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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.01 | 0 | 01:00:00 |
DELAWARE | 0-28218 | 77-0319159 | ||
(State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release dated October 28, 2015 |
AFFYMETRIX, INC. | |||
By: | /s/ GAVIN WOOD | ||
Name: | Gavin H. J. Wood | ||
Title: | Executive Vice President and | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated October 28, 2015 |
• | Total revenue was $86.5 million, compared to $87.1 million in third quarter of 2014. |
• | Reported revenue decreased 0.6%, however, increased 3.6% on a constant currency basis. |
• | GAAP net loss was $5.3 million, or $0.07 per diluted share, as compared to a GAAP net income of $2.4 million, or $0.03 per diluted share, in the third quarter of 2014, a decrease of $7.7 million or $0.10 per diluted share. |
• | On October 9, 2015, we entered into a settlement agreement with Enzo Life Sciences, Inc. ("Enzo") and agreed to pay $10.0 million with respect to the lawsuit filed by Enzo in April 2012. |
• | Non-GAAP net income was $8.0 million, or $0.10 per diluted share, compared to a non-GAAP net income of $6.3 million, or $0.08 per diluted share, for the third quarter of 2014. Please refer to "Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)" for a reconciliation of these GAAP and non-GAAP financial measures. |
• | Total balance in cash and cash equivalents was $107.6 million, short term investments were $30.0 million and senior debt was $20.0 million as of September 30, 2015. |
• | On October 28, 2015, we entered into a five-year Senior Credit Facility Agreement with Bank of America in an aggregate amount of $100.0 million of revolving commitment. We borrowed $20.0 million under this Senior Credit Facility and used the proceeds to pay off all of our outstanding senior debt under our credit agreement entered into in 2012. |
• | The Green Super Rice project selected the Company’s Axiom Solution as the genotyping platform-of-choice which it will use it to build a genotyping program for large-scale molecular breeding activities within the international rice research community. The goal of this project, which is coordinated by the Chinese Academy of Agricultural Sciences and funded by the by the Chinese government and the Bill & Melinda Gates Foundation, is to develop at least fifteen new rice varieties and deliver them to small-hold farmers in 16 countries in Africa and Asia within the next three years. The long-term objective of the project is to benefit at least 20 million resource-limited rice farmers and to boost rice productivity by 20% in the target countries. |
• | Introduced the Axiom® Transplant Genotyping Array, designed in collaboration with an international team of surgeons and scientists for research studies to improve transplantation success and individualize donor/patient selection and treatment. The array includes more than 30,000 variants that may contribute to transplant rejection or other complications. Researchers will also find the array useful in the study of immunology, disease and drug treatments; meta-analyses may be conducted, combining data with other genotype databases such as the UK Biobank cohort, a collection of more than 500,000 volunteers genotyped using the Affymetrix UK Biobank Axiom Array. |
