TARS - Tarsus Pharmaceuticals, Inc.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$103.00
DETAILS
HIGH:
$116.00
LOW:
$89.00
MEDIAN:
$102.50
CONSENSUS:
$103.00
UPSIDE:
40.79%
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2018 Q2 | 2018 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||
| Revenue | 173.9 | 162.1 | 151.7 | 118.7 | 102.7 | 78.3 | 66.4 | 48.1 | 40.8 | 27.6 | 13.1 | 1.9 | 0 | 2.5 | 10 | 0 | 15.3 | 0.5 | 0.3 | 1.2 | 22.0 | 33.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 12.1 | 9.4 | 10.9 | 24.6 | 6.2 | 5.2 | 4.9 | 3.2 | 3.0 | 1.7 | 1.2 | 0.4 | 0.3 | 0.3 | 0.4 | 0.2 | 0.5 | 0.0 | (0.0) | 0.1 | 0.7 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 |
| Gross Profit | 161.8 | 152.7 | 140.7 | 94.1 | 96.4 | 73.1 | 61.5 | 44.9 | 37.8 | 26.0 | 11.9 | 1.5 | (0.3) | 2.2 | 9.6 | (0.2) | 14.8 | 0.5 | 0.4 | 1.2 | 21.3 | 32.1 | 0 | 0 | 0 | 0 | 0 | (0.0) | 0 | 0 |
| Operating Expenses | ||||||||||||||||||||||||||||||
| R&D Expenses | 31.0 | 22.4 | 18.0 | 16.3 | 15.6 | 14.4 | 16.9 | 12.1 | 12.3 | 12.1 | 13.3 | 12.1 | 12.5 | 12.4 | 10.0 | 10.9 | 9.6 | 12.1 | 8.0 | 10.2 | 7.2 | 16.3 | 7.6 | 8.0 | 1.7 | 1.5 | 0.7 | 0.4 | 0.2 | 0.2 |
| SG&A Expenses | 150.7 | 136.4 | 130.7 | 108.6 | 103.0 | 85.0 | 69.0 | 57.9 | 58.8 | 51.6 | 43.0 | 30.3 | 20.0 | 14.8 | 14.6 | 11.8 | 10.4 | 7.9 | 6.8 | 6.7 | 6.8 | 5.2 | 3.9 | 2.1 | 1.5 | 0.6 | 0.4 | 0.2 | 0.1 | 0.1 |
| Other Expenses | 0 | 0 | 0 | (16.3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.7) | (0.7) |
| Operating Expenses | 181.7 | 158.8 | 148.7 | 108.6 | 118.6 | 99.4 | 85.9 | 70.0 | 71.1 | 63.6 | 56.3 | 42.4 | 32.5 | 27.2 | 24.7 | 22.7 | 20.0 | 20.0 | 14.8 | 16.9 | 14.0 | 21.4 | 11.5 | 10.1 | 3.3 | 2.1 | 1.1 | 0.6 | (0.3) | (0.3) |
| Operating Income | ||||||||||||||||||||||||||||||
| Operating Income | (19.9) | (6.1) | (8.0) | (14.5) | (22.2) | (26.3) | (24.4) | (25.2) | (33.3) | (37.7) | (44.5) | (40.9) | (32.8) | (25.0) | (15.1) | (22.9) | (5.2) | (19.5) | (14.4) | (15.7) | 7.3 | 10.7 | (11.5) | (10.1) | (3.3) | (2.1) | (1.1) | (0.6) | (0.3) | (0.3) |
| Interest Expense | 2.2 | 2.1 | 2.2 | 2.1 | 2.1 | 2.1 | 2.2 | 2.3 | 2.1 | 1.0 | 1.0 | 0.9 | 0.8 | 0.7 | 0.7 | 0.6 | 0.5 | 0.3 | 0 | 0 | 0 | 0 | 0 | – | 0 | 0 | 0.0 | 0.0 | 0 | 0 |
| Interest Income | 3.7 | 3.7 | 4.0 | 4.1 | 4.2 | 3.5 | 3.6 | 4.1 | 4.1 | 3.1 | 3.0 | 2.8 | 2.2 | 2.3 | 2.1 | 1.1 | 0.3 | 0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||||||||||||||||||||||||
