Given Imaging Reports Second Quarter 2011 Results
Second Quarter 2011 Revenues Increase 6.3% to $44.8 Million; First Half 2011 Revenues Increase 14% to $84.7 Million; Second Quarter 2011 Non-GAAP Net Income $4.1 Million
(firmenpresse) - YOQNEAM, ISRAEL -- (Marketwire) -- 08/03/11 -- Given Imaging Ltd. (NASDAQ: GIVN) today
announced financial results for the second quarter ended June 30, 2011.
Worldwide revenues were $44.8 million in the second quarter of 2011, a 6.3
percent increase from $42.1 million in the second quarter of 2010. Gross
margin on a non-GAAP basis in the second quarter of 2011 was 76.0 percent,
compared to 77.3 percent in the second quarter of 2010 due to certain
one-time charges. The Company anticipates that gross margin for the
remainder of the year will be higher and in line with company projections.
Non-GAAP operating profit was $4.8 million, compared to $7.2 million in the
second quarter of 2010. On a non-GAAP basis, net income for the second
quarter of 2011 was $4.1 million, or $0.13 per share on a fully diluted
basis, compared to $6.3 million, or $0.20 per share on a fully diluted
basis in the second quarter of 2010. On a GAAP basis, net income for the
second quarter of 2011 was $1.9 million, or $0.06 per share, compared to
$2.2 million, or $0.07 per share, in the same quarter of last year. A
reconciliation of GAAP results to non-GAAP results is attached.
Cash and cash equivalents, short-term investments and marketable securities
on June 30, 2011 totaled $91.5 million. Net cash provided by operating
activities in the second quarter was $5.1 million.
"We are pleased with another quarter of solid financial results, including
the 4.0% increase in second quarter revenues in the Americas region. We are
also encouraged by revenue growth of 14% in the EMEA region in the first
six months of 2011, and confident that we will achieve our full year
revenue goal for the region. Therefore, our 2011 guidance remains
unchanged, despite the challenges of the global economy," said Homi Shamir,
President and CEO of Given Imaging. "On the development front, enrollment
in the large multi-center PillCam COLON 2 pivotal trial which began in
early June is proceeding on schedule and the majority of centers are
actively enrolling patients."
Second Quarter 2011 Revenue Analysis
Revenues in the Americas region increased by 4.0 percent to $26.9 million
in the second quarter of 2011 from $25.9 million in the same period last
year. Revenues in the EMEA region were $11.8 million compared to $11.6
million in the same period last year. APAC revenues increased by 30 percent
to $6.0 million, compared to $4.6 million in the same period in 2010.
Worldwide PillCam SB sales amounted to 58,700 capsules in the second
quarter of 2011, compared to 59,900 capsules in the same period last year.
PillCam SB sales in the Americas region were approximately 36,250 capsules,
compared to 37,200 capsules in the second quarter of last year. PillCam SB
sales in the EMEA region were 15,150 capsules, compared to 16,500 capsules
in the second quarter of 2010 and PillCam SB sales in the APAC region were
7,300 capsules, compared to 6,100 capsules in the same period in 2010.
Supplemental first quarter data can be found at in the
Investor Relations section.
Six Month Financial Results
For the six month period ended June 30, 2011, revenues increased by 14
percent to $84.7 million and include sales of $11.7 million from Sierra
Scientific Instruments (Sierra), which the company acquired on April 1,
2010. First half 2010 revenue included $5.7 million sales from Sierra.
Sales in the Americas region in the first half of 2011 were 51.0 million,
including revenues of $7.3 million from sales of Sierra products, compared
to $46.5 million in the same period in 2010. Revenues in Americas in the
same period of 2010 included sales of $3.6 million from Sierra. Sales in
the EMEA region were $23.0 million, including $3.1 million from Sierra
compared to $20.1 million, including $1.6 million from Sierra in the same
period in 2010. Sales in the APAC region were $10.7 million, including $1.3
million from Sierra, compared to $7.7 million, including $0.6 million from
Sierra last year.
On a non-GAAP basis, gross profit margin for the six month period was 76.7
percent compared to 77.2 percent in 2010. On a GAAP basis, gross profit
margin in the first six months of 2011 was 76.1 percent, compared to 75.2
percent in first half of 2010. On a non-GAAP basis, net income for the
first six months of 2011 was $7.1 million or $0.23 per share compared to
$10.6 million, or $0.35 per share on a fully diluted GAAP basis. GAAP net
income for the first six months of 2011 was $2.6 million or $0.08 per share
compared to $4.3 million, or $0.14 per share in the same quarter of last
year.
Recent Developments
PillCam COLON 2 Trial Initiation
Digestive Disease Week 2011
PillCam ESO 3 FDA Clearance
2011 Guidance
The Company continues to expect that 2011 revenues will be between $165
million and $173 million. The Company continues to expect that 2011 GAAP
earnings per share will be between $0.35 - $0.40 and Non-GAAP earnings per
share will be between $0.65 - $0.70.
