Given Imaging Ltd. (NASDAQ: GIVN) today announced financial results
for the third quarter ended September 30, 2010.
Worldwide revenues were $38.7 million in the third quarter of
2010, a 10 percent increase from $35.2 million in the third quarter
of 2009. Third quarter revenues include $5.9 million from Sierra
Scientific Instruments (SSI) which the company acquired in April.
Revenue in the quarter was lower than expected primarily due to
lower sales in the EMEA region. Gross margin on a non-GAAP basis in
the third quarter of 2010 was 77.3 percent, compared to gross
margin of 77.8 percent in the third quarter of 2009.
On a non-GAAP basis, net income for the third quarter of 2010
was $3.2 million, or $0.11 per share on a fully diluted basis,
compared to net income of $6.0 million, or $0.20 per share on a
fully diluted basis in the third quarter of 2009. On GAAP basis,
net income for the third quarter of 2010 was $1.0 million, or $0.03
per share, compared to $3.8 million, or $0.13 per share in the same
quarter of last year. A reconciliation of GAAP results to non-GAAP
results is attached.
Net cash provided by operating activities in the third quarter
was $11.2 million, compared to $3.3 million in the third quarter of
2009. Cash and cash equivalents, short-term investments and
marketable securities on September 30, 2010 totaled $83.2
million.
"Financial results this quarter continued to be negatively
affected by the global economic slowdown. In the EMEA region, we
were impacted by lower than expected PillCam sales particularly in
Spain, Italy and Greece where our customers have reduced inventory
levels. We anticipate this trend may continue during the fourth
quarter. At the same time, we are encouraged by the fact that
PillCam utilization in this region hasn't changed and we expect
sales in the region to rebound in 2011. Despite the difficult
global macroeconomic environment, our revenues grew by 10% compared
to the same period last year, our gross margin remained strong and
our operating cash flow exceeded $11 million. We are also pleased
with the notable improvement in gross margins of the Bravo and
Sierra product lines. With a diversified business, strong balance
sheet and constant innovation, we are well positioned to accelerate
our growth when the economy improves," said Homi Shamir, president
and CEO.
Third Quarter 2010 Revenue Analysis
Revenues in the Americas region were $26.1 million, including
revenues of $4.2 million from the Bravo pH Monitoring System and
$3.6 million from sales of SSI. In the same period in 2009 revenues
in the Americas region were $22.6 million, including revenues of
$3.7 million from Bravo. Revenues in the EMEA region were $8.4
million including $1.6 million from SSI. In the same period in
2009, EMEA revenues were $9 million. APAC revenues were $4.1
million including SSI sales of $0.6 million in the third quarter of
2010 compared to $3.6 million in the same period in 2009.
Worldwide PillCam SB sales amounted to 52,600 capsules in the
third quarter of 2010, compared to 54,800 in the same period last
year. PillCam SB sales in the Americas region of 36,500 in the
third quarter of 2010 were flat compared to the same period last
year. PillCam SB sales in the EMEA region were 10,500 compared to
13,500 in the third quarter of 2009, while PillCam SB sales in the
APAC region were 5,600 compared to 5,000 in the same period in
2009.
Supplemental third quarter data can be found at
www.givenimaging.com in the Investor Relations section.
Nine Month Financial Results
For the nine month period ended September 30, 2010, revenues
increased by 11 percent to $112.9 million compared to $101.7
million in the same period of 2009. Revenue for the first nine
months of 2010 includes SSI revenues of $11.6 million. Sales in the
Americas region in the first nine months of 2010 were $72.5 million
compared to $65.7 million in the same period in 2009. Sales in the
Americas region include $11.9 million from sales of Bravo, compared
to $9.6 million in the first nine months of 2009. SSI sales in the
Americas region were $7.1 million in the period. Sales in the EMEA
region were $28.5 million and include $3.2 million in sales from
SSI, compared to $27.1 million in the same period in 2009. Sales in
the APAC region were $11.7 million compared to $9.0 million last
year.
On a non-GAAP basis, gross profit margin for the nine month
period was 77.3 percent compared to 76.6 percent in 2009. On a GAAP
basis, gross profit margin in the first nine months of 2010 was
75.7 percent. On a non-GAAP basis net income for the first nine
months of 2010 was $13.8 million, or $0.45 per share on a fully
diluted basis, compared to $13.5 million, or $0.45 per share on a
fully diluted basis for the same period in 2009. GAAP net income
for the first nine months of 2010 was $5.3 million, or $0.17 per
share on a fully diluted basis, compared to $9.0 million or $0.30
per share on a fully diluted basis in the same period last
year.
