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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 second quarter of 2013.
Results for the three months ended June 30, 2013:
Product revenue for the second quarter of 2013 was $74.2 million and service and other revenue was $5.3 million. This compares to product revenue of $58.5 million and service and other revenue of $7.9 million in the second quarter of 2012. Product revenue for the second quarter of 2013 included Affymetrix core consumable revenue of $51.2 million, instrument revenue of $4.2 million and revenue from eBioscience of $18.8 million. Product revenue for the second quarter of 2012 included Affymetrix core consumable revenue of $53.3 million and instrument revenue of $3.8 million and revenue from eBioscience of $1.4 million.
Total gross margin was 53%, as compared to 58% in the same period of 2012. Excluding Non-GAAP adjustments such as the amortization of step-up in inventory fair value, total margin was 60% and 59% for both years, respectively. 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 second quarter of 2013, operating expenses were $45.1 million on a GAAP basis as compared to $54.1 million in 2012. Excluding Non-GAAP adjustments such as the amortization of acquired intangible assets and non-recurring charges, operating expenses were $42.0 million, compared to an adjusted total of $48.3 million in 2012. The decrease in 2013 is primarily driven by lower headcount and variable compensation expenditure following the restructuring announced on January 11, 2013 and due to non-recurring acquisition- and integration-related costs incurred during 2012. Please refer to the "Itemized Reconciliation Between GAAP and Non-GAAP Operating Expenses" for a reconciliation of these GAAP and Non-GAAP financial measures.
"We were encouraged by the second quarter revenue results across all our business units as compared to the first quarter of the year, including another quarter of strong growth in our Genetic Analysis business and improved results in our Expression business," said Frank Witney, President and CEO. "From a geographic perspective our business strengthened in both Europe and North America while Japan remained soft."
“We are pleased that our careful control of operating expenses and stronger revenue has generated approximately $10.3 million in cash flow from operations. Since June of last year we have reduced our senior-secured debt by nearly 25%,” stated Gavin Wood, EVP and CFO. “We exited the quarter with $44 million in cash-on-hand.”
Recent developments:
Affymetrix will host a conference call on July 31, 2013 at 2:00 p.m. PT to review its operating results for the second quarter of 2013. A live webcast can be accessed by visiting the Investor Relations section of the Company's website at www.affymetrix.com. In addition, investors and other interested parties can listen by dialing domestic: (877) 407-8291, international: (201) 689-8345.
A replay of this call will be available from 5:00 p.m. PT on July 31, 2013 until 8:00 p.m. PT on August 7, 2013 at the following numbers: domestic: (877) 660-6853, international: (201) 612-7415. The conference call passcode to access the replay is 417309. An archived webcast of the conference call will be available under the Investor Relations section of the Company's website.
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 48,000 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 1,100 employees worldwide and maintains sales and distribution operations across Europe, Asia and Latin America.
All statements in this press release that are not historical are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act as amended, including statements related to our plans to return to growth and profitability in 2013 and our estimated annualized cost savings as well as other statements regarding Affymetrix's "expectations," "beliefs," "hopes," "intentions," "strategies" or the like. Such statements are subject to risks and uncertainties that could cause actual results to differ materially for Affymetrix from those projected, including, but not limited to: Affymetrix's ability to stabilize its business and grow revenue, Affymetrix's ability to timely and successfully integrate and realize the anticipated strategic benefits and costs savings or other synergies of the acquisition of eBioscience in a cost-effective manner while minimizing the disruption to its business; risks that eBioscience's future performance may not be consistent with its historical performance; risks relating to Affymetrix's ability to make scheduled payments of the principal of, to pay interest on or to refinance its indebtedness; risks relating to Affymetrix's ability to successfully develop and commercialize new products, including its ability to successfully develop and commercialize novel molecular solutions based on eBioscience's portfolio of reagents; risks relating to past and future acquisitions, including the ability of Affymetrix to successfully integrate such acquisitions into its existing business; risks of Affymetrix's ability to achieve and sustain higher levels of revenue, higher gross margins and reduced operating expenses; risks relating to Affymetrix's ability to generate cash after interest and principal payments; uncertainties relating to technological approaches; risks associated with manufacturing and product development; personnel retention; uncertainties relating to cost and pricing of Affymetrix products; dependence on collaborative partners; uncertainties relating to sole-source suppliers; uncertainties relating to FDA and other regulatory approvals; competition; risks relating to intellectual property of others and the uncertainties of patent protection and litigation. These and other risk factors are discussed in Affymetrix's Annual Report on Form 10-K for the year ended December 31, 2012, and other SEC reports. Affymetrix expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Affymetrix's 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 loss and net loss per share as well as its total gross margin and operating expenses for the second quarter of 2013 and 2012 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 second quarter of 2013 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.
PLEASE NOTE:Affymetrix, the Affymetrix logo, GeneChip, and all other trademarks are the property of Affymetrix, Inc.
