- Record Second Quarter 2013 Revenues Increase
11% to $49.5 million –
- Company Achieves Record Sales of 62,700
PillCam SB Capsules in Second Quarter 2013 –
- Second Quarter 2013 GAAP and Non-GAAP EPS
Increase 71% and 35%, respectively, to $0.16 and $0.22 –
Given Imaging Ltd. (Nasdaq:GIVN) today announced financial results
for the second quarter ended June 30, 2013.
Revenues were $49.5 million in the second quarter of 2013, an
increase of eleven percent compared to $44.5 million in the second
quarter of 2012. Gross margin on a GAAP-basis in the second quarter
of 2013 was 77.5 percent, compared to 77.1 percent in the second
quarter of 2012. Gross margin on a non-GAAP-basis in the second
quarter of 2013 was 78.3 percent, compared to 78.2 percent in the
second quarter of 2012.
On a GAAP-basis, operating profit increased 60 percent to $5.4
million in the second quarter of 2013, compared to $3.4 million in
the second quarter of 2012. Non-GAAP operating profit was $7.4
million in the second quarter of 2013, up 35% from $5.5 million in
the same period in 2012.
On a GAAP-basis, net income for the second quarter of 2013
increased 71 percent to $5.2 million, or $0.16 per share, compared
to net income of $3.0 million, or $0.10 per share, in the same
period in 2012. On a non-GAAP-basis, net income for the second
quarter of 2013 was $6.9 million or $0.22 per share on a fully
diluted basis, up 35% from net income of $4.9 million, or $0.16 per
share on a fully diluted basis in the second quarter of 2012.
A reconciliation of GAAP results to non-GAAP results is
attached.
Cash generated from operating activities in the second quarter
of 2013 was $8.8 million. Cash and cash equivalents, short-term
investments and marketable securities on June 30, 2013 totaled
$130.3 million.
"We are pleased to report that we achieved an eleven percent
increase in second quarter revenue, reflecting solid performance in
all of our operating regions, accompanied by a solid increase in
operating margins and strong operating cash flow," said Homi
Shamir, president and CEO, Given Imaging Ltd. "Looking ahead,
we expect the recent and significant regulatory milestone – the
clearance of PillCam COLON in Japan, as well as the pending FDA
decisions regarding PillCam SB3 and PillCam COLON – to enable us to
accelerate growth in 2014 and beyond."
Second Quarter 2013 Revenue Analysis
Revenues in the Americas region in the second quarter of 2013
increased eight percent to $30.7 million from $28.4 million in the
same period in 2012. The increase is attributable to a 23
percent increase in sales of functional GI diagnostics products
("GIFD") including the Bravo pH Monitoring System, Digitrapper
pH-Z, ManoScan and SmartPill products in the U.S. Revenues in
the EMEA region increased 18 percent to $12.5 million compared to
$10.6 million in the same period in 2012. APAC revenues
increased by 15 percent to $6.3 million, compared to $5.4 million
in the same period in 2012.
Worldwide PillCam SB sales increased six percent to 62,700
capsules in the second quarter of 2013, compared to 59,200 capsules
in the same period in 2012. PillCam SB sales in the Americas region
decreased by two percent to 36,000 capsules in the second quarter
of 2013, compared to 36,500 capsules in the second quarter of
2012. PillCam SB sales in the EMEA region increased by 13
percent to 17,500 capsules, compared to 15,500 capsules in the
second quarter of 2012, while PillCam SB sales in the APAC region
increased by 30 percent to 9,300 capsules, compared to 7,100
capsules in the same period in 2012.
Worldwide sales of GIFD products increased by 22 percent to
$15.2 million in the second quarter of 2013 compared to $12.4
million in the same period in 2012. Sales of GIFD products the
second quarter of 2013 included $0.7 million of sales of SmartPill
products. SmartPill was acquired by the Company in the last quarter
of 2012. In the Americas region, functional GI diagnostics product
revenue increased by 23 percent in the second quarter of 2013 to
$12.2 million compared to $9.9 million in the same period in 2012.
Functional GI diagnostics revenue in the EMEA region increased by
36 percent to $2.2 million, while revenue in the APAC region was
$0.8 million, a decrease of 11 percent compared to the same quarter
last year.
Supplemental second quarter data can be found at
www.givenimaging.com in the Investor Relations section.
