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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aqua Bty Di | LSE:ABTU | London | Ordinary Share | COM SHS USD0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 662.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
GERMANTOWN, Md., March 1, 2017 /PRNewswire/ -- Intrexon Corporation (NYSE: XON), a leader in the engineering and industrialization of biology to improve the quality of life and health of the planet, today announced its fourth quarter and full year financial results for 2016.
Business Highlights and Recent Developments:
Fourth Quarter Financial Highlights:
Full Year Financial Highlights:
"Over the course of 2016, while nevertheless achieving its overall financial goals, significantly advancing a great many of its partnered programs, and meaningfully extending its technology platforms, the Company faced political and regulatory headwinds in our marketable products portfolio that we had not fully appreciated at this time last year, causing us to underachieve commercially as compared with our expectations," commented Randal J. Kirk, Chairman and Chief Executive Officer of Intrexon.
"Operationally, however, we executed exceptionally well. We essentially balanced cost recovery, deal money, and products and services revenues to our cash operating expenses, thus maintaining our desired capital efficiency, strengthened our leadership team, moved many of our developmental programs forward in the lab, the field or the clinic, and our more than 600 scientists extended our leadership in the engineering of biology by providing several new technology platforms that should enable many novel, valuable and differentiated products. Several of these already have drawn partnering interest, and others should add significant incremental value to some of the Company's existing partnerships."
"In addition, we are evaluating structural alternatives concerning our business in healthcare as we appreciate that, as compared with the rest of our business, healthcare is unique as an industry, having a discrete shareholder base, methods of measurement and a vastly greater industrial maturity."
Mr. Kirk concluded, "We therefore view our prospects for 2017 with the highest expectations for performance. We more than ever are confident that Intrexon can lead the greatest industrial vector in history."
Fourth Quarter 2016 Financial Results Compared to Prior Year Period
Total revenues increased $4.5 million, or 11%, over the quarter ended December 31, 2015. Collaboration and licensing revenues increased $6.6 million from the quarter ended December 31, 2015 due to (i) the recognition of deferred revenue for upfront payments received from collaborations signed by the Company in 2016, including the consideration received in June 2016 from ZIOPHARM to amend the collaborations between us; and (ii) increased research and development services for these collaborations and for the expansion of programs or the addition of new programs with previously existing collaborators. Product revenues decreased $1.5 million, or 17%, and gross margin decreased from the quarter ended December 31, 2015. The decrease in product revenues and gross margin primarily relates to a decrease in the quantities of pregnant cows, livestock previously used in production and live calves sold due to lower customer demand for these products and also due to a decline in average sales price of livestock previously used in production. Service revenues and gross margins were consistent quarter over quarter.
Research and development expenses increased $2.8 million, or 11%, due primarily to increases in (i) salaries, benefits and other personnel costs for research and development employees hired to support new or expanded collaborations, (ii) lab supplies and consulting expenses incurred as our collaborator programs progress towards the clinical phase, and (iii) amortization of intangible assets which commenced upon regulatory approvals received by our subsidiaries. While selling, general and administrative (SG&A) expenses were generally flat quarter over quarter, legal and professional expenses increased $4.7 million due to (i) expenses incurred to support domestic and international government affairs for regulatory and other approvals necessary to commercialize the Company's products and services; and (ii) increased legal fees to defend ongoing litigation. Salaries, benefits and other personnel costs for SG&A employees decreased $6.0 million primarily due to a decrease in performance-based cash incentives for the Company's executive officers in 2016, partially offset by the costs of increased headcount, including the hiring of two new executive officers and additional business development professionals.
Total other income (expense), net, decreased $12.4 million, or 336%, from the quarter ended December 31, 2015. This decrease was attributable to the $16.0 million unrealized and realized losses recognized on the Company's equity securities portfolio, partially offset by dividend income from the Company's investment in preferred stock.