| EBITDA | (12.7) | (6.8) | (3.7) | (12.2) | (17.6) | (22.4) | (20.4) | (20.7) | (30.9) | (34.5) | (40.6) | (38.1) | (30.4) | (22.7) | (12.8) | (21.8) | (5.1) | (19.9) | (14.8) | (16.0) | 6.5 | 10.8 | (11.4) | (10.1) | (3.2) | (2.1) | (1.1) | (0.7) | (0.3) | (0.3) |
| EBIT | (13.7) | (7.2) | (4.1) | (12.6) | (18.1) | (22.9) | (20.8) | (21.0) | (31.2) | (34.7) | (40.9) | (38.3) | (30.6) | (22.8) | (12.9) | (21.9) | (5.2) | (19.9) | (14.8) | (16.0) | 6.4 | 10.7 | (11.5) | (10.1) | (3.3) | (2.1) | (1.1) | (0.7) | 0 | 0 |
| Income Before Tax | (15.8) | (9.3) | (6.3) | (12.6) | (20.3) | (25.1) | (23.1) | (23.4) | (33.3) | (35.7) | (41.9) | (39.1) | (31.4) | (23.4) | (13.6) | (22.5) | (5.7) | (20.2) | (14.8) | (16.0) | 6.4 | 10.7 | (11.5) | (10.1) | (3.2) | (2.0) | (1.4) | (0.7) | (0.3) | (0.3) |
| Income Tax Expense | 2.7 | (2.4) | 2.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | 0 | 0.0 | 0.1 | (0.3) | 0.0 | 0.3 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 |
| Net Income | (18.6) | (7.0) | (8.4) | (12.6) | (20.3) | (25.1) | (23.1) | (23.4) | (33.3) | (35.7) | (41.9) | (39.1) | (31.4) | (23.4) | (13.6) | (22.5) | (5.7) | (20.2) | (14.9) | (15.7) | 6.3 | 10.3 | (11.5) | (10.1) | (3.2) | (2.0) | (1.4) | (0.7) | (0.3) | (0.3) |
| Per Share Data | ||||||||||||||||||||||||||||||
| EPS (Basic) | -0.43 | -0.16 | -0.20 | -0.30 | -0.48 | -0.64 | -0.60 | -0.61 | -0.88 | -1.01 | -1.31 | -1.28 | -1.17 | -0.88 | -0.53 | -0.84 | -0.24 | -0.98 | -0.72 | -0.76 | 0.31 | 0.51 | -0.56 | -0.54 | -0.30 | -0.18 | -0.13 | -0.06 | -0.08 | -0.08 |
| EPS (Diluted) | -0.43 | -0.16 | -0.20 | -0.30 | -0.48 | -0.64 | -0.60 | -0.61 | -0.88 | -1.01 | -1.31 | -1.28 | -1.17 | -0.88 | -0.53 | -0.84 | -0.24 | -0.98 | -0.72 | -0.76 | 0.29 | 0.47 | -0.54 | -0.54 | -0.30 | -0.18 | -0.13 | -0.06 | -0.08 | -0.08 |
| Shares Outstanding | 43.4 | 43.0 | 42.8 | 42.6 | 42.4 | 39.3 | 38.6 | 38.4 | 37.8 | 35.3 | 31.9 | 30.6 | 26.8 | 26.7 | 25.7 | 26.7 | 24.3 | 20.7 | 20.6 | 20.6 | 20.6 | 20.3 | 20.3 | 18.8 | 10.9 | 10.9 | 10.9 | 10.9 | 4.3 | 4.3 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2019 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||||||||||||||
| Cash & Cash Equivalents | 204.6 | 102.2 | 183.6 | 112.7 | 96.6 | 175.8 | 94.8 | 176.2 | 181.1 | 193.7 | 224.9 | 226.7 | 106.8 | 66.0 | 71.7 | 169.5 | 245.4 | 175.0 | 171.3 | 183.8 | 176.7 | 156.2 | 168.1 | 86.3 | 53.1 | 58.0 |