Six Month Financial Results
For the six month period ended June 30, 2013, revenues increased
by four percent to $90.1 million compared to $86.3 million in the
same period last year. Revenues in the Americas region in the
first half of 2013 decreased by one percent to $54.6 million from
$55.1 million in the same period last year. Revenues in the
EMEA region increased by 13 percent to $24.2 million compared to
$21.4 million in the same period last year. APAC revenues
increased by 17 percent to $11.3 million, compared to $9.7 million
in the same period in 2012.
Worldwide PillCam SB sales increased by one percent to 117,300
capsules in the first half of 2013, compared to 115,600 capsules in
the same period last year. PillCam SB sales in the Americas
region were approximately 66,800 capsules, a decrease of five
percent compared to 70,200 capsules that were sold in the first
half of 2012. PillCam SB sales in the EMEA region increased by
eight percent to 33,000 capsules, compared to 30,600 capsules in
the first half of 2012, while PillCam SB sales in the APAC region
increased by 18 percent to 17,500 capsules, compared to 14,800
capsules in the same period in 2012.
Worldwide sales of Given Imaging's GIFD products increased by
five percent to $26.2 million in the first half of 2013 compared to
$25.0 million in the same period last year. Sales of GIFD products
in the first half of 2013 included $1.3 million of sales of
SmartPill products. In the Americas region, GIFD products
revenue increased by three percent in the first half of 2013 to
$20.5 million compared to $19.9 million in the same period last
year. Functional GI diagnostics products revenue in the EMEA
region increased 29 percent to $4.4 million, while revenue in the
APAC region decreased by 26 percent to $1.3 million.
Gross margin on a GAAP basis in the first six months of 2013 was
77.3 percent, compared to 76.4 percent in the same period in
2012. Gross margin on a non-GAAP basis in the first six
months of 2013 was 78.2 percent, compared to 77.2 percent in the
same period in 2012.
On a GAAP basis, operating profit was $5.5 million in the first
six months of 2013, compared to $3.8 million in the same period in
2012. Non-GAAP operating profit was $9.4 million, compared to $7.6
million in the same period in 2012. On a GAAP basis, net
income for the first six months of 2013 increased 53 percent to
$5.0 million, or $0.16 per share, compared to $3.2 million, or
$0.10 per share, in the same period last year. On a non-GAAP
basis, net income for the first six months of 2013 increased 24
percent to $8.4 million, or $0.26 per share on a fully diluted
basis, compared to $6.7 million, or $0.21 per share on a fully
diluted basis, in the same period in 2012.
Recent Developments
- PillCam COLON Clearance in Japan PillCam COLON
recently received marketing clearance by Japan's Pharmaceuticals
& Medical Devices Agency. PillCam COLON was cleared for
diagnosis of colonic disease when colonoscopy is required but
difficult to conduct, including patients unwilling or unable to
undergo colonoscopy. Reimbursement is expected to become
effective during the first half of 2014, subject to government
discretion. The Company estimates that PillCam COLON will
help in enhancing adherence to screening guidelines in Japan for
over 1,000,000 potential patients.
Conference Call / Webcast Information
Given Imaging will host a conference call on Wednesday, August
7, 2013 at 9:00am ET, 4:00pm Israel time to discuss second quarter
2013 financial results. To participate in the teleconference,
please dial the following numbers fifteen minutes before the call
is scheduled to begin: U.S. and Canada, 888-452-4023; Israel,
1-80-924-5906. Callers in other countries should dial 719-457-2664.
The passcode is 8996103. The call will also be webcast live at
www.givenimaging.com.
A replay of the call will be available for two weeks on the
company's website, or until August 21, 2013, by dialing
888-203-1112. Callers in Israel should dial 1 80 924 6038. Callers
outside of the U.S. and Israel should dial 719-457-0820. The replay
participant code is 8996103.
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.
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® capsule
endoscope for the small bowel, esophagus and colon. The company
also offers industry-leading GI functional diagnostic solutions
including ManoScan™ high-resolution manometry, Bravo® capsule-based
pH monitoring, Digitrapper® pH-Z impedance, and the SmartPill® GI
monitoring systems. Given Imaging is committed to delivering
breakthrough innovations to the GI community and 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, Hong Kong and Brazil.
For more information, please visit www.givenimaging.com.
