ProPhase Labs, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ProPhase Labs, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

ProPhase Labs, Inc. (PRPH) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. ProPhase Labs, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31st. The filing is dated May 10, 2024. The company was formerly known as QUIGLEY CORP. The SIC code for the company is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking ProPhase Labs, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing ProPhase Labs' current financial health and future prospects.

Risk Assessment

Risk Level: low — ProPhase Labs, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand ProPhase Labs' Q1 2024 performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• ProPhase Labs, Inc. (company) — Filer and company name
• QUIGLEY CORP (company) — Former company name
• 2834 (dollar_amount) — Standard Industrial Classification code

FAQ

Industry Context

ProPhase Labs operates within the Pharmaceutical Preparations industry.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and net income for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business operations and outlook.
3. Check for any new risk factors or updates to existing ones.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, following previous filings by ProPhase Labs, Inc.

Key Financial Figures

• $0.0005 — ich registered Common Stock, par value $0.0005 PRPH Nasdaq Capital Market Indicate b

Filing Documents

• prph-20240331.htm (10-Q) — 831KB
• prph-20240331xexx3111.htm (EX-31.1) — 11KB
• prph-20240331xexx3121.htm (EX-31.2) — 11KB
• prph-20240331xexx3211.htm (EX-32.1) — 5KB
• prph-20240331xexx3221.htm (EX-32.2) — 5KB
• 0000868278-24-000007.txt (&nbsp;) — 5717KB
• prph-20240331.xsd (EX-101.SCH) — 45KB
• prph-20240331_cal.xml (EX-101.CAL) — 91KB
• prph-20240331_def.xml (EX-101.DEF) — 225KB
• prph-20240331_lab.xml (EX-101.LAB) — 587KB
• prph-20240331_pre.xml (EX-101.PRE) — 386KB
• prph-20240331_htm.xml (XML) — 645KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. ProPhase Labs, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,175 $ 1,609 Restricted cash 561 540 Marketable debt securities, available for sale 58 3,127 Accounts receivable, net 35,116 36,313 Inventory, net 3,758 3,841 Prepaid expenses and other current assets 4,377 2,155 Total current assets 45,045 47,585 Property, plant and equipment, net 12,797 12,898 Prepaid expenses, net of current portion 732 832 Operating lease right-of-use asset, net 4,462 4,572 Intangible assets, net 11,687 12,333 Goodwill 5,231 5,231 Deferred tax asset 9,762 7,313 Other assets 316 1,163 TOTAL ASSETS $ 90,032 $ 91,927 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 11,759 $ 9,383 Accrued diagnostic services 268 314 Accrued advertising and other allowances 8 24 Finance lease liabilities 1,840 1,840 Operating lease liabilities 959 953 Short-term loan payable, net of discount of $ 396 2,381 — Deferred revenue 1,630 2,382 Income tax payable 3,005 3,278 Other current liabilities 2,057 2,683 Total current liabilities 23,907 20,857 Non-current liabilities: Secured long-term debt, net of discount of $ 334 and $ 340 2,926 2,924 Unsecured promissory notes, net of discount of $ 232 and $ 266 7,368 7,334 Due to sellers (see Note 3) 2,000 2,000 Deferred revenue, net of current portion 1,100 1,100 3 Operating lease liabilities, net of current portion 4,122 4,237 Finance lease liabilities, net of current portion 3,742 4,092 Total non-current liabilities 21,258 21,687 Total liabilities 45,165 42,544 COMMITMENTS AND CONTINGENCIES Stockholders' equity Preferred stock authorized 1,000,000 , $ 0.0005 par value, no shares issued and outstanding — — Common stock authorized 50,000,000 , $ 0.0005 par value, 18,045,029 and 18,045,029 shar

View Full Filing

View this 10-Q filing on SEC EDGAR