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Share Name | Share Symbol | Market | Type |
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Affymetrix, Inc. | NASDAQ:AFFX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 14.01 | 0 | 01:00:00 |
Affymetrix, Inc., (NASDAQ:AFFX) today reported its operating results for the fourth quarter of 2015.
Results for the year ended December 31, 2015:
Product revenue for the year ended December 31, 2015 was $327.0 million and service and other revenue was $32.8 million. This compares to product revenue of $310.5 million and service and other revenue of $38.6 million in 2014. Product revenue for 2015 included consumable revenue of $311.7 million and instrument revenue of $15.3 million. Product revenue for 2014 included consumable revenue of $294.2 million and instrument revenue of $16.2 million.
Total GAAP gross margin was 64%, as compared to 59% in the same period of 2014. Excluding non-GAAP adjustments such as the amortization of acquired intangible assets, non-GAAP gross margin for 2015 was 65% compared to 62% in 2014. This improvement was driven by higher sales as well as favorable manufacturing variances in the year and continued focus on cost control. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin" for a reconciliation of these GAAP and non-GAAP financial measures.
For the year ended December 31, 2015, operating expenses were $212.5 million on a GAAP basis as compared to $203.7 million in 2014. Excluding non-GAAP adjustments, such as litigation costs and the amortization of acquired intangible assets, non-GAAP operating expenses for 2015 were $193.9 million, compared to an adjusted total of $187.7 million in 2014. The increase was primarily caused by higher headcount and associated compensation. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and non-GAAP financial measures.
Results for the three months ended December 31, 2015:
Product revenue for the fourth quarter of 2015 was $87.7 million and service and other revenue was $7.9 million. This compares to product revenue of $82.8 million and service and other revenue of $10.7 million in the fourth quarter of 2014. Product revenue for the fourth quarter of 2015 included consumable revenue of $83.5 million and instrument revenue of $4.2 million. Product revenue for the fourth quarter of 2014 included consumable revenue of $78.0 million and instrument revenue of $4.8 million.
Total GAAP gross margin was 65%, as compared to 63% in the same period of 2014. Excluding non-GAAP adjustments such as the amortization of acquired intangible assets, non-GAAP gross margin for the fourth quarter of 2015 was 66% compared to 64% in the same period of 2014. This improvement was driven by higher sales as well as favorable manufacturing variances in the quarter. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Gross Margin" for a reconciliation of these GAAP and non-GAAP financial measures.
For the fourth quarter of 2015, operating expenses were $56.9 million on a GAAP basis as compared to $52.7 million in the same period of 2014. Excluding non-GAAP adjustments, such as the amortization of acquired intangible assets, non-GAAP operating expenses for the fourth quarter of 2015 were $54.8 million, compared to an adjusted total of $50.2 million in the same period of 2014. The increase was primarily caused by higher bonus attainment and commissions. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and non-GAAP financial measures.
Recent developments:
About Affymetrix
Affymetrix technology is used by the world's top pharmaceutical, diagnostic and biotechnology companies, as well as leading academic, government and nonprofit research institutes. More than 2,300 systems have been shipped around the world and more than 110,000 peer-reviewed papers have been published using the technology. Affymetrix is headquartered in Santa Clara, California, and has manufacturing facilities in Cleveland, Ohio, San Diego, California, Singapore and Vienna, Austria. The Company has about 1,150 employees worldwide and maintains sales and distribution operations across Europe, Asia and Latin America.
All statements in this press release that are not historical in nature, are predicative in nature or that depend upon or refer to future events or conditions are "forward-looking statements" within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding our strategic initiatives, market expectations, the consummation and timing of the proposed acquisition of us by Thermo Fisher Scientific, Inc., anticipated product and revenue growth, financial strength and regulatory environment, as well as all other "expectations," "beliefs," "hopes," "intentions," "strategies" and words of similar import and the negatives thereof. Such statements are based on our current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. We cannot assure you that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, those discussed in “Risk Factors” contained in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014. These forward-looking statements speak only as of the date of the press release. Unless required by law, we do not undertake to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
In addition to providing financial measures based on generally accepted accounting principles in the United States (GAAP), Affymetrix has disclosed in this press release its net income (loss) and net income (loss) per share as well as its total gross margin and operating expenses for the fourth quarter of 2015 and 2014 excluding specified items. Reconciliation of GAAP to Non-GAAP measures can be found in the tables included in this press release. Affymetrix has determined to disclose this financial information to investors because it believes it will be useful, as a supplement to GAAP measures, in comparing Affymetrix's operating performance in the fourth quarter of 2015 as compared to the prior-year period. These Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Our management uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods.
PLEASE NOTE:
Affymetrix, the Affymetrix logo, Axiom, Eureka, and ViewRNA trademarks are the property of Affymetrix, Inc.