| Short-Term Investments | 245.1 | 286.5 | 233.6 | 289.1 | 284.5 | 232.1 | 196.6 | 140.7 | 142.5 | 104.8 | 2.5 | 20.2 | 71.5 | 135.2 | 145.4 | 57.1 | 0 | 0.3 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 98.3 | 117.2 | 87.1 | 74.3 | 60.2 | 64.2 | 48.1 | 30.3 | 30.8 | 31.4 | 17.7 | 6.4 | 0.2 | 2.9 | 3.6 | 4.0 | 0.6 | 0.3 | 0.1 | 0.1 | 20.2 | 32.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| Inventory | 4.4 | 4.6 | 4.4 | 3.8 | 3.9 | 2.7 | 2.6 | 2.8 | 2.2 | 4.0 | 3.1 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 | 2.3 | 1.1 | 0.0 |
| Total Current Assets | 562.0 | 537.2 | 522.8 | 501.7 | 474.4 | 480.8 | 356.7 | 357.1 | 362.6 | 340.7 | 256.1 | 259.3 | 183.5 | 208.6 | 225.4 | 234.1 | 250.3 | 178.8 | 176.0 | 187.1 | 200.9 | 191.5 | 170.7 | 89.1 | 54.7 | 58.0 |
| Non-Current Assets | ||||||||||||||||||||||||||
| Property, Plant & Equipment | 30.4 | 27.7 | 21.7 | 16.0 | 3.4 | 3.2 | 2.9 | 4.2 | 4.2 | 3.5 | 3.3 | 3.6 | 3.7 | 1.7 | 1.5 | 1.6 | 1.8 | 1.8 | 1.8 | 1.7 | 1.0 | 1.2 | 1.2 | 1.4 | 1.4 | 0.3 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.9 | 7.1 | 7.4 | 7.6 | 7.8 | 8.1 | 8.3 | 8.6 | 3.7 | 3.8 | 3.9 | 4.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 6.7 | 5.9 | 3.9 | 5.6 | 3 | 3 | 3 | 3 | 3 | 0 | 0.6 | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.4 | 0.7 | 1.5 | 0 | 1.2 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5.2 | 3.2 | 6.4 | 3.7 | 6.3 | 5.7 | 6.1 | 3.4 | 3.4 | 1.3 | 1.5 | 1.3 | 1.5 | 0.5 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.1 | 1.5 | 0.1 | 0.1 | 1.8 | 0.1 | 0.0 |
| Total Non-Current Assets | 49.2 | 43.9 | 39.4 | 32.9 | 20.6 | 20.0 | 20.3 | 19.2 | 14.3 | 8.6 | 9.4 | 9.1 | 5.5 | 2.6 | 2.5 | 2.4 | 2.5 | 2.7 | 3.0 | 3.3 | 2.5 | 2.5 | 1.3 | 3.1 | 1.5 | 0.3 |
| Total Assets | 611.1 | 581.1 | 562.2 | 534.6 | 495.0 | 500.8 | 377.0 | 376.3 | 376.8 | 349.3 | 265.5 | 268.3 | 188.9 | 211.2 | 227.9 | 236.5 | 252.8 | 181.5 | 178.9 | 190.4 | 203.4 | 194.0 | 172.0 | 92.2 | 56.2 | 58.3 |
| Current Liabilities | ||||||||||||||||||||||||||
| Account Payables | 40.1 | 24.1 | 16.4 | 40.6 | 28.1 | 28.4 | 27.7 | 26.8 | 26.7 | 19.1 | 17.8 | 10.4 | 8.2 | 7.6 | 5.5 | 5.6 | 4.1 | 4.0 | 2.9 | 2.0 | 3.3 | 5.0 | 2.2 | 4.7 | 1.4 | 0.5 |
| Short-Term Debt | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 133.5 | 110.3 | 117.5 | 62.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.1 | 0 |