AFFYMETRIX, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
June 30, 2013
December 31,2012
ASSETS: (Note 1) Current assets: Cash and cash equivalents $ 43,674 $ 25,671 Restricted cash 412 699 Available-for-sale securities—short-term portion — 9,366 Accounts receivable, net 46,962 53,893 Inventories—short-term portion 69,210 72,691 Deferred tax assets—short-term portion 294 359 Prepaid expenses and other current assets 8,632 10,126 Total current assets 169,184 172,805 Property and equipment, net 23,330 28,663 Inventories—long-term portion 6,454 11,772 Goodwill 159,108 159,736 Intangible assets, net 140,610 152,718 Deferred tax assets—long-term portion 401 3,394 Other long-term assets 13,086 15,206 Total assets $ 512,173 $ 544,294 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 38,977 $ 50,355 Convertible notes—short-term portion — 3,855 Term loan—short-term portion 12,750 12,713 Deferred revenue—short-term portion 19,382 8,498 Total current liabilities 71,109 75,421 Deferred revenue—long-term portion 3,303 3,450 Convertible notes 105,000 105,000 Term loan—long-term portion 54,150 60,563 Other long-term liabilities 20,813 22,689 Stockholders' equity: Common stock 714 710 Additional paid-in capital 763,176 759,549 Accumulated other comprehensive income 4,842 6,302 Accumulated deficit (510,934 ) (489,390 ) Total stockholders' equity 257,798 277,171 Total liabilities and stockholders' equity $ 512,173 $ 544,294 Note 1: The condensed consolidated balance sheet at December 31, 2012 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, 2012.AFFYMETRIX, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended June 30,
Six Months EndedJune 30,
2013 2012 2013 2012 REVENUE: (Note 2) (Note 2) Product sales $ 74,170 $ 58,505 $ 145,728 $ 116,996 Services and other 5,294 7,898 11,681 14,654 Total revenue 79,464 66,403 157,409 131,650 COSTS AND EXPENSES: Cost of product sales 33,587 24,363 68,021 47,928 Cost of services and other 3,706 3,319 7,213 7,098 Research and development 11,959 13,588 24,207 26,919 Selling, general and administrative 33,518 40,526 68,638 68,450 Restructuring charges (355 ) — 4,487 — Total costs and expenses 82,415 81,796 172,566 150,395 Loss from operations (2,951 ) (15,393 ) (15,157 ) (18,745 ) Interest income and other, net 89 2,276 432 2,302 Interest expense 2,724 218 5,622 1,198 Loss before income taxes (5,586 ) (13,335 ) (20,347 ) (17,641 ) Income tax provision (benefit) 521 (36,984 ) 1,196 (37,073 ) Net (loss) income $ (6,107 ) $ 23,649 $ (21,543 ) $ 19,432 Basic net (loss) income per common share (0.09 ) $ 0.34 (0.30 ) $ 0.28 Diluted net (loss) income per common share (0.09 ) $ 0.33 (0.30 ) $ 0.27 Shares used in computing basic net (loss) income per common share 71,154 70,161 71,038 70,069 Shares used in computing diluted net (loss) income per common share 71,154 71,918 71,038 72,263 Note 2: The Company's comparative Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2012 include adjustments that were made during the three months ended September 30, 2012 upon finalization of the valuation of certain assets acquired and liabilities assumed from the acquisition of eBioscience Holdings, inc. ("eBioscience"). The results have been recast to reflect these adjustments.AFFYMETRIX, INC.
RESULTS OF OPERATIONS – NON-GAAP
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP NET LOSS
Three Months EndedJune 30,
Six Months Ended
June 30,
2013 2012 2013 2012 GAAP net loss - basic and diluted $ (6,107 ) $ 23,649 $ (21,543 ) $ 19,432 Amortization of inventory fair value adjustment 4,495 319 9,084 319 Amortization of acquired intangible assets 4,520 1,543 9,155 2,903 Acquisition-related transaction costs — 4,710 — 5,767 Acquisition-related integration costs 233 — 748 — Share-based compensation charge related to acquisition — 8,265 — 8,265 Provision (recovery) of notes receivable — (2,215 ) — (2,215 ) Income tax benefit related to acquisition — (37,462 ) — (37,462 ) Restructuring charges (355 ) — 4,487 — Non-GAAP net income (loss) - basic and diluted $ 2,786 $ (1,191 ) $ 1,931 $ (2,991 ) Basic net income (loss) per common share $ 0.04 $ (0.02 ) $ 0.03 $ (0.04 ) Diluted net income (loss) per common share $ 0.04 $ (0.02 ) $ 0.03 $ (0.04 ) Shares used in computing basic net income (loss) per common share 71,154 70,161 71,038 70,069 Shares used in computing diluted net income (loss) per common share 71,154 71,918 71,038 72,263ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP GROSS MARGIN
Three Months Ended June 30,
Six Months EndedJune 30,
2013 2012 2013 2012 GAAP total gross margin $ 42,171 53 % $ 38,721 58 % $ 82,175 52 % $ 76,624 57 % Amortization of inventory fair value adjustment 4,495 6 % 319 — % 9,084 6 % 319 — % Amortization of acquired intangible assets 1,325 2 % 467 1 % 2,691 3 % 917 1 % Non-GAAP total gross margin $ 47,991 60 % $ 39,507 59 % $ 93,950 $ 77,860 59 %ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING EXPENSES
Three Months EndedJune 30,
Six Months EndedJune 30,
2013 2012 2013 2012 Total GAAP operating expenses $ 45,122 $ 54,114 $ 97,332 $ 95,369 Amortization of acquired intangible assets (3,195 ) (1,076 ) (6,464 ) (1,987 ) Acquisition-related transaction costs — (4,710 ) — (5,767 ) Acquisition-related integration costs (233 ) — (748 ) — Restructuring charges 355 — (4,487 ) —Total Non-GAAP operating expenses
$ 42,049 $ 48,328 $ 85,633 $ 87,615ITEMIZED RECONCILIATION BETWEEN GAAP AND PRO FORMA PRODUCT REVENUE
Three Months EndedJune 30,
2012 GAAP product revenue $ 58,505 Pre-acquisition revenue reported by eBiosciences 16,983 Pro forma product revenue $ 75,488
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