Conference Call / Webcast Information
U.S. Call / Webcast
The company will host a conference call in English at 9:00 am ET on
Thursday, August 4, 2011. To participate in this teleconference, please
dial 800-992-7415 fifteen minutes before the conference is scheduled to
begin. Callers outside of the U.S. should dial 913-312-0946. The call will
also be webcast live at . A replay of the call will be
available for two weeks on the company's website, or until August 18, 2011,
by dialing 888-203-1112. Callers outside of the U.S. should dial
719-457-0820. The replay participant code is 4149553.
Hebrew Call
A separate conference call in Hebrew will take place on August 4, 2011 at
2:00 pm Israel time, 7:00 am ET. To access this call, please dial +972 3
9180610 ten minutes before the conference is scheduled to begin. A replay
of the call will be available from August 7 until August 8, 2011 by dialing
+972 3 925590.
About Given Imaging Ltd.
Since pioneering the field of capsule endoscopy in 2001, Given Imaging has
become a world leader in GI medical devices, offering health care providers
a range of innovative options for visualizing, diagnosing and monitoring
the digestive system. The company offers a broad product portfolio
including PillCam® video capsules for the small bowel, esophagus and colon
[PillCam® COLON not approved for use in the United States],
industry-leading ManoScan™ high-resolution manometry and Bravo®
wireless and Digitrapper® pH and impedance products. Given Imaging is
committed to delivering breakthrough innovations to the GI community and to
supporting its ongoing clinical needs. Given Imaging's headquarters are
located in Yoqneam, Israel, with operating subsidiaries in the United
States, Germany, France, Japan, Australia, Vietnam and Hong Kong. For more
information, please visit .
Use of Non-GAAP Measures
This press release provides financial measures for net income and basic and
diluted earnings per share that exclude certain items and are therefore not
calculated in accordance with generally accepted accounting principles
(GAAP). Management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance that enhances
management's and investors' ability to evaluate the Company's net income
and earnings per share and to compare it with historical net income and
earnings per share.
The presentation of this non-GAAP financial information is not intended to
be considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. Management uses both GAAP
and non-GAAP measures when evaluating the business internally and therefore
felt it is important to make these non-GAAP adjustments available to
investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but are not
limited to, projections about our business and our future revenues,
expenses and profitability. Forward-looking statements may be, but are not
necessarily, identified by the use of forward-looking terminology such as
"may," "anticipates," "estimates," "expects," "intends," "plans,"
"believes," and words and terms of similar substance. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual events, results, performance, circumstances or
achievements of the Company to be materially different from any future
events, results, performance, circumstances or achievements expressed or
implied by such forward-looking statements. Factors that could cause actual
events, results, performance, circumstances or achievements to differ from
such forward-looking statements include, but are not limited to, the
following: (1) our ability to develop and bring to market new products, (2)
our ability to successfully complete any necessary or required clinical
studies with our products, (3) our ability to receive regulatory clearance
or approval to market our products or changes in regulatory environment,
(4) our success in implementing our sales, marketing and manufacturing
plans, (5) the level of adoption of our products by medical practitioners,
(6) the emergence of other products that may make our products obsolete,
(7) lack of an appropriate bowel preparation materials to be used with our
PillCam COLON capsule, (8) protection and validity of patents and other
intellectual property rights, (9) the impact of currency exchange rates,
(10) the effect of competition by other companies, (11) the outcome of
significant litigation, (12) our ability to obtain reimbursement for our
product from government and commercial payors, (13) quarterly variations in
operating results, (14) the possibility of armed conflict or civil or
military unrest in Israel, (15) the impact of global economic conditions,
(16) our ability to successfully integrate acquired businesses, (17)
changes and reforms in applicable healthcare laws and regulations, (18)
adverse events related to our products or product quality issues that could
require us to recall products and impact our sales, and (19) other risks
and factors disclosed in our filings with the U.S. Securities and Exchange
Commission, including, but not limited to, risks and factors identified
under such headings as "Risk Factors," "Cautionary Language Regarding
Forward-Looking Statements" and "Operating Results and Financial Review and
Prospects" in the Company's Annual Report on Form 20-F for the year ended
December 31, 2010. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Except for the Company's ongoing obligations to disclose material
information under the applicable securities laws, it undertakes no
obligation to release publicly any revisions to any forward-looking
statements, to report events or to report the occurrence of unanticipated
events.
For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
1-212-867-1768
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2011 - 20:54 Uhr
Sprache: Deutsch
News-ID 41708
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Town:
YOQNEAM, ISRAEL
Kategorie:
Medical Devices
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