Full Year 2016 Financial Results Compared to Prior Year Period
Total revenues increased $17.3 million, or 10%, over the year ended December 31, 2015. Collaboration and licensing revenues increased $22.1 million over the year ended December 31, 2015 due to (i) the recognition of deferred revenue for upfront payments received from collaborations signed by the Company in 2016, including the consideration received in June 2016 from ZIOPHARM to amend the collaborations between us; and (ii) increased research and development services for these collaborations and for the expansion of programs or the addition of new programs with previously existing collaborators. This increase is partially offset by the recognition in 2015 of previously deferred revenue related to collaboration agreements for which the Company satisfied all of its obligations or which were terminated during 2015. Product revenues decreased $4.9 million, or 12%, and gross margin decreased from the year ended December 31, 2015. The decrease in product revenues and gross margin primarily relates to a decrease in the quantities of pregnant cows, livestock previously used in production and live calves sold due to lower customer demand for these products and also due to a decline in average sales price of livestock previously used in production. Service revenues and gross margin on services were consistent year over year.
Research and development expenses decreased $35.3 million, or 24%, due primarily to the inclusion in 2015 of a $59.6 million payment in common stock for an exclusive license to certain technologies owned by the University of Texas MD Anderson Cancer Center. This decrease was partially offset by increases in (i) salaries, benefits and other personnel costs for research and development employees, (ii) lab supplies and consulting expenses, and (iii) depreciation and amortization. Salaries, benefits and other personnel costs increased $7.3 million due to (i) an increase in research and development headcount to support new and expanded collaborations and (ii) a full year of costs for research and development employees assumed in 2015 acquisitions. Lab supplies and consulting expenses increased $10.6 million as a result of (i) the progression into the preclinical phase with certain collaborators; (ii) the increased level of research and development services provided to collaborators; and (iii) a full year of compensation costs incurred for employees assumed in 2015 acquisitions. Depreciation and amortization increased $5.7 million primarily as a result of (i) the inclusion of a full year of depreciation and amortization on property, equipment and intangible assets assumed in 2015 acquisitions and (ii) a full year of amortization of AquaBounty's intangible assets which commenced upon regulatory approval in November 2015. SG&A expenses increased $33.3 million, or 31%, over the year ended December 31, 2015. Salaries, benefits and other personnel costs for SG&A employees increased $3.2 million due to (i) increased headcount, including the hiring of two new executive officers and additional business development professionals; (ii) a full year of non-cash compensation paid to the Company's CEO pursuant to the compensation agreement into which the Company entered in November 2015; and (iii) a full year of salaries, benefits and other personnel costs for employees assumed in 2015 acquisitions. These increases were partially offset by a decrease in performance-based cash incentives for our executive officers in 2016. Legal and professional expenses increased $18.6 million primarily due to (i) a full year of non-cash consulting expenses pursuant to the Company's services agreement with Third Security into which the Company entered in November 2015; (ii) expenses incurred to support domestic and international government affairs for regulatory and other approvals necessary to commercialize the Company's products and services; (iii) increased legal fees to defend ongoing litigation; and (iv) incremental costs incurred to support the 2015 acquisitions and other business development activities. In 2016, the Company also recorded $4.3 million in litigation expenses arising from the entrance of a court order in Trans Ova's trial with XY, LLC.
Total other income (expense), net, decreased $116.7 million, or 170%, from the year ended December 31, 2015. This decrease was attributable to the $81.4 million realized gain recognized upon the special stock dividend of all of Intrexon's shares of ZIOPHARM to the Company's shareholders in June 2015 and the decrease in fair value of the Company's equity securities portfolio. These decreases were partially offset by preferred stock dividend income received from ZIOPHARM.
