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Unaudited Quarterly Operating Results | 12 Months Ended
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Dec. 31, 2023
Unaudited Quarterly Operating Results |
Unaudited Quarterly Operating Results | 20. Unaudited Quarterly Operating Results The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | First | ​ | ​ | Second | ​ | ​ | Third | ​ | ​ | Fourth
Year Ended December 31, 2023 | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter
Product revenues, net | ​ | $ | 144,767 | ​ | $ | 135,546 | ​ | $ | 136,709 | ​ | $ | 149,745
Cost of product revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product revenues (excluding intangible asset amortization) | ​ | ​ | 29,899 | ​ | ​ | 24,257 | ​ | ​ | 20,081 | ​ | ​ | 20,601
Intangible asset amortization and impairment | ​ | ​ | 37,466 | ​ | ​ | 37,463 | ​ | ​ | 36,317 | ​ | ​ | 34,514
Total cost of products revenues | ​ |  | 67,365 | ​ |  | 61,720 | ​ |  | 56,398 | ​ |  | 55,115
Gross profit | ​ | ​ | 77,402 | ​ | ​ | 73,826 | ​ | ​ | 80,311 | ​ | ​ | 94,630
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative | ​ |  | 52,775 | ​ |  | 38,193 | ​ |  | 35,298 | ​ |  | 32,942
Total operating expenses | ​ |  | 52,775 | ​ |  | 38,193 | ​ |  | 35,298 | ​ |  | 32,942
Income from operations | ​ |  | 24,627 | ​ |  | 35,633 | ​ |  | 45,013 | ​ |  | 61,688
Interest expense | ​ |  | (21,427) | ​ |  | (21,863) | ​ |  | (20,768) | ​ |  | (19,281)
Interest income | ​ | ​ | 2,747 | ​ | ​ | 4,027 | ​ | ​ | 4,538 | ​ | ​ | 4,303
Loss on extinguishment of debt | ​ | ​ | (23,504) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
(Loss) income before income taxes | ​ | ​ | (17,557) | ​ | ​ | 17,797 | ​ | ​ | 28,783 | ​ | ​ | 46,710
(Benefit from) provision for income taxes | ​ | ​ | (131) | ​ | ​ | 4,790 | ​ | ​ | 8,149 | ​ | ​ | 14,770
Net (loss) income | ​ | $ | (17,426) | ​ | $ | 13,007 | ​ | $ | 20,634 | ​ | $ | 31,940
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — basic | ​ | $ | (0.51) | ​ | $ | 0.38 | ​ | $ | 0.61 | ​ | $ | 0.99
Weighted-average shares — basic | ​ | ​ | 34,319,291 | ​ | ​ | 34,622,284 | ​ | ​ | 33,744,209 | ​ | ​ | 32,301,211
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — diluted | ​ | $ | (0.51) | ​ | $ | 0.34 | ​ | $ | 0.53 | ​ | $ | 0.82
Weighted-average shares — diluted | ​ | ​ | 34,319,291 | ​ | ​ | 42,849,952 | ​ | ​ | 42,058,821 | ​ | ​ | 41,279,981
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​ | ​ | ​ | First | ​ | ​ | Second | ​ | ​ | Third | ​ | ​ | Fourth
Year Ended December 31, 2022 | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter
Product revenues, net | ​ | $ | 83,751 | ​ | $ | 123,549 | ​ | $ | 127,013 | ​ | $ | 129,620
Cost of product revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product revenues (excluding intangible asset amortization) | ​ | ​ | 16,332 | ​ | ​ | 33,684 | ​ | ​ | 30,622 | ​ | ​ | 37,552
Intangible asset amortization and impairment | ​ | ​ | 18,923 | ​ | ​ | 37,501 | ​ | ​ | 37,552 | ​ | ​ | 42,279
Total cost of products revenues | ​ |  | 35,255 | ​ |  | 71,185 | ​ |  | 68,174 | ​ |  | 79,831
Gross profit | ​ | ​ | 48,496 | ​ | ​ | 52,364 | ​ | ​ | 58,839 | ​ | ​ | 49,789
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | ​ | 3,983 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Selling, general and administrative | ​ |  | 54,528 | ​ |  | 41,254 | ​ |  | 38,372 | ​ |  | 38,032
Total operating expenses | ​ |  | 58,511 | ​ |  | 41,254 | ​ |  | 38,372 | ​ |  | 38,032
(Loss) income from operations | ​ |  | (10,015) | ​ |  | 11,110 | ​ |  | 20,467 | ​ |  | 11,757
Interest expense | ​ |  | (5,831) | ​ |  | (17,761) | ​ |  | (19,046) | ​ |  | (20,575)
Interest income | ​ | ​ | 4 | ​ | ​ | 5 | ​ | ​ | 11 | ​ | ​ | 1,027
(Loss) income before income taxes | ​ | ​ | (15,842) | ​ | ​ | (6,646) | ​ | ​ | 1,432 | ​ | ​ | (7,791)
(Benefit from) provision for income taxes | ​ | ​ | (2,773) | ​ | ​ | (1,455) | ​ | ​ | 975 | ​ | ​ | (592)
Net (loss) income | ​ | $ | (13,069) | ​ | $ | (5,191) | ​ | $ | 457 | ​ | $ | (7,199)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — basic | ​ | $ | (0.39) | ​ | $ | (0.15) | ​ | $ | 0.01 | ​ | $ | (0.21)
Weighted-average shares — basic | ​ | ​ | 33,673,912 | ​ | ​ | 34,001,553 | ​ | ​ | 34,058,802 | ​ | ​ | 33,582,202
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — diluted | ​ | $ | (0.39) | ​ | $ | (0.15) | ​ | $ | 0.01 | ​ | $ | (0.21)
Weighted-average shares — diluted | ​ | ​ | 33,673,912 | ​ | ​ | 34,001,553 | ​ | ​ | 34,570,319 | ​ | ​ | 33,582,202
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