- Financial Charts to Follow -
AFFYMETRIX, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) December 31, December 31, 2015 2014 ASSETS: (Note 1) Current assets: Cash and cash equivalents $ 88,767 $ 79,923 Short-term investments 50,000 — Accounts receivable, net 58,970 46,896 Inventories—short-term portion 54,131 50,676 Deferred tax assets—short-term portion — 3,778 Prepaid expenses and other current assets 7,655 9,197 Total current assets 259,523 190,470 Property and equipment, net 21,000 18,087 Inventories—long-term portion 2,207 5,956 Goodwill 154,539 156,178 Intangible assets, net 102,398 106,183 Deferred tax assets—long-term portion 567 303 Other long-term assets 6,657 9,371 Total assets $ 546,891 $ 486,548 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 56,037 $ 53,063 Term loan—short-term portion 4,000 4,000 Deferred revenue—short-term portion 8,605 9,210 Total current liabilities 68,642 66,273 Deferred revenue—long-term portion 2,161 2,372 Convertible notes 105,000 105,000 Term loan—long-term portion 15,088 18,950 Other long-term liabilities 16,747 21,626 Total liabilities 207,638 214,221 Stockholders’ equity: Common stock 805 743 Additional paid-in capital 847,266 781,747 Accumulated other comprehensive income (9,380 ) (612 ) Accumulated deficit (499,438 ) (509,551 ) Total stockholders’ equity 339,253 272,327 Total liabilities and stockholders’ equity $ 546,891 $ 486,548 Note 1:The condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
AFFYMETRIX, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Three Months Ended Twelve Months Ended December 31, December 31, 2015 2014 2015 2014 REVENUE: Product sales $ 87,707 $ 82,814 $ 327,011 $ 310,458 Services and other 7,865 10,716 32,775 38,561 Total revenue 95,572 93,530 359,786 349,019 COSTS AND EXPENSES: Cost of product sales 29,270 28,288 110,770 117,499 Cost of services and other 4,491 6,300 19,775 25,659 Research and development 14,865 12,784 52,900 50,227 Selling, general and administrative 42,038 39,866 149,638 148,411 Litigation settlement — — 10,000 5,100 Total costs and expenses 90,664 87,238 343,083 346,896 Income from operations 4,908 6,292 16,703 2,123 Other income (expense), net 1,076 (50 ) 752 652 Interest expense 2,188 1,401 6,609 6,373 Income (loss) before income taxes 3,796 4,841 10,846 (3,598 ) Income tax expense (benefit) (261 ) (326 ) 733 236 Net income (loss) $ 4,057 $ 5,167 $ 10,113 $ (3,834 ) Basic net income (loss) per common share $ 0.05 $ 0.07 $ 0.13 $ (0.05 ) Diluted net income (loss) per common share $ 0.05 $ 0.05 $ 0.13 $ (0.05 ) Shares used in computing basic net income (loss) per common share 80,236 73,933 77,842 73,202 Shares used in computing diluted net income (loss) per common share 82,490 94,585 80,707 73,202 AFFYMETRIX, INC. RESULTS OF OPERATIONS – NON-GAAP (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (LOSS)
Three Months Ended Twelve Months Ended December 31, December 31, 2015 2014 2015 2014 GAAP net income (loss) - basic and diluted $ 4,057 $ 5,167 $ 10,113 $ (3,834 ) Amortization of inventory fair value adjustment — — — 4,666 Amortization of acquired intangible assets 3,323 3,759 13,627 16,352 Litigation settlement — — 10,000 5,100 Non-GAAP net income - basic and diluted $ 7,380 $ 8,926 $ 33,740 $ 22,284 Non-GAAP basic net income per common share $ 0.09 $ 0.12 $ 0.43 $ 0.30 Non-GAAP diluted net income per common share $ 0.09 $ 0.09 $ 0.42 $ 0.30 Shares used in computing Non-GAAP basic net income per common share 80,236 73,933 77,842 73,202 Shares used in computing Non-GAAP diluted net income per common share (Note 1) 82,490 94,585 80,707 73,202 Note 1: Weighted average shares outstanding includes the dilutive effect, if any, of employee stock options, employee stock purchase plan, and restricted stock awards.
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP GROSS MARGIN
Three Months Ended December 31, Twelve Months Ended December 31, 2015 2014 2015 2014 GAAP total gross margin $ 61,811 65 % $ 58,942 63 % $ 229,241 64 % $ 205,861 59 % Amortization of inventory fair value adjustment — — % — — % — — % 4,666 1 % Amortization of acquired intangible assets 1,226 1 % 1,316 1 % 4,994 1 % 5,389 2 % Non-GAAP total gross margin $ 63,037 66 % $ 60,258 64 % $ 234,235 65 % $ 215,916 62 %ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING EXPENSES
Three Months Ended Twelve Months Ended December 31, December 31, 2015 2014 2015 2014 Total GAAP operating expenses $ 56,903 $ 52,650 $ 212,538 $ 203,738 Amortization of acquired intangible assets (2,097 ) (2,443 ) (8,633 ) (10,963 ) Litigation settlement — — (10,000 ) (5,100 ) Total Non-GAAP operating expenses $ 54,806 $ 50,207 $ 193,905 $ 187,675ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP ADJUSTED EBITDA AS
PERCENTAGE OF REVENUE
Three Months Ended Twelve Months Ended December 31, December 31, 2015 2014 2015 2014 GAAP net income (loss) $ 4,057 $ 5,167 $ 10,113 $ (3,834 ) Depreciation and amortization 5,768 6,932 21,971 30,776 Amortization of inventory fair value adjustment — — — 4,666 Interest expense, net 2,197 1,397 6,596 6,315 Income tax provision (261 ) (327 ) 733 236 EBITDA 11,761 13,169 39,413 38,159 Adjustments to EBITDA: Share-based compensation 4,042 2,975 14,985 12,411 Loss on foreign currency 135 651 1,047 2,458 Litigation charges 246 757 11,525 9,917 Gain on sales of securities (1,330 ) (742 ) (1,383 ) (2,426 ) Other adjustments 111 146 (403 ) (624 ) Adjusted EBITDA $ 14,965 $ 16,956 $ 65,184 $ 59,895 Revenue $ 95,572 $ 93,530 $ 359,786 $ 349,019 Adjusted EBITDA as percentage of revenue 16 % 18 % 18 % 17 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20160217006300/en/
Affymetrix, Inc.Doug Farrell, 408-731-5285Vice President of Investor Relations
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