	3.9	3.9	0.0%
Intangible assets	3.4	3.7	4.4	-7.9%
Cash and equivalents	83.7	93.3	57.5	-10.3%
Receivables	4.1	5.0	3.0	-19.1%
Other assets	18.8	19.1	19.9	-1.8%
Total assets	118	129	93.7	-8.4%

10-K for the year ended 31 December 2023, filed 13 March 2024: the filing.