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. Such forward-looking statements
include statements relating to the Company exploring strategic
alternatives and considering possible strategic transactions
involving the Company. 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)
quality issues and adverse events related to our products, such as
capsule retention, aspiration and failure to attach or detach,
bleeding or perforation that could require us to recall products
and impact our sales and net income, 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, 2012. 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 to the extent expressly required under
applicable law, the Company undertakes no obligation to release
publicly any revisions to any forward-looking statements, to report
events or to report the occurrence of unanticipated events.
Financial Tables Follow
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Excluded
Items |
For the Three Months
Ended June 30, 2012 and 2013 |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
Gross Profit |
Research And Development |
Selling And Marketing |
General And Admin |
Tax Expense (Benefit) |
Total |
Three month period |
|
|
|
|
|
|
ended June 30, 2013 |
|
|
|
|
|
|
Compensation expenses |
$ -- |
$229 |
$519 |
$745 |
$ -- |
$1,493 |
Sierra & SmartPill PPA |
399 |
-- |
93 |
-- |
(292) |
200 |
Total |
$399 |
$229 |
$612 |
$745 |
($292) |
$1,693 |
|
|
|
|
|
|
|
Three month period |
|
|
|
|
|
|
ended June 30, 2012 |
|
|
|
|
|
|
Compensation expenses |
$ -- |
$192 |
$509 |
$856 |
$ -- |
$1,557 |
Sierra PPA |
459 |
-- |
81 |
-- |
(217) |
323 |
Total |
$459 |
$192 |
$590 |
$856 |
($217) |
$1,880 |
|
|
|
|
|
|
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Excluded
Items |
For the Six Months
Ended June 30, 2012 and 2013 |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
Gross Profit |
Research And Development |
Selling And Marketing |
General And Admin |
Tax Expense (Benefit) |
Total |
Six month period |
|
|
|
|
|
|
ended June 30, 2013 |
|
|
|
|
|
|
Compensation expenses |
$ -- |
$425 |
$937 |
$1,527 |
$ -- |
$2,889 |
Sierra PPA |
798 |
-- |
186 |
-- |
(463) |
521 |
Total |
$798 |
$425 |
$1,123 |
$1,527 |
($463) |
$3,410 |
|
|
|
|
|
|
|
Six month period |
|
|
|
|
|
|
ended June 30, 2012 |
|
|
|
|
|
|
Compensation expenses |
$ -- |
$350 |
$738 |
$1,898 |
$ -- |
$2,986 |
Sierra PPA |
696 |
-- |
162 |
-- |
(344) |
514 |
Total |
$696 |
$350 |
$900 |
$1,898 |
($344) |
$3,500 |
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Reconciliation of GAAP
results to non-GAAP results |
For the three months
ended June 30, 2012 and 2013 |
Condensed, in thousands
except share and per share data |
|
|
|
|
|
|
|
|
GAAP |
Q2/13 Specified Items (*) |
Non GAAP |
GAAP |
Q2/12 Specified Items (*) |
Non GAAP |
|
|
|
|
|
|
|
Gross profit |
$38,347 |
$399 |
$38,746 |
$34,333 |
$459 |
$34,792 |
Research and development, net |
6,130 |
(229) |
5,901 |
6,601 |
(192) |
6,409 |
Sales and marketing |
20,785 |
(612) |
20,173 |
18,729 |
(590) |
18,139 |
General and administrative |
5,894 |
(745) |
5,149 |
5,568 |
(856) |
4,712 |
Income tax expense |
174 |
292 |
466 |
360 |
217 |
577 |
Net income attributable to shareholders |
$5,195 |
$1,693 |
$6,888 |
$3,043 |
$1,880 |
$4,923 |
Diluted EPS attributable to shareholders |
$0.16 |
$0.06 |
$0.22 |
$0.10 |
$0.06 |
$0.16 |
|
|
|
|
|
|
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Reconciliation of GAAP
results to non-GAAP results |
For the six months