| Total Current Liabilities | 175.8 | 143.5 | 135.7 | 117.0 | 90.3 | 86.3 | 80.6 | 65.9 | 51.6 | 42.5 | 36.9 | 23.2 | 14.8 | 13.3 | 15.4 | 14.3 | 11.7 | 12.6 | 11.5 | 10.4 | 10.5 | 10.1 | 5.4 | 6.1 | 3.1 | 0.8 |
| Non-Current Liabilities | ||||||||||||||||||||||||||
| Long-Term Debt | 72.8 | 72.6 | 83.0 | 72.3 | 72.1 | 72.0 | 71.8 | 71.7 | 71.6 | 29.9 | 29.8 | 29.7 | 24.6 | 24.5 | 19.4 | 19.4 | 19.3 | 19.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | (10.6) | 0 | 0 | 0 | 0 | 1.2 | 1.4 | 1.6 | 1.7 | 1.7 | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 103.2 | 0.1 | 63.4 |
| Total Non-Current Liabilities | 88.7 | 88.7 | 83.0 | 82.4 | 72.1 | 72.0 | 71.8 | 72.9 | 73.0 | 31.5 | 31.6 | 31.4 | 26.4 | 24.6 | 19.5 | 19.6 | 19.6 | 19.7 | 0.7 | 0.9 | 0.5 | 0.6 | 0.6 | 103.9 | 0.8 | 63.5 |
| Total Liabilities | 264.4 | 232.2 | 218.7 | 199.5 | 162.4 | 158.3 | 152.5 | 138.8 | 124.6 | 74.1 | 68.5 | 54.7 | 41.2 | 37.8 | 35.0 | 33.8 | 31.3 | 32.3 | 12.2 | 11.3 | 11.0 | 10.7 | 6.0 | 110.0 | 3.9 | 64.3 |
| Stockholders' Equity | ||||||||||||||||||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (452.1) | (433.6) | (426.6) | (418.3) | (405.7) | (385.3) | (360.2) | (337.1) | (313.7) | (280.4) | (244.7) | (202.8) | (163.6) | (132.2) | (108.8) | (95.2) | (72.7) | (66.9) | (46.7) | (31.8) | (16.1) | (22.5) | (32.8) | (21.4) | (11.2) | (6.0) |
| Accumulated Other Comprehensive Income | (0.6) | (0.3) | 0.4 | 0.3 | 0.0 | 0.1 | 0.2 | 0.3 | (0.2) | (0.1) | (0.0) | (0.0) | (0.0) | (0.1) | (0.1) | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 346.7 | 349.0 | 343.4 | 335.1 | 332.6 | 342.5 | 224.5 | 237.5 | 252.2 | 275.2 | 197.0 | 213.7 | 147.7 | 173.4 | 192.9 | 202.6 | 221.5 | 149.2 | 166.7 | 179.1 | 192.5 | 183.2 | 166.0 | (17.8) | 52.4 | (6.0) |
| Total Liabilities & Equity | 611.1 | 581.1 | 562.2 | 534.6 | 495.0 | 500.8 | 377.0 | 376.3 | 376.8 | 349.3 | 265.5 | 268.3 | 188.9 | 211.2 | 227.9 | 236.5 | 252.8 | 181.5 | 178.9 | 190.4 | 203.4 | 194.0 | 172.0 | 92.2 | 56.2 | 58.3 |
| Debt Metrics | ||||||||||||||||||||||||||
| Total Debt | 88.7 | 88.7 | 93.6 | 82.5 | 72.4 | 72.4 | 72.5 | 72.3 | 72.2 | 30.5 | 30.2 | 30.1 | 25.0 | 25.2 | 20.2 | 20.1 | 20.2 | 20.4 | 1.9 | 2.3 | 2.1 | 0.7 | 0.8 | 0.8 | 0.9 | 0.2 |
| Net Debt | (115.9) | (13.5) | (90.0) | (30.2) | (24.2) | (103.4) | (22.4) | (103.9) | (108.9) | (163.2) | (194.7) | (196.5) | (81.7) | (40.8) | (51.5) | (149.4) | (225.2) | (154.6) | (169.4) | (181.5) | (174.6) | (155.5) | (167.3) | (85.5) | (52.3) | (57.8) |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2018 Q2 | 2018 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||||||||||