2010 Guidance Update
Due to the unstable European economy, the fact that EMEA
customers reduced PillCam inventory levels which may continue in
the fourth quarter, and lower healthcare utilization in the US, the
company is reducing its 2010 financial guidance. The Company now
anticipates that 2010 revenues will be between $154 million and
$157 million. GAAP earnings per share is expected to be between
$0.18 - $0.23. Non-GAAP earnings per share (excluding charges
relating to FAS123R and SSI acquisition expenses) is expected to be
between $0.51 - $0.58.
Recent Developments
Given Imaging recently launched new products at the American
College of Gastroenterology Annual Meeting 2010:
-- PillCam SB 2-EX
A small bowel capsule which extends capsule operating time to a minimum
of 12 hours for patients who are confirmed or believed to have
slow motility
-- PillCam Express
A video capsule delivery device for patients who are unable to ingest
the capsule or who have slow gastric emptying times
Conference Call / Webcast Information
U.S. Call / Webcast
The company will host a conference call in English at 9:00 am ET
on Thursday, November 4, 2010. To participate in this
teleconference, please dial 888-264-8893 fifteen minutes before the
conference is scheduled to begin. Callers outside of the U.S.
should dial 913-312-1482. 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 November 18 by dialing
888-203-1112. Callers outside of the U.S. should dial 719-457-0820.
The replay participant code is 2594018.
Hebrew Call
A separate conference call in Hebrew will take place on November
4, 2010 at 1:00 pm Israel time, 7:00 am ET. To access this call,
please dial +972 3 918 0610 ten minutes before the conference is
scheduled to begin. A replay of the call will be available from
November 7 until November 9 by dialing +972 3 925 5921.
About Given Imaging Ltd.
Since 2001, Given Imaging has advanced gastrointestinal
visualization by developing innovative, patient-friendly tools
based on its PillCam® Platform. PillCam® capsule endoscopy uses
cutting-edge, wireless technology and advanced software to provide
physicians with natural images of the small intestine via PillCam®
SB, the esophagus through PillCam® ESO and the colon with PillCam®
COLON [PillCam® COLON is not cleared for use in the USA]. The
PillCam® capsules are miniature video cameras that patients ingest.
Given Imaging's other capsule products include Agile™ patency
capsule, to verify intestinal patency, and Bravo®, the only
wireless, catheter-free, 48-hour pH test commercially available for
pH testing to assess gastroesophageal reflux disease (GERD). In
April, 2010, Given Imaging acquired Sierra Scientific Instruments,
the leading provider of specialty GI diagnostic solutions and
pioneer of high-resolution manometry for assessing gastrointestinal
motility. Sierra Scientific is now a wholly-owned subsidiary of
Given Imaging. Given Imaging's headquarters, manufacturing and
R&D facilities are located in Yoqneam, Israel, with operating
subsidiaries in the United States, Germany, France, Japan,
Australia and Hong Kong. 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. 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 and (18)
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, 2009. 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.
Given Imaging Ltd. and its Consolidated Subsidiaries
Excluded Items
For the Three Months Ended September 30, 2009 and 2010
(Unaudited, dollars in thousands)
Research Selling General Tax
Gross And And And Expense
Profit Development Marketing Admin (Benefit) Total
--------- --------- --------- --------- -------- --------
Three month
period ended
September 30,
2010
Compensation
expenses $ - $ 148 $ 367 $ 1,550 $ - $ 2,065
Sierra PPA 236 (111) 82 - (82) 125
--------- --------- --------- --------- -------- --------
Total $ 236 $ 37 $ 449 $ 1,550 ($ 82) $ 2,190
========= ========= ========= ========= ======== ========
Three month
period ended
September 30,
2009
Compensation
expenses $ - $ 93 $ 511 $ 1,586 $ - $ 2,190
--------- --------- --------- --------- -------- --------
Total $ - $ 93 $ 511 $ 1,586 $ 0 $ 2,190
========= ========= ========= ========= ======== ========
