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Avadel Pharmaceu Financials

AVDL
Source SEC Filings (10-K/10-Q) Data as of Sep 30, 2025 Currency USD FYE December

This page shows Avadel Pharmaceu (AVDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AVDL FY2024

Commercial scale-up is finally absorbing Avadel’s fixed cost base, but working capital is becoming the new cash drag.

FY2024 net loss of $48.8M and operating cash burn of $46.9M were nearly identical, so the narrower loss reflects actual cash improvement rather than mainly noncash items. That is a clear step up from FY2023, but receivables plus inventory still reached $54.4M, above cash of $51.4M, meaning growth is now tying up cash inside the operating cycle.

Gross economics look strong even though the company is still unprofitable. FY2024 gross margin stayed at 90.9%, which points to a product with high incremental margin. The remaining loss comes chiefly from a commercial structure still larger than current sales, with SG&A at $181.0M against revenue of $169.1M.

Dependence on outside funding eased as the business scaled. Financing cash inflow fell to $16.0M in FY2024 from $135.3M in FY2023. Liquidity still looks workable with a current ratio of 2.7x, so the company was less dependent on fresh capital even while remaining loss-making.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 43 / 100
Financial Health Score 43/100

Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Avadel Pharmaceu's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
15

Avadel Pharmaceu has an operating margin of -25.1%, meaning the company retains $-25 of operating profit per $100 of revenue. This below-average margin results in a low score of 15/100, suggesting thin profitability after operating expenses. This is up from -493.0% the prior year.

Growth
99

Avadel Pharmaceu's revenue surged 504.8% year-over-year to $169.1M, reflecting rapid business expansion. This strong growth earns a score of 99/100.

Leverage
42

Avadel Pharmaceu has a moderate D/E ratio of 1.22. This balance of debt and equity financing earns a leverage score of 42/100.

Liquidity
73

With a current ratio of 2.75, Avadel Pharmaceu holds $2.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.

Cash Flow
5

While Avadel Pharmaceu generated -$46.9M in operating cash flow, capex of $0 consumed most of it, leaving -$46.9M in free cash flow. This results in a low score of 5/100, reflecting heavy capital investment rather than weak cash generation.

Returns
21

Avadel Pharmaceu generates a -66.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is up from -182.7% the prior year.

Altman Z-Score Safe
8.13

Avadel Pharmaceu scores 8.13, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($90.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
3/8

Avadel Pharmaceu passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.96x

For every $1 of reported earnings, Avadel Pharmaceu generates $0.96 in operating cash flow (-$46.9M OCF vs -$48.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-3.9x

Avadel Pharmaceu earns $-3.9 in operating income for every $1 of interest expense (-$42.4M vs $10.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$169.1M
YoY+504.8%
5Y CAGR+23.4%
10Y CAGR+27.4%

Avadel Pharmaceu generated $169.1M in revenue in fiscal year 2024. This represents an increase of 504.8% from the prior year.

EBITDA
-$39.7M
YoY+70.8%

Avadel Pharmaceu's EBITDA was -$39.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 70.8% from the prior year.

Net Income
-$48.8M
YoY+69.5%

Avadel Pharmaceu reported -$48.8M in net income in fiscal year 2024. This represents an increase of 69.5% from the prior year.

EPS (Diluted)
$-0.51
YoY+74.5%

Avadel Pharmaceu earned $-0.51 per diluted share (EPS) in fiscal year 2024. This represents an increase of 74.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$46.9M
YoY+63.5%

Avadel Pharmaceu generated -$46.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 63.5% from the prior year.

Cash & Debt
$51.4M
YoY+64.8%
5Y CAGR+39.4%
10Y CAGR+2.6%

Avadel Pharmaceu held $51.4M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share
N/A
Shares Outstanding
97M
YoY+7.5%
5Y CAGR+20.8%
10Y CAGR+9.2%

Avadel Pharmaceu had 97M shares outstanding in fiscal year 2024. This represents an increase of 7.5% from the prior year.

Margins & Returns

Gross Margin
91.0%
YoY-6.0pp
5Y CAGR+11.4pp
10Y CAGR+13.6pp

Avadel Pharmaceu's gross margin was 91.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 6.0 percentage points from the prior year.

Operating Margin
-25.1%
YoY+467.9pp
5Y CAGR+15.7pp
10Y CAGR+600.4pp

Avadel Pharmaceu's operating margin was -25.1% in fiscal year 2024, reflecting core business profitability. This is up 467.9 percentage points from the prior year.