| Net Income | (18.6) | (7.0) | (8.4) | (12.6) | (20.3) | (25.1) | (23.1) | (23.4) | (33.3) | (35.7) | (41.9) | (39.1) | (31.4) | (23.4) | (13.6) | (22.5) | (5.7) | (20.2) | (14.9) | (15.7) | 6.3 | 10.4 | (11.5) | (10.1) | (3.2) | (2.0) | (1.4) | (0.7) | (0.3) | (0.3) |
| Depreciation & Amortization | 1 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-Based Compensation | 13.3 | 12.0 | 14.3 | 12.2 | 8.2 | 6.9 | 7.4 | 7.4 | 7.5 | 5.5 | 5.5 | 5.2 | 5.2 | 3.9 | 3.7 | 3.6 | 3.5 | 2.7 | 2.2 | 2.1 | 2.8 | 1.4 | 0.4 | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Change in Working Capital | 35.0 | (29.5) | 13.6 | 19.3 | (16.4) | (1.9) | (5.7) | (1.7) | 10.3 | (8.6) | (2.8) | 1.4 | 3.1 | (1.4) | 0.1 | 0.0 | (2.7) | 1.6 | 0.0 | 20.2 | 10.3 | (29.2) | 0.9 | 0.1 | 0.5 | (0.1) | 0.2 | 0.0 | 0.0 | 0.0 |
| Other Non-Cash Items | 36.0 | (0.6) | (0.6) | (1.1) | (1.4) | (1.0) | (1.2) | 8.7 | 0.9 | 0.7 | (0.5) | (0.1) | (0.9) | (1.2) | (1.1) | 0.2 | 0.6 | 0.6 | 0.5 | 0.1 | 0.0 | 5.6 | 0.1 | 3.2 | 0.0 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 |
| Operating Cash Flow | 66.8 | (24.7) | 19.3 | 18.3 | (29.4) | (20.7) | (22.2) | (8.7) | (14.4) | (37.8) | (39.3) | (32.4) | (23.8) | (22.0) | (10.9) | (18.6) | (4.3) | (15.3) | (12.1) | 7.1 | 20.6 | (11.8) | (10.0) | (6.6) | (2.6) | (2.0) | (0.8) | (0.6) | (0.3) | (0.3) |
| Investing Activities | ||||||||||||||||||||||||||||||
| Capital Expenditure | (4.1) | (5.8) | (6.4) | (1.9) | (1.0) | (0.6) | (5.1) | (0.3) | (1.0) | (0.2) | 0 | (4.4) | (0.8) | (0.3) | (0.1) | (0.1) | (0.1) | (0.2) | (0.3) | (0.1) | (0.0) | (0.2) | 0 | (0.1) | (0.3) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (2.4) | (126.8) | (36.5) | (102.3) | (129.7) | (125.6) | (90.0) | (24.1) | (50.0) | (104.5) | 0 | 0.0 | 0 | (28.7) | (92.4) | (57.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 44.3 | 74.1 | 92.1 | 99.5 | 79 | 91.2 | 35.5 | 24.5 | 10.5 | 2.5 | 17.9 | 51.7 | 64.9 | 40.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | (5) | 3 | 0 | 0 | 0 | (4) | 0 | 0 | 5.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 |