• | The Company signed a distribution agreement under which eBioscience, a business unit of Affymetrix, will sell Luminex’s MAGPIX®, Luminex® 200™ and FLEXMAP 3D® multiplexed assay platforms in specified countries in the Americas, Asia and Europe. Affymetrix will sell the Luminex instruments together with ProcartaPlex® multiplexed immunoassays and QuantiGene® Plex multiplexed quantitative gene expression assays, offering complete solutions to customers working in the fields of drug discovery and development, immuno-oncology and translational research. Through the first nine months of 2015 the ProcartaPlex and QuantiGene products lines have grown by 30% and 15% respectively. |
• | The Company expanded its QuantiGene® Single-plex assay for PCR-free gene expression measurement to include a 384-well format that is easily automatable for high-throughput compound screening. The easy-to-use, high-sensitivity assay measures gene expression with minimal sample preparation, using branched DNA for signal amplification. |
September 30, 2015 | December 31, 2014 | ||||||
ASSETS: | (Note 1) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 107,593 | $ | 79,923 | |||
Short-term investments | 30,000 | — | |||||
Accounts receivable, net | 47,849 | 46,896 | |||||
Inventories, net—short-term portion | 53,391 | 50,676 | |||||
Deferred tax assets—short-term portion | 3,709 | 3,778 | |||||
Prepaid expenses and other current assets | 8,580 | 9,197 | |||||
Total current assets | 251,122 | 190,470 | |||||
Property and equipment, net | 21,365 | 18,087 | |||||
Inventories, net—long-term portion | 4,816 | 5,956 | |||||
Goodwill | 155,515 | 156,178 | |||||
Intangible assets, net | 106,374 | 106,183 | |||||
Deferred tax assets—long-term portion | 306 | 303 | |||||
Other long-term assets | 7,802 | 9,371 | |||||
Total assets | $ | 547,300 | $ | 486,548 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 59,392 | $ | 53,063 | |||
Current portion of long-term debt | 4,000 | 4,000 | |||||
Deferred revenue—short-term portion | 7,534 | 9,210 | |||||
Total current liabilities | 70,926 | 66,273 | |||||
Deferred revenue—long-term portion | 2,236 | 2,372 | |||||
4.00% notes | 105,000 | 105,000 | |||||
Term loan—long-term portion | 15,950 | 18,950 | |||||
Other long-term liabilities | 20,694 | 21,626 | |||||
Total liabilities | 214,806 | 214,221 | |||||
Stockholders’ equity: | |||||||
Common stock | 799 | 743 | |||||
Additional paid-in capital | 843,120 | 781,747 | |||||
Accumulated other comprehensive income | (7,930 | ) | (612 | ) | |||
Accumulated deficit | (503,495 | ) | (509,551 | ) | |||
Total stockholders’ equity | 332,494 | 272,327 | |||||
Total liabilities and stockholders’ equity | $ | 547,300 | $ | 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. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUE: | |||||||||||||||
Product sales | $ | 80,041 | $ | 78,069 | $ | 239,305 | $ | 227,644 | |||||||
Services and other | 6,489 | 9,017 | 24,909 | 27,845 | |||||||||||
Total revenue | 86,530 | 87,086 | 264,214 | 255,489 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Cost of product sales | 26,760 | 29,140 | 81,501 | 89,211 | |||||||||||
Cost of services and other | 4,257 | 6,426 | 15,284 | 19,358 | |||||||||||
Research and development | 13,003 | 12,926 | 38,035 | 37,443 | |||||||||||
Selling, general and administrative | 36,526 | 33,718 | 107,599 | 108,546 | |||||||||||
Litigation settlement | 10,000 | — | 10,000 | 5,100 | |||||||||||
Total costs and expenses | 90,546 | 82,210 | 252,419 | 259,658 | |||||||||||
Income (loss) from operations | (4,016 | ) | 4,876 | 11,795 | (4,169 | ) | |||||||||
Other income (expense), net | 74 | (1,008 | ) | (324 | ) | 703 | |||||||||
Interest expense | 1,468 | 1,595 | 4,422 | 4,972 | |||||||||||
Income (loss) before income taxes | (5,410 | ) | 2,273 | 7,049 | (8,438 | ) | |||||||||
Income tax expense (benefit) | (74 | ) | (111 | ) | 993 | 563 | |||||||||
Net income (loss) | $ | (5,336 | ) | $ | 2,384 | $ | 6,056 | $ | (9,001 | ) | |||||