Net Margin
-28.9%
YoY+544.3pp
5Y CAGR+27.2pp
10Y CAGR+541.9pp

Avadel Pharmaceu's net profit margin was -28.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 544.3 percentage points from the prior year.

Return on Equity
-66.1%
YoY+116.5pp
10Y CAGR+275.4pp

Avadel Pharmaceu's ROE was -66.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 116.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$15.2M
YoY+14.6%
5Y CAGR-14.3%
10Y CAGR-1.3%

Avadel Pharmaceu invested $15.2M in research and development in fiscal year 2024. This represents an increase of 14.6% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$0

Avadel Pharmaceu invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure.

AVDL Income Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Revenue $77.5M+13.7% $68.1M+29.7% $52.5M+4.2% $50.4M+0.8% $50.0M+20.5% $41.5M+52.7% $27.2M N/A
Cost of Revenue N/A $6.4M+14.1% $5.6M+15.9% $4.8M-21.8% $6.2M+120.8% $2.8M+83.2% $1.5M N/A
Gross Profit N/A $61.8M+31.6% $46.9M+2.9% $45.6M+3.9% $43.9M+13.3% $38.7M+50.9% $25.7M N/A
R&D Expenses $27.0M+534.8% $4.3M-2.3% $4.4M+1.9% $4.3M+12.4% $3.8M-6.1% $4.1M+32.0% $3.1M N/A
SG&A Expenses $52.6M+8.3% $48.6M+6.7% $45.6M+2.2% $44.6M+10.5% $40.4M-14.8% $47.4M-2.5% $48.6M N/A
Operating Income $1.9M-78.2% $8.9M+396.0% -$3.0M+9.0% -$3.3M-908.0% -$327K+97.4% -$12.7M+51.1% -$26.0M N/A
Interest Expense $2.4M+2.5% $2.4M+5.2% $2.2M-17.2% $2.7M-4.2% $2.8M+3.8% $2.7M+4.8% $2.6M N/A
Income Tax $34K+101.1% -$3.2M-4164.1% $78K-3.7% $81K-8.0% $88K+117.3% -$509K-647.3% $93K N/A
Net Income $20K-99.8% $9.7M+296.4% -$4.9M+2.4% -$5.0M-92.1% -$2.6M+81.0% -$13.8M+49.4% -$27.3M N/A
EPS (Diluted) $0.00-100.0% $0.10+300.0% $-0.05 N/A $-0.03+78.6% $-0.14+53.3% $-0.30 N/A

AVDL Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Total Assets $199.4M+6.6% $187.2M+11.4% $167.9M+2.3% $164.2M+3.8% $158.3M+0.5% $157.5M-6.2% $167.9M+1.9% $164.7M
Current Assets $172.2M+8.2% $159.1M+14.3% $139.3M+3.8% $134.2M+5.5% $127.3M+1.2% $125.8M-7.5% $136.0M+1.4% $134.2M
Cash & Equivalents $79.8M+25.9% $63.4M+12.5% $56.4M+9.7% $51.4M+79.7% $28.6M-0.9% $28.8M-19.4% $35.8M+14.8% $31.2M
Inventory $23.9M+1.8% $23.5M+15.1% $20.4M+0.5% $20.3M+26.1% $16.1M+20.9% $13.3M+11.6% $11.9M+14.9% $10.4M
Accounts Receivable $42.4M+4.5% $40.6M-2.3% $41.6M+21.9% $34.1M-8.1% $37.1M+11.2% $33.4M+47.1% $22.7M+87.5% $12.1M
Goodwill $16.8M0.0% $16.8M0.0% $16.8M0.0% $16.8M0.0% $16.8M0.0% $16.8M0.0% $16.8M0.0% $16.8M
Total Liabilities $101.2M+5.0% $96.4M+2.7% $93.9M+3.9% $90.4M+8.1% $83.6M-4.2% $87.2M-2.5% $89.5M+16.3% $77.0M
Current Liabilities $62.5M+9.5% $57.1M+12.0% $50.9M+4.3% $48.8M+14.1% $42.8M-4.1% $44.6M-6.7% $47.8M+29.7% $36.9M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $98.2M+8.3% $90.7M+22.5% $74.1M+0.3% $73.8M-1.1% $74.7M+6.2% $70.3M-10.3% $78.4M-10.7% $87.7M
Retained Earnings -$789.6M0.0% -$789.6M+1.2% -$799.2M-0.6% -$794.3M-0.6% -$789.3M-0.3% -$786.7M-1.8% -$772.8M-3.7% -$745.5M

