Amarin Corp Plc (AMRN)

[JRoon71]

BBI, I think all revenue is recognized upon shipments to distributors, even in the U.S. But in the U.S., the volume is typically high enough such that all those orders tend to even out over the quarters (although this past quarter might be an anomaly).

So you are also right about EU and RoW sales. I think they actually acknowledged on the call that the RoW revenue was abnormally high due to this phenomenon. So we might see either lower revenue, or not much growth in Q1 (for RoW).

As far as EU, it's still confusing. Even if they had a larger order in Q3, the revenue is still not much higher than Q2. So bottom line is that EU revenue is sucking wind:
Q1 - $1.9M
Q2 - $3.5M
Q3 - $4.3M
Q4 - $4.0M

It's just crazy that we did more revenue in RoW this year than in Europe. As I mentioned in another post, it's reflective of the fact that we are not a "sales" organization. Building out an entire sales infrastructure from the ground up, in another country, is neither economical nor efficient.

On the European sales, I wonder if the drop in sales in the Fourth Quarter reflects the fact that sometimes the company seems to claim sales when it ships its product, rather than when the product reaches its endpoint. Am I right about that? So perhaps the drop reflects that they've begun to stick with actual sales to the consumer. Meanwhile, I'm curious why RoW sales ballooned from $6.9 million in the Third Quarter to $11.9 million in the Fourth. A doubling in sales in a single quarter? What does that reflect? Did it come up at the earnings call? Wouldn't they be trumpeting that? Or was it another blip. And the licensing revenues quadrupled? But then I saw this in the earnings transcript: It is important to note that in the current year, product revenue with our partners includes supply shipments in preparation for market launches. Our partnership revenue can be variable quarter to quarter and year to year based on restocking timing relative to end-market demand.