ended June 30, 2012 and 2013 |
Condensed, in thousands
except share and per share data |
|
|
|
|
|
|
|
|
GAAP |
YTD 13 Specified Items (*) |
Non GAAP |
GAAP |
YTD 12 Specified Items (*) |
Non GAAP |
|
|
|
|
|
|
|
Gross profit |
$69,657 |
$798 |
$70,455 |
$65,979 |
$696 |
$66,675 |
Research and development, net |
12,101 |
(425) |
11,676 |
13,345 |
(350) |
12,995 |
Sales and marketing |
40,416 |
(1123) |
39,293 |
37,492 |
(900) |
36,592 |
General and administrative |
11,455 |
(1527) |
9,928 |
11,205 |
(1898) |
9,307 |
Income tax expense |
486 |
463 |
949 |
984 |
344 |
1328 |
Net income attributable to shareholders |
$4,974 |
$3,410 |
$8,384 |
$3,244 |
$3,500 |
$6,744 |
Diluted EPS attributable to shareholders |
$0.16 |
$0.10 |
$0.26 |
$0.10 |
$0.11 |
$0.21 |
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Interim Consolidated
Balance Sheets |
In thousands except
share data |
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 30 |
June 30 |
December 31 |
|
2013 |
2012 |
2012 |
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$30,633 |
$ 27,091 |
$ 35,442 |
Short-term investments |
72,218 |
44,549 |
58,446 |
Accounts receivable: |
|
|
|
Trade |
31,148 |
29,064 |
31,279 |
Other |
4,685 |
5,413 |
4,654 |
Inventories |
23,650 |
24,329 |
22,591 |
Advances to suppliers |
856 |
1,799 |
1,349 |
Deferred tax assets |
2,851 |
3,389 |
2,646 |
Other current assets |
3,266 |
2,253 |
2,689 |
|
|
|
|
Total current assets |
169,307 |
137,887 |
159,096 |
|
|
|
|
|
|
|
|
Deposits |
844 |
1,030 |
924 |
|
|
|
|
Assets held for employees' severance
payments |
8,754 |
7,033 |
7,974 |
|
|
|
|
Long-term investments |
27,407 |
39,656 |
30,188 |
|
|
|
|
Non-current Inventory |
5,046 |
4,202 |
6,150 |
|
|
|
|
Fixed assets, less accumulated
depreciation |
11,216 |
12,628 |
12,335 |
|
|
|
|
Intangible assets, less accumulated
amortization |
28,980 |
27,828 |
30,705 |
|
|
|
|
Goodwill |
26,942 |
24,089 |
26,942 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$278,496 |
$ 254,353 |
$ 274,314 |
|
|
|
|
|
|
|
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Interim Consolidated
Balance Sheets |
In thousands except
share data |
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 30 |
June 30 |
December 31 |
|
2013 |
2012 |
2012 |
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Current installments of obligation under
capital lease |
$ -- |
$ 62 |
$ 38 |
Accounts payable: |
|
|
|
Trade |
7,632 |
8,413 |
8,756 |
Other |
22,472 |
25,841 |
27,091 |
Deferred income |
1,175 |
497 |
929 |
Total current
liabilities |
31,279 |
34,813 |
36,814 |
|
|
|
|
Long-term liabilities |
|
|
|
Obligation under capital lease,
net |
68 |
108 |
78 |
Liability in respect of employees' severance
payments |
9,503 |
7,795 |
8,761 |
Contingent consideration in respect of
business combination |
1,153 |
-- |
1,038 |
Deferred tax liabilities |
4,212 |
5,018 |
4,675 |
Total long-term
liabilities |
14,936 |
12,921 |
14,552 |
Total liabilities |
46,215 |
47,734 |
51,366 |
|
|
|
|
Equity |
|
|
|
Ordinary Shares, NIS 0.05 par value each
(90,000,000 |
|
|
|
shares authorized; 31,567,103 and
31,080,876 shares |
|
|
|
issued and fully paid as of June 30,
2013 and |
|
|
|
December 31, 2012, respectively) |
372 |
366 |
367 |
Additional paid-in capital |
223,666 |
214,742 |
219,103 |
Capital reserve |
1,591 |
1,591 |
1,591 |
Accumulated other comprehensive income
(loss) |
57 |
(595) |
266 |
Retained earnings (accumulated deficit) |
6,595 |
(9,485) |
1,621 |
Total Equity |
