Amarin Corp Plc (AMRN)

[HDGabor]

Hi Kiwi,

Your assumption is correct. My Q2 cash-flow expectation is 24m also (best case 20M) and yes Pharmakon depends on revenue level and it could be postponed.

Reg. cash-flow: It's not easy to estimate since they did not breakdown the SGA in 10-Qs, but we have some info (Q4&Q1 CC):
- R-IT was 7,5M in Q1 (total R&D 11,7M)
- G&A excluding noncash items was little less than $15 million in 2013. (1,2M/ month)
- S(elling) and marketing: I could not find the answer yet for the 20,6M in Q1, since Q313 was 28,3M and Q413 was 22,3M (6M decrease). Since they cut the sales headcount at the half time of Q4 I expected at least the same decrease for Q1 resulted in 16-17M.
Total SGA should be around 70M in 2014 (50M for Q2-Q4 vs 20M in Q1)
- they had 2.6M outflow for API purchases in Q1 (but we do not know the yearly commitment)

The key elements are scripts (revenue) and GM%. We will see it more precisely at 10-Q3 (little bit at 10-Q2).