Conference Call and Webcast
The Company will host a conference call today Wednesday, March 1st, at 5:30 PM ET to discuss the fourth quarter and full year 2016 financial results and provide a general business update. The conference call may be accessed by dialing 1-888-317-6003 (Domestic US), 1-866-284-3684 (Canada), and 1-412-317-6061 (International) and providing the number 2431343 to join the Intrexon Corporation Call. Participants may also access the live webcast through Intrexon's website in the Investors section at http://investors.dna.com/events.
About Intrexon Corporation
Intrexon Corporation (NYSE: XON) is Powering the Bioindustrial Revolution with Better DNA™ to create biologically-based products that improve the quality of life and the health of the planet. Intrexon's integrated technology suite provides its partners across diverse markets with industrial-scale design and development of complex biological systems delivering unprecedented control, quality, function, and performance of living cells. We call our synthetic biology approach Better DNA®, and we invite you to discover more at www.dna.com or follow us on Twitter at @Intrexon, on Facebook, and LinkedIn.
Non-GAAP Financial Measures
This press release presents Adjusted EBITDA and Adjusted EBITDA per share, which are non-GAAP financial measures within the meaning of applicable rules and regulations of the Securities and Exchange Commission (SEC). For a reconciliation of these measures to the most directly comparable financial measure calculated in accordance with generally accepted accounting principles and for a discussion of the reasons why the company believes that these non-GAAP financial measures provide information that is useful to investors see the tables below under "Reconciliation of GAAP to Non-GAAP Measures." Such information is provided as additional information, not as an alternative to Intrexon's consolidated financial statements presented in accordance with GAAP, and is intended to enhance an overall understanding of the Intrexon's current financial performance.
Trademarks
Intrexon, ActoBiotics, Powering the Bioindustrial Revolution with Better DNA, and Better DNA are trademarks of Intrexon and/or its affiliates. Other names may be trademarks of their respective owners.
Safe Harbor Statement
Some of the statements made in this press release are forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon Intrexon's current expectations and projections about future events and generally relate to Intrexon's plans, objectives and expectations for the development of Intrexon's business. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties and actual future results may be materially different from the plans, objectives and expectations expressed in this press release. These risks and uncertainties include, but are not limited to, (i) Intrexon's current and future ECCs and joint ventures; (ii) Intrexon's ability to successfully enter new markets or develop additional products, whether with its collaborators or independently; (iii) actual or anticipated variations in Intrexon's operating results; (iv) actual or anticipated fluctuations in Intrexon's competitors' or its collaborators' operating results or changes in their respective growth rates; (v) Intrexon's cash position; (vi) market conditions in Intrexon's industry; (vii) the volatility of Intrexon's stock price; (viii) Intrexon's ability, and the ability of its collaborators, to protect Intrexon's intellectual property and other proprietary rights and technologies; (ix) Intrexon's ability, and the ability of its collaborators, to adapt to changes in laws or regulations and policies; (x) the outcomes of pending or future litigation; (xi) the rate and degree of market acceptance of any products developed by a collaborator under an ECC or through a joint venture; (xii) Intrexon's ability to retain and recruit key personnel; (xiii) Intrexon's expectations related to the use of proceeds from its public offerings and other financing efforts; (xiv) Intrexon's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and (xv) Intrexon's expectations relating to its subsidiaries and other affiliates. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Intrexon's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Intrexon's Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in Intrexon's subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Intrexon undertakes no duty to update this information unless required by law.