232,281 |
206,619 |
222,948 |
|
|
|
|
|
|
|
|
Total liabilities and
equity |
$278,496 |
$ 254,353 |
$ 274,314 |
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Interim
Consolidated Statements of Income and Comprehensive
Income |
In thousands except
share and per share data |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six-month period
ended June 30 |
Three-month
period ended June 30 |
Year ended December
31 |
|
2013 |
2012 |
2013 |
2012 |
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$90,084 |
$86,351 |
49,464 |
$44,512 |
$180,501 |
|
|
|
|
|
|
Cost of revenues |
(20,427) |
(20,372) |
(11,117) |
(10,179) |
(42,971) |
|
|
|
|
|
|
Gross profit |
69,657 |
65,979 |
38,347 |
34,333 |
137,530 |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Research and development, gross |
(12,300) |
(14,130) |
(6,199) |
(6,974) |
(25,627) |
|
|
|
|
|
|
Government grants |
199 |
785 |
69 |
373 |
1,439 |
Research and development, net |
(12,101) |
(13,345) |
(6,130) |
(6,601) |
(24,188) |
|
|
|
|
|
|
Sales and marketing |
(40,416) |
(37,492) |
(20,785) |
(18,729) |
(76,272) |
General and administrative |
(11,455) |
(11,205) |
(5,894) |
(5,568) |
(22,746) |
Other, net |
(186) |
(170) |
(138) |
(69) |
(455) |
|
|
|
|
|
|
Total operating
expenses |
(64,158) |
(62,212) |
(32,947) |
(30,967) |
(123,661) |
|
|
|
|
|
|
Operating profit |
5,499 |
3,767 |
5,400 |
3,366 |
13,869 |
Financing income (expense), net |
(39) |
368 |
(31) |
37 |
847 |
|
|
|
|
|
|
Profit before taxes |
|
|
|
|
|
on income |
5,460 |
4,135 |
5,369 |
3,403 |
14,716 |
Income tax expense |
(486) |
(984) |
(174) |
(360) |
(459) |
|
|
|
|
|
|
Net profit |
4,974 |
3,151 |
5,195 |
3,043 |
14,257 |
|
|
|
|
|
|
Net loss attributable to |
|
|
|
|
|
non-controlling interest |
-- |
93 |
-- |
-- |
93 |
|
|
|
|
|
|
Net profit attributable
to |
|
|
|
|
|
shareholders |
$4,974 |
$3,244 |
$5,195 |
$3,043 |
$14,350 |
|
|
|
|
|
|
Net change in respect of |
|
|
|
|
|
available for sale securities |
(209) |
290 |
(214) |
(140) |
1,151 |
Total comprehensive
profit |
|
|
|
|
|
attributable to
shareholders |
4,765 |
3,534 |
4,981 |
2,903 |
$15,501 |
|
|
|
|
|
|
Total comprehensive |
|
|
|
|
|
loss attributable to |
|
|
|
|
|
non-controlling interest |
-- |
(93) |
-- |
-- |
(93) |
|
|
|
|
|
|
Total comprehensive
profit |
4,765 |
3,441 |
4,981 |
2,903 |
$15,408 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings attributable to |
|
|
|
|
|
shareholders per Ordinary Share |
$0.16 |
$0.11 |
$0.17 |
$0.10 |
$0.47 |
|
|
|
|
|
|
Diluted Earnings attributable to |
|
|
|
|
|
shareholders per Ordinary Share |
$0.16 |
$0.10 |
$0.16 |
$0.10 |
$0.45 |
|
|
|
|
|
|
Weighted average number |
|
|
|
|
|
of Ordinary Shares used to |
|
|
|
|
|
compute basic Earnings |
|
|
|
|
|
per Ordinary share |
31,342,441 |
30,696,679 |
31,457,732 |
30,814,268 |
30,853,581 |
|
|
|
|
|
|
Weighted average number |
|
|
|
|
|
of Ordinary Shares used to |
|
|
|
|
|
compute dilute Earnings |
|
|
|
|
|
per Ordinary share |
31,897,495 |
31,511,329 |
31,933,651 |
31,544,729 |
31,563,208 |
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Consolidated Statements
of Cash Flows |
In
thousands |
(Unaudited) |
|
|
|
|
|
|
|
Six-month period
ended June 30 |
Three-month
period ended June 30 |
Year ended December
31 |
|
2013 |
2012 |
2013 |
2012 |
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Net profit |
$4,974 |
$3,151 |
$5,195 |
$3,043 |
$14,257 |
|
|
|
|
|
|
Adjustments required to
reconcile |
|
|
|
|
|
