ProPhase Labs Files Q2 2024 10-Q

TL;DR

ProPhase Labs (PRPH) filed its Q2 2024 10-Q. Check financials.

AI Summary

ProPhase Labs, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as QUIGLEY CORP, reported its financial status. Key financial data and operational details for the second quarter of 2024 are included in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for ProPhase Labs, Inc., crucial for evaluating the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal significant risks or opportunities, warranting a medium risk assessment for general users.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20240814 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• ProPhase Labs, Inc. (company) — Filer
• QUIGLEY CORP (company) — Former company name
• 20240630 (date) — Period of report
• 20240814 (date) — Filing date
• 0000868278 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• prph-20240630.htm (10-Q) — 1015KB
• prph-20240630xexx311.htm (EX-31.1) — 11KB
• prph-20240630xexx312.htm (EX-31.2) — 11KB
• prph-20240630xexx321.htm (EX-32.1) — 5KB
• prph-20240630xexx322.htm (EX-32.2) — 5KB
• 0000868278-24-000010.txt ( ) — 6169KB
• prph-20240630.xsd (EX-101.SCH) — 46KB
• prph-20240630_cal.xml (EX-101.CAL) — 92KB
• prph-20240630_def.xml (EX-101.DEF) — 195KB
• prph-20240630_lab.xml (EX-101.LAB) — 597KB
• prph-20240630_pre.xml (EX-101.PRE) — 388KB
• prph-20240630_htm.xml (XML) — 728KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10 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 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,780 $ 1,609 Restricted cash 585 540 Marketable securities, available for sale 1 3,127 Accounts receivable, net 32,937 36,313 Inventory, net 3,867 3,841 Prepaid expenses and other current assets 4,973 2,155 Total current assets 44,143 47,585 Property, plant and equipment, net 15,420 12,898 Prepaid expenses, net of current portion 584 832 Operating lease right-of-use asset, net 4,350 4,572 Intangible assets, net 11,041 12,333 Goodwill 5,231 5,231 Deferred tax asset 12,049 7,313 Other assets 860 1,163 TOTAL ASSETS $ 93,678 $ 91,927 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 13,628 $ 9,383 Accrued diagnostic services 227 314 Accrued advertising and other allowances 11 24 Finance lease liabilities 3,897 1,840 Operating lease liabilities 965 953 Short-term loan payable, net of discount of $ 758 3,259 — Deferred revenue 1,821 2,382 Income tax payable 2,660 3,278 Other current liabilities 1,544 2,683 Total current liabilities 28,012 20,857 Non-current liabilities: Secured long-term debt, net of discount of $ 329 and $ 341 2,926 2,924 Unsecured promissory notes, net of discount of $ 198 and $ 266 7,402 7,334 Due to sellers (see Note 3) 2,000 2,000 Deferred revenue, net of current portion 893 1,100 Operating lease liabilities, net of current portion 4,005 4,237 3 Finance lease liabilities, net of current portion 4,364 4,092 Total non-current liabilities 21,590 21,687 Total liabilities 49,602 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, 19,078,529 and 18,045,029 shares outs

View Full Filing

View this 10-Q filing on SEC EDGAR