For more information regarding Intrexon Corporation, contact:
Investor Contact: Christopher Basta Vice President, Investor Relations Tel: +1 (561) 410-7052 investors@intrexon.com
|
Corporate Contact: Marie Rossi, Ph.D. Senior Manager, Technical Communications Tel: +1 (301) 556-9850 publicrelations@intrexon.com
|
Intrexon Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) | |||||||
(Amounts in thousands) |
December 31, 2016 |
December 31, 2015 | |||||
Assets |
|||||||
Current assets |
|||||||
Cash and cash equivalents |
$ |
62,607 |
$ |
135,782 | |||
Restricted cash |
6,987 |
— | |||||
Short-term investments |
174,602 |
102,528 | |||||
Receivables |
|||||||
Trade, net |
21,637 |
25,101 | |||||
Related parties |
16,793 |
23,597 | |||||
Notes, net |
1,500 |
601 | |||||
Other |
2,555 |
2,995 | |||||
Inventory |
21,139 |
26,563 | |||||
Prepaid expenses and other |
7,361 |
6,634 | |||||
Total current assets |
315,181 |
323,801 | |||||
Long-term investments |
5,993 |
105,447 | |||||
Equity securities |
23,522 |
83,653 | |||||
Investment in preferred stock |
129,545 |
— | |||||
Property, plant and equipment, net |
64,672 |
42,739 | |||||
Intangible assets, net |
225,615 |
247,535 | |||||
Goodwill |
157,175 |
165,169 | |||||
Investments in affiliates |
23,655 |
9,977 | |||||
Other assets |
3,710 |
3,725 | |||||
Total assets |
$ |
949,068 |
$ |
982,046 | |||
|
|||||||
Current liabilities |
|||||||
Accounts payable |
$ |
8,478 |
$ |
4,967 | |||
Accrued compensation and benefits |
6,540 |
19,050 | |||||
Other accrued liabilities |
15,776 |
7,949 | |||||
Deferred revenue |
53,364 |
35,366 | |||||
Lines of credit |
820 |
561 | |||||
Current portion of long term debt |
386 |
930 | |||||
Current portion of deferred consideration |
8,801 |
6,931 | |||||
Related party payables |
440 |
150 | |||||
Total current liabilities |
94,605 |
75,904 | |||||
Long term debt, net of current portion |
7,562 |
7,598 | |||||
Deferred consideration, net of current portion |
— |
8,698 | |||||
Deferred revenue, net of current portion |
256,778 |
162,363 | |||||
Deferred tax liabilities |
17,007 |
21,802 | |||||
Other long term liabilities |
3,868 |
795 | |||||
Total liabilities |
379,820 |
277,160 | |||||
Commitments and contingencies |
|||||||
Total equity |
|||||||
Common stock |
— |
— | |||||
Additional paid-in capital |
1,325,780 |
1,249,559 | |||||
Accumulated deficit |
(729,341) |
(542,729) | |||||
Accumulated other comprehensive loss |
(36,202) |
(12,752) | |||||
Total Intrexon shareholders' equity |
560,237 |
694,078 | |||||
Noncontrolling interests |
9,011 |
10,808 | |||||
Total equity |
569,248 |
704,886 | |||||
Total liabilities and total equity |
$ |
949,068 |
$ |
982,046 |
Intrexon Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) | ||||||||||||||
Three months ended |
Year ended | |||||||||||||
(Amounts in thousands, except share and per share data) |
December 31, |
December 31 | ||||||||||||
2016 |
2015 |
2016 |
2015 | |||||||||||
Revenues |
||||||||||||||
Collaboration and licensing revenues |
$ |
27,727 |
$ |
21,131 |
$ |
109,871 |
$ |
87,821 | ||||||
Product revenues |
7,692 |
9,234 |
36,958 |
41,879 | ||||||||||
Service revenues |
10,318 |
10,766 |
43,049 |
42,923 | ||||||||||
Other revenues |
265 |
367 |
1,048 |
982 | ||||||||||
Total revenues |
46,002 |
41,498 |
190,926 |
173,605 | ||||||||||
Operating Expenses |
||||||||||||||
Cost of products |
8,212 |
9,092 |
37,709 |
40,746 | ||||||||||
Cost of services |
5,998 |
5,867 |
23,930 |
23,183 | ||||||||||
Research and development |
29,020 |
26,197 |
112,135 |
147,483 | ||||||||||
Selling, general and administrative |
35,362 |
34,737 |
142,318 |
109,057 | ||||||||||
Total operating expenses |
78,592 |
75,893 |
316,092 |
320,469 | ||||||||||
Operating loss |
(32,590) |
(34,395) |
(125,166) |
(146,864) | ||||||||||
Other Income (Expense), Net |
||||||||||||||
Unrealized and realized appreciation |
(13,506) |
2,484 |
(58,894) |
66,876 | ||||||||||
Interest expense |
(102) |
(232) |
(861) |
(1,244) | ||||||||||