Basic net income (loss) per common share | $ | (0.07 | ) | $ | 0.03 | $ | 0.08 | $ | (0.12 | ) | |||||
Diluted net income (loss) per common share | $ | (0.07 | ) | $ | 0.03 | $ | 0.07 | $ | (0.12 | ) | |||||
Shares used in computing basic net income (loss) per common share | 79,856 | 73,413 | 77,930 | 72,955 | |||||||||||
Shares used in computing diluted net income (loss) per common share | 79,856 | 76,315 | 80,908 | 72,955 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income (loss) - basic and diluted | $ | (5,336 | ) | $ | 2,384 | $ | 6,056 | $ | (9,001 | ) | |||||
Amortization of inventory fair value adjustment | — | — | — | 4,666 | |||||||||||
Amortization of acquired intangible assets | 3,358 | 3,913 | 10,304 | 12,593 | |||||||||||
Litigation settlement | 10,000 | — | 10,000 | 5,100 | |||||||||||
Non-GAAP net income - basic and diluted | $ | 8,022 | $ | 6,297 | $ | 26,360 | $ | 13,358 | |||||||
Non-GAAP basic net income per common share | $ | 0.10 | $ | 0.09 | $ | 0.34 | $ | 0.18 | |||||||
Non-GAAP diluted net income per common share | $ | 0.10 | $ | 0.08 | $ | 0.33 | $ | 0.18 | |||||||
Shares used in computing Non-GAAP basic net income per common share | 79,856 | 73,413 | 77,930 | 72,955 | |||||||||||
Shares used in computing Non-GAAP diluted net income per common share (Note 1) | 79,856 | 76,315 | 80,908 | 72,955 |
Note 1: | Weighted average shares outstanding includes the dilutive effect, if any, of employee stock options, employee stock purchase plan, and restricted stock awards. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
GAAP total gross margin | $ | 55,513 | 64 | % | $ | 51,520 | 59 | % | $ | 167,429 | 63 | % | $ | 146,920 | 58 | % | |||||||||||
Amortization of inventory fair value adjustment | — | — | % | — | — | % | — | — | % | 4,666 | 2 | % | |||||||||||||||
Amortization of acquired intangible assets | 1,253 | 1 | % | 1,352 | 2 | % | 3,768 | 1 | % | 4,073 | 1 | % | |||||||||||||||
Non-GAAP total gross margin | $ | 56,766 | 65 | % | $ | 52,872 | 61 | % | $ | 171,197 | 64 | % | $ | 155,659 | 61 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Total GAAP operating expenses | $ | 59,529 | $ | 46,644 | $ | 155,634 | $ | 151,089 | |||||||
Amortization of acquired intangible assets | (2,105 | ) | (2,561 | ) | (6,536 | ) | (8,520 | ) | |||||||
Litigation settlement | (10,000 | ) | — | (10,000 | ) | (5,100 | ) | ||||||||
Total Non-GAAP operating expenses | $ | 47,424 | $ | 44,083 | $ | 139,098 | $ | 137,469 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income (loss) | $ | (5,336 | ) | $ | 2,384 | $ | 6,056 | $ | (9,001 | ) | |||||
Depreciation and amortization | 5,348 | 7,318 | 16,222 | 23,844 | |||||||||||
Amortization of inventory fair value adjustment | — | — | — | 4,666 | |||||||||||
Interest expense, net | 1,430 | 1,588 | 4,399 | 4,919 | |||||||||||
Income tax provision | (74 | ) | (111 | ) | 993 | 563 | |||||||||
EBITDA | 1,368 | 11,179 | 27,670 | 24,991 | |||||||||||
Adjustments to EBITDA: | |||||||||||||||
Share-based compensation | 3,655 | 3,164 | 10,943 | 9,436 | |||||||||||
(Gain) loss on foreign currency | (19 | ) | 1,472 | 912 | 1,807 | ||||||||||
Litigation charges | 10,967 | 801 | 11,279 | 9,160 | |||||||||||
(Gain) loss on sales of securities | 1 | (444 | ) | (53 | ) | (1,684 | ) | ||||||||
Other adjustments | (18 | ) | (14 | ) | (532 | ) | (772 | ) | |||||||
Adjusted EBITDA | $ | 15,954 | $ | 16,158 | $ | 50,219 | $ | 42,938 | |||||||
Revenue | $ | 86,530 | $ | 87,086 | $ | 264,214 | $ | 255,489 | |||||||
Adjusted EBITDA as percentage of revenue | 18 | % | 19 | % | 19 | % | 17 | % |
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