Given Imaging Ltd. and its Consolidated Subsidiaries
Excluded Items
For the Nine Months Ended September 30, 2009 and 2010
(Unaudited, dollars in thousands)
Research Selling General Tax
Gross And And And Expense
Profit Development Marketing Admin (Benefit) Total
--------- --------- --------- --------- -------- --------
Nine month
period ended
September 30,
2010
Compensation
expenses $ - $ 304 $ 993 $ 5,173 $ - $ 6,470
Sierra
acquisition
expenses - - - 686 - 686
Sierra PPA 1,745 - 164 250 (761) 1,398
--------- --------- --------- --------- -------- --------
Total $ 1,745 $ 304 $ 1,157 $ 6,109 ($ 761) $ 8,554
========= ========= ========= ========= ======== ========
Nine month
period ended
September 30,
2009
Compensation
expenses $ - $ 286 $ 1,509 $ 4,083 $ - $ 5,878
Tax (benefit) - - - - (1,390) (1,390)
--------- --------- --------- --------- -------- --------
Total $ 0 $ 286 $ 1,509 $ 4,083 ($ 1,390) $ 4,488
========= ========= ========= ========= ======== ========
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the Three months ended September 30, 2010 and 2009
Condensed, in thousands except share and per share data
Q3 2010 Q3 2009
Specified Specified
Items Non Items Non
GAAP (*) GAAP GAAP (*) GAAP
-------- -------- -------- -------- --------- --------
Revenues $ 38,658 - $ 38,658 $ 35,220 - $ 35,220
Cost of
revenues (8,999) 236 (8,763) (7,827) - (7,827)
Gross profit 29,659 236 29,895 27,393 27,393
Gross profit
as a % of
revenues 76.7% - 77.3% 77.8% 77.8%
Operating
expenses
Research and
development,
net (5,635) 37 (5,598) (4,632) 93 (4,539)
Sales and
marketing (17,408) 449 (16,959) (14,758) 511 (14,247)
General and
administrative (6,046) 1,550 (4,496) (5,042) 1,586 (3,456)
Other, net (142) - (142) (316) - (316)
Total operating
expenses (29,231) 2,036 (27,195) (24,748) 2,190 (22,558)
Operating
profit 428 2,272 2,700 2,645 2,190 4,835
Operating
profit as a %
of revenues 1.1% 7.0% 7.5% 13.7%
Financing
income, net 887 - 887 1,086 - 1,086
Profit before
taxes on income 1,315 2,272 3,587 3,731 2,190 5,921
Income tax
benefit
(expense) (334) (82) (416) -6 0 (6)
Net Profit 981 2,190 3,171 3,725 2,190 5,915
Net loss
attributable to
non-controlling
interest 30 - 30 114 - 114
Net profit
attributable to
shareholders $ 1,011 $ 2,190 $ 3,201 $ 3,839 $ 2,190 $ 6,029
2.6% 8.3% 10.9% 17.1%
Earnings per
share
Basic Earnings
attributable to
shareholders
per Ordinary
Share $ 0.03 $ 0.08 $ 0.108 $ 0.13 $ 0.07 $ 0.20
Diluted Earnings
attributable to
shareholders
per Ordinary
Share $ 0.03 $ 0.08 $ 0.11 $ 0.13 $ 0.07 $ 0.20
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the nine months ended September 30, 2010 and 2009
Condensed, in thousands except share and per share data
YTD 2010 YTD 2009
Specified Specified
Items Non Items Non
GAAP (*) GAAP GAAP (*) GAAP
-------- -------- -------- -------- -------- --------
Revenues $112,889 - $112,889 $101,723 - $101,723
Cost of
revenues (27,397) 1,745 (25,652) (23,766) - (23,766)
Gross profit 85,492 1,745 $ 87,237 77,957 - 77,957
Gross profit
as a % of
revenues 75.7% 77.3% 76.6% 76.6%
Operating
expenses
Research and
development,
net (14,575) 304 (14,271) (12,522) 286 (12,236)
Sales and
marketing (48,502) 1,157 (47,345) (45,257) 1,509 (43,748)
General and
administrative (18,136) 6,109 (12,027) (14,021) 4,083 (9,938)
Other, net (376) - (376) (331) - (331)
Total operating
expenses (81,589) 7,570 (74,019) (72,131) 5,878 (66,253)
Operating
profit 3,903 9,315 13,218 5,826 5,878 11,704
Operating
profit as a %
of revenues 3.5% 11.7% 5.7% 11.5%
Financing
income, net 1,690 - 1,690 1,276 - 1,276
Profit before
taxes on
income 5,593 9,315 14,908 7,102 5,878 12,980
Income tax
benefit
(expense) (563) (761) (1,324) 1,160 (1,390) (230)
Net Profit 5,030 8,554 13,584 8,262 4,488 12,750
Net loss
attributable to
non-controlling
interest 245 - 245 704 - 704
Net profit
attributable to
shareholders $ 5,275 $ 8,554 $ 13,829 $ 8,966 $ 4,488 $ 13,454
Net profit
attributable to
shareholders
as a % of
revenues 4.7% 12.3% 8.8% 13.2%
Earnings per
share
Basic Earnings
attributable to
shareholders
per Ordinary
Share $ 0.18 $ 0.29 $ 0.48 $ 0.31 $ 0.15 $ 0.46
Diluted
Earnings
attributable to
shareholders
per Ordinary
Share $ 0.17 $ 0.28 $ 0.45 $ 0.30 $ 0.15 $ 0.45