AVDL Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Operating Cash Flow $22.2M+74.9% $12.7M+254.2% -$8.2M-204.6% $7.9M+214.3% -$6.9M+62.1% -$18.2M+38.8% -$29.7M-6.0% -$28.0M
Capital Expenditures $9K N/A N/A $0 $0 N/A N/A $0
Free Cash Flow $22.2M N/A N/A $7.9M+214.3% -$6.9M N/A N/A -$28.0M
Investing Cash Flow -$8.4M-2.2% -$8.3M-167.0% $12.3M-17.4% $14.9M+202.5% $4.9M-53.3% $10.6M-50.7% $21.4M-23.4% $27.9M
Financing Cash Flow $2.5M+155.3% $982K+42.3% $690K-21.6% $880K-25.2% $1.2M+62.8% $723K-94.5% $13.2M+162.5% -$21.1M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AVDL Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Gross Margin N/A 90.7%+1.3pp 89.4%-1.1pp 90.5%+2.7pp 87.7%-5.6pp 93.3%-1.1pp 94.4% N/A
Operating Margin 2.5%-10.5pp 13.0%+18.8pp -5.7%+0.8pp -6.5%-5.9pp -0.7%+30.0pp -30.7%+65.1pp -95.8% N/A
Net Margin 0.0%-14.2pp 14.2%+23.6pp -9.4%+0.6pp -10.0%-4.8pp -5.3%+28.1pp -33.3%+67.3pp -100.6% N/A
Return on Equity 0.0%-10.6pp 10.7%+17.3pp -6.6%+0.2pp -6.8%-3.3pp -3.5%+16.1pp -19.7%+15.2pp -34.9% N/A
Return on Assets 0.0%-5.1pp 5.2%+8.1pp -2.9%+0.1pp -3.1%-1.4pp -1.7%+7.1pp -8.8%+7.5pp -16.3% N/A
Current Ratio 2.76-0.0 2.79+0.1 2.73-0.0 2.75-0.2 2.97+0.2 2.82-0.0 2.85-0.8 3.64
Debt-to-Equity 1.03-0.0 1.06-0.2 1.27+0.0 1.22+0.1 1.12-0.1 1.24+0.1 1.14+0.3 0.88
FCF Margin 28.6% N/A N/A 15.6%+29.4pp -13.8% N/A N/A N/A

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Frequently Asked Questions

Avadel Pharmaceu (AVDL) reported $169.1M in total revenue for fiscal year 2024. This represents a 504.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Avadel Pharmaceu (AVDL) revenue grew by 504.8% year-over-year, from $28.0M to $169.1M in fiscal year 2024.

No, Avadel Pharmaceu (AVDL) reported a net income of -$48.8M in fiscal year 2024, with a net profit margin of -28.9%.

Avadel Pharmaceu (AVDL) reported diluted earnings per share of $-0.51 for fiscal year 2024. This represents a 74.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Avadel Pharmaceu (AVDL) had EBITDA of -$39.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

Avadel Pharmaceu (AVDL) had a gross margin of 91.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

Avadel Pharmaceu (AVDL) had an operating margin of -25.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

Avadel Pharmaceu (AVDL) had a net profit margin of -28.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Avadel Pharmaceu (AVDL) has a return on equity of -66.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

Avadel Pharmaceu (AVDL) generated -$46.9M in free cash flow during fiscal year 2024. This represents a 63.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Avadel Pharmaceu (AVDL) generated -$46.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

Avadel Pharmaceu (AVDL) had $164.2M in total assets as of fiscal year 2024, including both current and long-term assets.

Avadel Pharmaceu (AVDL) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Avadel Pharmaceu (AVDL) invested $15.2M in research and development during fiscal year 2024.

Avadel Pharmaceu (AVDL) had 97M shares outstanding as of fiscal year 2024.

Avadel Pharmaceu (AVDL) had a current ratio of 2.75 as of fiscal year 2024, which is generally considered healthy.

Avadel Pharmaceu (AVDL) had a debt-to-equity ratio of 1.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

Avadel Pharmaceu (AVDL) had a return on assets of -29.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2024 data, Avadel Pharmaceu (AVDL) had $51.4M in cash against an annual operating cash burn of $46.9M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Avadel Pharmaceu (AVDL) has an Altman Z-Score of 8.13, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Avadel Pharmaceu (AVDL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Avadel Pharmaceu (AVDL) has an earnings quality ratio of 0.96x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Avadel Pharmaceu (AVDL) has an interest coverage ratio of -3.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Avadel Pharmaceu (AVDL) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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