| Investing Cash Flow | 37.9 | (58.6) | 49.3 | (4.7) | (51.7) | (34.9) | (59.6) | 3.1 | (40.5) | (102.2) | 17.9 | 47.4 | 64.1 | 11.3 | (87.2) | (57.1) | (0.1) | (0.2) | (0.3) | (0.1) | (0.0) | (0.2) | 0.1 | (0.1) | (0.3) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Financing Activities | ||||||||||||||||||||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | (31.9) | (0.0) | 71.5 | 0 | 0 | 5 | 0 | 5 | 0 | 0 | (0.1) | 19.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | (0.0) | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 3.3 | 0 | 0 | 0 | 0 | 0 | 31.9 | 0 | (31.9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.1) | 0.1 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | 3.5 | 1.2 | 2.3 | 2.6 | 2.0 | 136.6 | 2.9 | 0.6 | 42.3 | 108.8 | 19.8 | 104.9 | 0.5 | 5.0 | 0.3 | (0.1) | 74.7 | 19.1 | (0.1) | 0.1 | 0.0 | 0.0 | 91.8 | 39.9 | 0.1 | (0.0) | 58.4 | 0.5 | 0 | 0 |
| Cash Position | ||||||||||||||||||||||||||||||
| Net Change in Cash | 108.2 | (82.0) | 70.9 | 16.1 | (79.1) | 81.0 | (78.8) | (4.9) | (12.6) | (31.2) | (1.7) | 119.9 | 40.8 | (5.7) | (97.8) | (75.9) | 70.4 | 3.7 | (12.5) | 7.1 | 20.5 | (11.9) | 81.8 | 33.2 | (2.8) | (2.1) | 57.6 | (0.1) | 0.6 | 0.6 |
| Cash at Beginning | 102.2 | 184.2 | 115.3 | 99.2 | 178.3 | 97.4 | 176.2 | 181.1 | 193.7 | 224.9 | 226.7 | 106.8 | 66.0 | 71.7 | 169.5 | 245.4 | 175.0 | 171.3 | 183.8 | 176.7 | 156.2 | 168.1 | 86.3 | 53.2 | 55.9 | 58.0 | 0.4 | 0.4 | 0.0 | 0.0 |
| Cash at End | 210.4 | 102.2 | 186.2 | 115.3 | 99.2 | 178.3 | 97.4 | 176.2 | 181.1 | 193.7 | 224.9 | 226.7 | 106.8 | 66.0 | 71.7 | 169.5 | 245.4 | 175.0 | 171.3 | 183.8 | 176.7 | 156.2 | 168.1 | 86.3 | 53.2 | 55.9 | 58.0 | 0.4 | 0.6 | 0.6 |
| Free Cash Flow | 62.7 | (30.5) | 13.0 | 16.3 | (30.4) | (21.2) | (27.3) | (8.9) | (15.4) | (38.0) | (39.3) | (36.7) | (24.6) | (22.3) | (11.0) | (18.7) | (4.4) | (15.4) | (12.4) | 7.0 | 20.5 | (12.0) | (10.0) | (6.7) | (2.9) | (2.0) | (0.8) | (0.6) | (0.3) | (0.3) |
| Key Metrics | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | 2019 Q3 | 2018 Q2 | 2018 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||||||||||||||
| Revenue | 173.9 | 162.1 | 151.7 | 118.7 | 102.7 | 78.3 | 66.4 | 48.1 | 40.8 | 27.6 | 13.1 | 1.9 | 0 | 2.5 | 10 | 0 | 15.3 | 0.5 | 0.3 | 1.2 | 22.0 | 33.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 161.8 | 152.7 | 140.7 | 94.1 | 96.4 | 73.1 | 61.5 | 44.9 | 37.8 | 26.0 | 11.9 | 1.5 | (0.3) | 2.2 | 9.6 | (0.2) | 14.8 | 0.5 | 0.4 | 1.2 | 21.3 | 32.1 | 0 | 0 | 0 | 0 | 0 | (0.0) | 0 | 0 |
| Operating Income | (19.9) | (6.1) | (8.0) | (14.5) | (22.2) | (26.3) | (24.4) | (25.2) | (33.3) | (37.7) | (44.5) | (40.9) | (32.8) | (25.0) | (15.1) | (22.9) | (5.2) | (19.5) | (14.4) | (15.7) | 7.3 | 10.7 | (11.5) | (10.1) | (3.3) | (2.1) | (1.1) | (0.6) | (0.3) | (0.3) |