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
September 30 December 31
------------- -------------
2010 2009
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 39,848 $ 46,458
Short-term investments 38,414 31,736
Accounts receivable:
Trade 25,113 24,742
Other 3,276 3,799
Inventories 18,921 17,302
Prepaid expenses 2,323 1,036
Deferred tax assets 1,558 2,207
Advances to suppliers 385 534
------------- -------------
Total current assets 129,838 127,814
------------- -------------
Deposits 1,223 1,062
Assets held for employee severance payments 5,895 4,968
Marketable securities 4,925 16,956
Non-current inventory 5,899 6,015
Fixed assets, at cost, less accumulated
depreciation 14,034 13,843
Deferred tax assets 192 192
Intangible assets, less accumulated
amortization 26,319 11,284
Goodwill 24,109 3,586
------------- -------------
Total Assets $ 212,434 $ 185,720
============= =============
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
September 30 December 31
------------ ------------
2010 2009
------------ ------------
Liabilities and equity
Current liabilities
Current installments of obligation under
capital lease $ 171 $ 145
Accounts payable:
Trade 8,704 6,789
Other 23,828 20,060
Deferred income 771 234
------------ ------------
Total current liabilities 33,474 27,228
------------ ------------
Long-term liabilities
Obligation under capital lease, net 285 356
Liability in respect of employees' severance
payments 6,617 5,530
------------ ------------
Deferred tax liabilities 4,486 -
------------ ------------
Total long-term liabilities 11,388 5,886
------------ ------------
Total liabilities 44,862 33,114
------------ ------------
Equity
Shareholders' equity
Ordinary Shares, NIS 0.05 par value each
(90,000,000 shares authorized; 29,784,327 and
29,370,972 shares issued and fully paid as
of September 30, 2010 and December 31, 2009,
respectively) 350 345
Additional paid-in capital 192,766 182,203
Capital reserve 2,051 2,166
Accumulated other comprehensive income 170 399
Accumulated deficit (27,910) (33,185)
------------ ------------
Shareholders' equity 167,427 151,928
------------ ------------
Non-controlling interest 145 678
------------ ------------
Total Equity 167,572 152,606
------------ ------------
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Statements of Operations
In thousands except share and per share data
(Unaudited)
Nine-month Three-month
period ended period ended
September 30 September 30 Year ended
---------------------- ---------------------- December 31
2010 2009 2010 2009 2009
---------- ---------- ---------- ---------- ----------
Revenues $ 112,889 $ 101,723 $ 38,658 $ 35,220 $ 141,763
Cost of
revenues (27,397) (23,766) (8,999) (7,827) (33,145)
---------- ---------- ---------- ---------- ----------
Gross profit 85,492 77,957 29,659 27,393 108,618
---------- ---------- ---------- ---------- ----------
Operating
expenses
Research and
development,
gross (15,643) (13,543) (6,196) (5,019) (17,842)
Government
grants 1,068 1,021 561 387 1,109
---------- ---------- ---------- ---------- ----------
Research and
development,
net (14,575) (12,522) (5,635) (4,632) (16,733)
Sales and
marketing (48,502) (45,257) (17,408) (14,758) (61,428)
General and
administrative (18,136) (14,021) (6,046) (5,042) (18,919)
Other, net (376) (331) (142) (316) (1,220)
---------- ---------- ---------- ---------- ----------
Total operating
expenses (81,589) (72,131) (29,231) (24,748) (98,300)
---------- ---------- ---------- ---------- ----------
Operating
income 3,903 5,826 428 2,645 10,318
Financing
income, net 1,690 1,276 887 1,086 1,584
---------- ---------- ---------- ---------- ----------
Income before
taxes
on income 5,593 7,102 1,315 3,731 11,902
Income tax
benefit
(expense) (563) 1,160 (334) (6) 1,542
---------- ---------- ---------- ---------- ----------
Net income 5,030 8,262 981 3,725 13,444
Net loss
attributable
to
non-controlling
interest 245 704 30 114 891
---------- ---------- ---------- ---------- ----------
Net income
attributable
to
shareholders $ 5,275 $ 8,966 $ 1,011 $ 3,839 $ 14,335
========== ========== ========== ========== ==========
Earnings per
share
Basic Earnings
attributable
to
shareholders
per Ordinary
