v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net sales $ 123,555 $ 176,454 $ 346,583 $ 573,553
Cost of sales:        
Cost of product (excluding amortization) 37,415 45,484 98,431 140,999
Amortization of patented formulations 2,592 1,142 6,298 5,091
Total cost of sales 40,007 46,626 104,729 146,090
Gross profit 83,548 129,828 241,854 427,463
Operating expenses:        
Selling, general, and administrative 36,433 30,807 119,770 79,232
Amortization of other intangible assets 10,378 10,329 31,025 30,890
Total operating expenses 46,811 41,136 150,795 110,122
Operating income 36,737 88,692 91,059 317,341
Interest expense, net (9,510) (10,499) (30,259) (30,653)
Other expense, net        
Loss on extinguishment of debt 0 0 0 (18,803)
Other expense, net (970) (2,251) (1,328) (3,852)
Total other expense, net (970) (2,251) (1,328) (22,655)
Income before provision for income taxes 26,257 75,942 59,472 264,033
Income tax provision 5,891 15,179 11,986 53,594
Net income $ 20,366 $ 60,763 $ 47,486 $ 210,439
Net income per share:        
Basic (in usd per share) $ 0.03 $ 0.09 $ 0.07 $ 0.32
Diluted (in usd per share) $ 0.03 $ 0.09 $ 0.07 $ 0.30
Weighted average common shares outstanding:        
Basic (in shares) 654,702,392 649,099,780 653,603,665 648,963,625
Diluted (in shares) 678,758,020 691,257,654 681,089,543 691,585,787
Other comprehensive (loss) income:        
Unrealized (loss) gain on derivatives, net of income tax effect $ (861) $ 1,931 $ 229 $ 1,931
Total other comprehensive (loss) income: (861) 1,931 229 1,931
Comprehensive income: $ 19,505 $ 62,694 $ 47,715 $ 212,370

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