| Net Income | (18.6) | (7.0) | (8.4) | (12.6) | (20.3) | (25.1) | (23.1) | (23.4) | (33.3) | (35.7) | (41.9) | (39.1) | (31.4) | (23.4) | (13.6) | (22.5) | (5.7) | (20.2) | (14.9) | (15.7) | 6.3 | 10.3 | (11.5) | (10.1) | (3.2) | (2.0) | (1.4) | (0.7) | (0.3) | (0.3) |
| EPS (Diluted) | -0.43 | -0.16 | -0.20 | -0.30 | -0.48 | -0.64 | -0.60 | -0.61 | -0.88 | -1.01 | -1.31 | -1.28 | -1.17 | -0.88 | -0.53 | -0.84 | -0.24 | -0.98 | -0.72 | -0.76 | 0.29 | 0.47 | -0.54 | -0.54 | -0.30 | -0.18 | -0.13 | -0.06 | -0.08 | -0.08 |
| Balance Sheet | ||||||||||||||||||||||||||||||
| Cash & Equivalents | 204.6 | 102.2 | 183.6 | 112.7 | 96.6 | 175.8 | 94.8 | 176.2 | 181.1 | 193.7 | 224.9 | 226.7 | 106.8 | 66.0 | 71.7 | 169.5 | 245.4 | 175.0 | 171.3 | 183.8 | 176.7 | 156.2 | 168.1 | 86.3 | 53.1 | 58.0 | ||||
| Total Assets | 611.1 | 581.1 | 562.2 | 534.6 | 495.0 | 500.8 | 377.0 | 376.3 | 376.8 | 349.3 | 265.5 | 268.3 | 188.9 | 211.2 | 227.9 | 236.5 | 252.8 | 181.5 | 178.9 | 190.4 | 203.4 | 194.0 | 172.0 | 92.2 | 56.2 | 58.3 | ||||
| Total Debt | 88.7 | 88.7 | 93.6 | 82.5 | 72.4 | 72.4 | 72.5 | 72.3 | 72.2 | 30.5 | 30.2 | 30.1 | 25.0 | 25.2 | 20.2 | 20.1 | 20.2 | 20.4 | 1.9 | 2.3 | 2.1 | 0.7 | 0.8 | 0.8 | 0.9 | 0.2 | ||||
| Stockholders' Equity | 346.7 | 349.0 | 343.4 | 335.1 | 332.6 | 342.5 | 224.5 | 237.5 | 252.2 | 275.2 | 197.0 | 213.7 | 147.7 | 173.4 | 192.9 | 202.6 | 221.5 | 149.2 | 166.7 | 179.1 | 192.5 | 183.2 | 166.0 | (17.8) | 52.4 | (6.0) | ||||
| Cash Flow | ||||||||||||||||||||||||||||||
| Operating Cash Flow | 66.8 | (24.7) | 19.3 | 18.3 | (29.4) | (20.7) | (22.2) | (8.7) | (14.4) | (37.8) | (39.3) | (32.4) | (23.8) | (22.0) | (10.9) | (18.6) | (4.3) | (15.3) | (12.1) | 7.1 | 20.6 | (11.8) | (10.0) | (6.6) | (2.6) | (2.0) | (0.8) | (0.6) | (0.3) | (0.3) |
| Capital Expenditure | (4.1) | (5.8) | (6.4) | (1.9) | (1.0) | (0.6) | (5.1) | (0.3) | (1.0) | (0.2) | 0 | (4.4) | (0.8) | (0.3) | (0.1) | (0.1) | (0.1) | (0.2) | (0.3) | (0.1) | (0.0) | (0.2) | 0 | (0.1) | (0.3) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Free Cash Flow | 62.7 | (30.5) | 13.0 | 16.3 | (30.4) | (21.2) | (27.3) | (8.9) | (15.4) | (38.0) | (39.3) | (36.7) | (24.6) | (22.3) | (11.0) | (18.7) | (4.4) | (15.4) | (12.4) | 7.0 | 20.5 | (12.0) | (10.0) | (6.7) | (2.9) | (2.0) | (0.8) | (0.6) | (0.3) | (0.3) |