Share $ 0.18 $ 0.31 $ 0.03 $ 0.13 $ 0.49
========== ========== ========== ========== ==========
Diluted
Earnings
attributable
to
shareholders
per Ordinary
Share $ 0.17 $ 0.30 $ 0.03 $ 0.13 $ 0.47
========== ========== ========== ========== ==========
Weighted
average number
of Ordinary
Shares used to
compute basic
Earnings
per Ordinary
Share 29,623,700 29,264,952 29,768,548 29,278,785 29,281,897
========== ========== ========== ========== ==========
Weighted
average number
of Ordinary
Shares used to
compute diluted
Earnings
per Ordinary
Share 30,566,498 30,108,597 30,346,875 30,648,420 30,423,162
========== ========== ========== ========== ==========
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Nine-month Three-month
period ended period ended
September 30 September 30 Year ended
------------------ ----------------- December 31
2010 2009 2010 2009 2009
-------- -------- -------- -------- --------
Cash flows from operating
activities:
Net income $ 5,030 $ 8,262 $ 981 $ 3,725 $ 13,444
Adjustments required to
reconcile net income
to net cash provided by
operating activities:
Depreciation and
amortization 5,823 4,513 1,767 1,531 6,096
Goodwill impairment - - 483
Deferred tax assets 649 (334) 276 (517) (1,221)
Deferred tax liabilities 4,486 - (82) - -
Stock based compensation 6,470 5,878 2,065 2,190 7,268
Loss from disposal of
fixed assets 468 331 176 316 714
Other 121 (231) 413 (80) (144)
Net change in trading
securities 108 (6,355) (215) (2,983) -
Decrease (increase) in
accounts receivable -
trade 3,309 426 1,256 1,134 (3,069)
Decrease (increase) in
accounts receivable -
other 527 1,569 1,511 (105) 863
Decrease (increase) in
prepaid expenses (761) (329) (764) (711) 595
Decrease in
advances to suppliers 149 2,963 348 262 3,006
Decrease (increase) in
inventories 2,213 (5,546) (428) (2,858) (4,386)
Increase (decrease) in
accounts payable (1,683) 1,251 3,992 1,760 1,819
Increase (decrease) in
deferred income 537 (1,304) (98) (386) (1,289)
-------- -------- -------- -------- --------
Net cash provided by
operating activities 22,960 11,094 11,198 3,278 24,179
-------- -------- -------- -------- --------
Cash flows from investing
activities:
Purchase of fixed assets
and intangible assets (3,777) (3,619) (1,227) (1,171) (4,794)
Deposits (41) 16 (14) 26 34
Acquisition of Sierra,
net of cash acquired (1) (34,709) - -
Proceeds from sales of
marketable securities and
short term investments 26,793 32,424 4,400 11,698 38,085
Investments in trading
and marketable securities (21,777) (13,218) (13,991) (1,010) (27,410)
-------- -------- -------- -------- --------
Net cash provided by
(used in)
investing activities (33,511) $ 15,603 (10,832) $ 9,543 5,915
-------- -------- -------- -------- --------
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Nine-month Three-month
period ended period ended
September 30 September 30 Year ended
------------------ ----------------- December 31
2010 2009 2010 2009 2009
-------- -------- -------- -------- --------
Cash flows from financing
activities:
Principal payments on
capital lease obligation,
net $ (86) $ (97) $ (37) $ (32) $ (131)
Proceeds from the
issuance of Ordinary
Shares 4,098 50 307 50 954
Dividend distribution (15,799) - (15,799)
Purchase of shares from a
non-controlling
shareholder in a
subsidiary (403) (382) (403) - (382)
-------- -------- -------- -------- --------
Net cash (used in)
provided by financing
activities 3,609 (16,228) (133) 18 (15,358)
-------- -------- -------- -------- --------
Effect of exchange rate
changes on cash 332 33 559 122 25
-------- -------- -------- -------- --------
Increase (decrease) in
cash and cash
equivalents (6,610) 10,502 792 12,961 14,761
Cash and cash equivalents
at beginning of period 46,458 31,697 39,056 29,238 31,697
-------- -------- -------- -------- --------
Cash and cash equivalents
at end of period $ 39,848 $ 42,199 $ 39,848 $ 42,199 $ 46,458
======== ======== ======== ======== ========
Supplementary cash flow
information
Income taxes paid $ 184 $ 728 $ 90 $ 643 $ 877
======== ======== ======== ======== ========
For further information contact: Fern Lazar/David Carey Lazar
Partners Ltd. 1-212-867-1768 Email Contact/ Email Contact
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