SciClone Reports Financial Results for the Second Quarter 2012
Continued Strong Revenue Growth for ZADAXIN(R), as Well as Primary Care and Oncology Product Lines
SciClone reported that revenues increased by 22% for the quarter ended
On a pro forma basis, assuming
On a GAAP basis, SciClone's net income for the second quarter of 2012 was
SciClone's non-GAAP net income for the second quarter of 2012 was
SciClone believes this non-GAAP information is useful for investors, taken in conjunction with SciClone's GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of SciClone's operating results as reported under GAAP. The non-GAAP calculations and reconciliation to comparable GAAP measures were derived principally as a result of the
Sales and marketing expenses for the second quarter of 2012 were
Research and development (R&D) expenses for the second quarter of 2012 totaled
General and administrative expenses for the second quarter of 2012 were
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About SciClone
Forward-Looking Statements
This press release contains forward-looking statements regarding expected financial results and expectations. Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "unaudited," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially. These include risk and uncertainties relating to: the course, cost and outcome of regulatory matters, including pricing decisions by authorities in
Ambien, Depakine, Stilnox and Tritace are registered trademarks of Sanofi and/or its affiliates.
Aggrastat is a registered trademark of
Estracyt is a registered trademark of
Holoxan and Endoxan are registered trademarks of
SciClone,
SCICLONE PHARMACEUTICALS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
Net revenues:
Product sales $ 32,208 $ 27,389 $ 63,466 $ 49,051
Promotion services 8,085 5,719 15,990 5,719
-------- -------- -------- --------
Total revenues, net 40,293 33,108 79,456 54,770
Operating expenses:
Cost of product sales 5,215 5,174 10,156 8,277
Sales and marketing 17,689 12,861 35,329 18,089
Amortization of acquired
intangible assets, related to
sales and marketing 882 714 1,766 714
Research and development 1,493 3,091 4,886 6,200
General and administrative 4,455 8,259 8,416 14,217
Contingent consideration* (1,171) 808 (2,087) 808
-------- -------- -------- --------
Total operating expenses 28,563 30,907 58,466 48,305
-------- -------- -------- --------
Income from operations 11,730 2,201 20,990 6,465
Non-operating income (expense):
Interest income 15 13 45 33
Interest expense (55) (53) (110) (110)
Other (expense) income, net (14) (4) (15) 11
-------- -------- -------- --------
Income before provision for income
tax 11,676 2,157 20,910 6,399
Provision for income tax 1,057 174 1,611 567
-------- -------- -------- --------
Net income $ 10,619 $ 1,983 $ 19,299 $ 5,832
======== ======== ======== ========
Basic net income per share $ 0.19 $ 0.04 $ 0.34 $ 0.11
Diluted net income per share $ 0.18 $ 0.03 $ 0.32 $ 0.11
Weighted average shares used in
computing:
Basic net income per share 57,239 55,666 57,470 52,301
Diluted net income per share 59,517 58,223 59,612 54,807
SCICLONE PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
GAAP net income $ 10,619 $ 1,983 $ 19,299 $ 5,832
Non-GAAP adjustments:
Employee stock-based compensation 1,114 724 2,036 1,249
Contingent consideration (1,171) 808 (2,087) 808
Amortization of acquired intangible
assets 882 714 1,766 714
Acquisition related costs - 3,260 - 3,822
-------- -------- -------- --------
Non-GAAP net income $ 11,444 $ 7,489 $ 21,014 $ 12,425
======== ======== ======== ========
Non-GAAP basic net income per share $ 0.20 $ 0.13 $ 0.37 $ 0.24
Non-GAAP diluted net income per share $ 0.19 $ 0.13 $ 0.35 $ 0.23
Weighted average shares used in
computing:
GAAP and Non-GAAP basic net income per
share 57,239 55,666 57,470 52,301
GAAP and Non-GAAP diluted net income
per share 59,517 58,223 59,612 54,807
SciClone management uses these non-GAAP financial measures to monitor and evaluate the Company's operating results and trends on an on-going basis and internally for operations, budgeting and financial planning purposes. SciClone believes the non-GAAP information is useful for investors by offering them the ability to better understand how management evaluates the business. These non-GAAP measures have limitations, however, because they do not include all items of income and expenses that affect SciClone. These non-GAAP financial measures that management uses are not prepared in accordance with, and should not be considered in isolation of, or as an alternative to, measurements required by GAAP.
SciClone's non-GAAP financial measures exclude the following items from GAAP net income and net income per share:
- Employee stock-based compensation. The effects of non-cash employee stock-based compensation.
- *Contingent consideration. The contingent consideration related to the acquisition of
NovaMed is re-measured each reporting period and the change in fair value is recorded as an adjustment to operating expense. SciClone's non-GAAP financial measure excludes the change in fair value of the liability for contingent consideration in connection with the acquisition ofNovaMed . - Amortization of acquired intangible assets. We recorded intangible assets in connection with the acquisition of
NovaMed . The amortization of these intangible assets is excluded from SciClone's non-GAAP financial measure. - Acquisition related costs. We incurred certain one-time acquisition costs related to the acquisition of
NovaMed . The effects of these acquisition related costs are excluded from SciClone's non-GAAP financial measure.
SCICLONE PHARMACEUTICALS, INC.
UNAUDITED SELECTED BALANCE SHEET DATA
(in thousands)
June 30, December 31,
2012 2011
------------- -------------
Cash and investments $ 81,914 $ 67,018
Accounts receivable 41,763 42,226
Inventories 8,220 8,813
Intangible assets, net 43,198 45,185
Goodwill 31,792 31,973
Total assets 211,914 200,326
Total current liabilities 37,774 25,284
Contingent consideration 13,325 15,400
Deferred tax liabilities 8,318 8,715
Borrowing on line of credit 2,500 2,500
Total shareholders' equity 165,460 150,458
Corporate ContactsGary Titus Chief Financial Officer 650.358.3456 gtitus@sciclone.comJane Green Investors/Media 650.358.1447 jgreen@sciclone.com
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