Interest and dividend income |
4,373 |
673 |
10,190 |
1,884 | ||||||||||
Other income (expense), net |
495 |
784 |
1,700 |
1,314 | ||||||||||
Total other income (expense), net |
(8,740) |
3,709 |
(47,865) |
68,830 | ||||||||||
Equity in net loss of affiliates |
(4,169) |
(2,379) |
(21,120) |
(8,944) | ||||||||||
Loss before income taxes |
(45,499) |
(33,065) |
(194,151) |
(86,978) | ||||||||||
Income tax benefit (expense) |
587 |
(210) |
3,877 |
(1,016) | ||||||||||
Net loss |
$ |
(44,912) |
$ |
(33,275) |
$ |
(190,274) |
$ |
(87,994) | ||||||
Net loss attributable to the |
775 |
561 |
3,662 |
3,501 | ||||||||||
Net loss attributable to Intrexon |
$ |
(44,137) |
$ |
(32,714) |
$ |
(186,612) |
$ |
(84,493) | ||||||
Net loss per share, basic and diluted |
$ |
(0.37) |
$ |
(0.28) |
$ |
(1.58) |
$ |
(0.76) | ||||||
Weighted average shares outstanding, |
118,575,544 |
116,472,080 |
117,983,836 |
111,066,352 | ||||||||||
Intrexon Corporation and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
Adjusted EBITDA and Adjusted EBITDA per share. To supplement Intrexon's financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Intrexon presents Adjusted EBITDA and Adjusted EBITDA per share. A reconciliation of Adjusted EBITDA to net income or loss attributable to Intrexon under GAAP appears below. Adjusted EBITDA is a non-GAAP financial measure that Intrexon calculates as net income or loss attributable to Intrexon adjusted for income tax expense or benefit, interest expense, depreciation and amortization, stock-based compensation, shares issued as compensation for services, bad debt expense, noncash research and development expenses related to the acquisition of Intrexon's license agreement with the University of Texas MD Anderson Cancer Center, litigation expenses, realized and unrealized appreciation or depreciation in the fair value of equity securities and preferred stock, and equity in net loss of affiliates. Adjusted EBITDA and Adjusted EBITDA per share are key metrics for Intrexon's management and Board of Directors for evaluating the Company's financial and operating performance, generating future operating plans and making strategic decisions about the allocation of capital. Management and the Board of Directors believe that Adjusted EBITDA and Adjusted EBITDA per share are useful to understand the long-term performance of Intrexon's core business and facilitate comparisons of the Company's operating results over multiple reporting periods. Intrexon is providing this information to investors and others to assist them in understanding and evaluating the Company's operating results in a manner similar to how its management and Board of Directors evaluate operating results (except for the impact of the change in deferred revenue related to upfront and milestone payments, which is adjusted in the measures evaluated by management and the Board of Directors as discussed below). While Intrexon believes that its non-GAAP financial measures are useful in evaluating its business, and may be of use to investors, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as non-GAAP financial measures presented by other companies. Adjusted EBITDA and Adjusted EBITDA per share are not measures of financial performance under GAAP, and are not intended to represent cash flows from operations nor earnings per share under GAAP and should not be used as an alternative to net income or loss as an indicator of operating performance or to represent cash flows from operating, investing or financing activities as a measure of liquidity. Intrexon compensates for the limitations of Adjusted EBITDA and Adjusted EBITDA per share by using them only to supplement the Company's GAAP results to provide a more complete understanding of the factors and trends affecting the Company's business. Adjusted EBITDA and Adjusted EBITDA per share have limitations as an analytical tool and you should not consider them in isolation or as a substitute for analysis of Intrexon's results as reported under GAAP.