net profit to net cash provided
by |
|
|
|
|
|
operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
4,375 |
4,211 |
2,177 |
2,215 |
8,597 |
Change in deferred taxes |
(668) |
(2,195) |
(352) |
(1,188) |
(1,795) |
Stock based compensation |
2,889 |
2,986 |
1,493 |
1,557 |
6,158 |
Loss from disposal of fixed assets |
|
|
|
|
|
and intangible assets |
225 |
176 |
138 |
74 |
484 |
Unrealized interest on contingent |
|
|
|
|
|
consideration |
115 |
-- |
40 |
-- |
-- |
Decrease (increase) in accounts |
|
|
|
|
|
receivable – trade |
131 |
3,192 |
(3,903) |
372 |
977 |
Decrease (increase) in accounts |
|
|
|
|
|
receivable – other |
(7) |
469 |
179 |
(886) |
1,252 |
Increase in other current assets |
(577) |
(880) |
(497) |
(28) |
(1,316) |
Decrease (increase) in advances |
|
|
|
|
|
to suppliers |
493 |
(592) |
284 |
(420) |
(142) |
Decrease (increase) in inventories |
45 |
(684) |
662 |
(212) |
(299) |
Increase (decrease) in accounts payable |
(5,826) |
(2,181) |
3,134 |
2,414 |
(691) |
Increase (decrease) in deferred income |
246 |
(24) |
196 |
(36) |
408 |
Other |
197 |
(46) |
88 |
4 |
(62) |
Net cash provided by
operating |
|
|
|
|
|
activities |
6,612 |
7,583 |
8,834 |
6,909 |
27,828 |
|
|
|
|
|
|
Cash flows from
investing |
|
|
|
|
|
activities: |
|
|
|
|
|
Purchase of fixed assets and |
|
|
|
|
|
intangible assets |
(1,794) |
(3,317) |
(782) |
(1,837) |
(7,005) |
Other long term assets |
9 |
(610) |
8 |
(11) |
(538) |
Acquisition of business, net |
|
|
|
|
|
of cash acquired (1) |
-- |
-- |
-- |
-- |
(6,000) |
Changes in short term deposits, net |
(2,351) |
16,419 |
(9,851) |
(4,198) |
4,968 |
Proceeds from sales and maturity |
|
|
|
|
|
of marketable securities |
246 |
4,050 |
-- |
2,050 |
13,343 |
Investments in marketable securities |
(9,293) |
(23,460) |
-- |
(11,138) |
(24,827) |
|
|
|
|
|
|
Net cash used in investing
activities |
(13,183) |
(6,918) |
(10,625) |
(15,134) |
(20,059) |
|
Given Imaging Ltd. and
its Consolidated Subsidiaries |
Consolidated Statements
of Cash Flows |
In
thousands |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six-month period
ended June 30 |
Three-month
period ended June 30 |
Year ended December
31 |
|
2013 |
2012 |
2013 |
2012 |
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
Principal payments on capital lease
obligation |
-- |
(83) |
-- |
(42) |
(129) |
Proceeds from the issuance of Ordinary
Shares |
1,679 |
2,925 |
696 |
1,588 |
4,115 |
Purchase of shares from a
non-controlling |
|
|
|
|
|
shareholder in a subsidiary |
-- |
(658) |
-- |
-- |
(658) |
|
|
|
|
|
|
Net cash provided by financing
activities |
1,679 |
2,184 |
696 |
1,546 |
3,328 |
|
|
|
|
|
|
Effect of exchange rate changes
on |
|
|
|
|
|
cash and cash
equivalents |
83 |
(43) |
17 |
(89) |
60 |
|
|
|
|
|
|
Increase (decrease) in cash and
cash |
|
|
|
|
|
equivalents |
(4,809) |
2,806 |
(1,078) |
(6,768) |
11,157 |
Cash and cash equivalents at
beginning |
|
|
|
|
|
of period |
35,442 |
24,285 |
31,711 |
33,859 |
24,285 |
|
|
|
|
|
|
Cash and cash equivalents at end of
period |
$30,633 |
$27,091 |
$30,633 |
$27,091 |
$ 35,442 |
|
|
|
|
|
|
Supplementary cash flow
information |
|
|
|
|
|
Income taxes paid |
$1,988 |
$1,157 |
$748 |
$1,035 |
$ 2,883 |
CONTACT: For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
1-646-239-6231
flazar@lazarpartners.com
dcarey@lazarpartners.com
Israel Investor Contact:
Nava Ladin
Gelbart Kahana Investor Relations
+972-3-6074717
nava@gk-biz.com
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