In addition to the reasons stated above, which are generally applicable to each of the items Intrexon excludes from its non-GAAP financial measure, Intrexon believes it is appropriate to exclude certain items from the definition of Adjusted EBITDA for the following reasons:
Furthermore, supplemental information about the impact of the change in deferred revenue related to upfront and milestone payments is provided below. GAAP requires Intrexon to account for its collaborations as multiple-element arrangements. As a result, the Company initially defers certain collaboration revenues because certain of its performance obligations cannot be separated and must be accounted for as one unit of accounting. The collaboration revenues that Intrexon so defers arise from upfront and milestone payments received from the Company's collaborators, which Intrexon recognizes over the future performance period even though the Company's right to such consideration is neither contingent on the results of Intrexon's future performance nor refundable in the event of nonperformance. The supplemental information about the change in deferred revenue removes the noncash revenue recognized during the period and includes the cash and stock received from collaborators for upfront and milestone payments during the period. Management and the Board of Directors consider this information in evaluating Intrexon's operating performance as they believe it permits the quarterly and annual comparisons of the Company's ability to consummate new collaborations or to achieve significant milestones with existing collaborators.
The following table presents a reconciliation of net income (loss) attributable to Intrexon to EBITDA and also to Adjusted EBITDA, as well as the calculation of Adjusted EBITDA per share, for each of the periods indicated:
Three months ended |
Year ended | |||||||||||
December 31, |
December 31, | |||||||||||
2016 |
2015 |
2016 |
2015 | |||||||||
(In thousands) | ||||||||||||
Net loss attributable to Intrexon |
$ |
(44,137) |
$ |
(32,714) |
$ |
(186,612) |
$ |
(84,493) | ||||
Interest expense |
66 |
228 |
681 |
1,188 | ||||||||
Income tax expense (benefit) |
(587) |
210 |
(3,877) |
1,016 | ||||||||
Depreciation and amortization |
6,793 |
5,482 |
24,085 |
17,522 | ||||||||
EBITDA |
$ |
(37,865) |
$ |
(26,794) |
$ |
(165,723) |
$ |
(64,767) | ||||
Stock-based compensation |
11,553 |
12,121 |
42,122 |
38,495 | ||||||||
Shares issued as compensation for services |
2,493 |
1,689 |
10,777 |
2,169 | ||||||||
Bad debt expense |
354 |
195 |
1,963 |
1,757 | ||||||||
Research and development license with MD Anderson |
— |
— |
— |
59,579 | ||||||||
Litigation expense |
— |
— |
4,228 |
— | ||||||||
Unrealized and realized (appreciation) depreciation in |
13,506 |
(2,484) |
58,894 |
(66,876) | ||||||||
Equity in net loss of affiliates |
4,169 |
2,379 |
21,120 |
8,944 | ||||||||
Adjusted EBITDA |
$ |
(5,790) |
$ |
(12,894) |
$ |
(26,619) |
$ |
(20,699) | ||||
Weighted average shares outstanding, basic and diluted |
118,575,544 |
116,472,080 |
117,983,836 |
111,066,352 | ||||||||
Adjusted EBITDA per share, basic and diluted |
$ |
(0.05) |
$ |
(0.11) |
$ |
(0.23) |
$ |
(0.19) | ||||
Supplemental information: |
||||||||||||
Impact of change in deferred revenue related to upfront |
$ |
(11,259) |
$ |
22,262 |
$ |
116,536 |
$ |
74,103 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/intrexon-announces-fourth-quarter-and-full-year-2016-financial-results-300416439.html
SOURCE Intrexon Corporation
Copyright 2017 PR Newswire
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