[October 30, 2014] |
|
Fluidigm Reports Q3 2014 Results
SOUTH SAN FRANCISCO, Calif. --(Business Wire)--
Fluidigm Corporation (NASDAQ:FLDM) today announced its financial results
for the third quarter ended September 30, 2014.
Total revenue for the third quarter of 2014 was $29.6 million, an
increase of 62% from $18.3 million in the third quarter of 2013. Organic
revenue (excluding revenue attributable to the DVS Sciences acquisition,
comprised of the CyTOF® 2 system and proteomics analytical
consumables) was $24.7 million, an increase of 35% over the same quarter
in 2013. Net loss for the third quarter of 2014 was $13.8 million,
compared to a net loss of $4.3 million in the third quarter of 2013.
Non-GAAP net loss for the third quarter of 2014 was $3.1 million,
compared with $1.5 million non-GAAP net loss for the third quarter of
2013 (see accompanying table for reconciliation of GAAP and non-GAAP
measures).
"We delivered solid performance in the third quarter. Our organic growth
was fueled by diversified strength across single-cell genomics and
production genomics. We are also pleased with the commercial progress of
our single-cell proteomics business, which tracked well relative to our
expectations for the quarter," said Gajus Worthington, Fluidigm
President and Chief Executive Officer.
"Fluidigm is at the forefront of the emerging and dynamic single-cell
biology market. We have a unique leadership position in the market with
a product portfolio that spans across single-cell genomics and
proteomics. We are excited to report our first combined sale of a CyTOF
2, C1™, and BioMark™ HD system in the quarter, which we
believe reinforces our vision of single-cell biology and the ultimate
convergence of single-cell proteomics and genomics research," continued
Worthington.
Financial Highlights and Analysis
-
Instrument revenue grew 64% year-on-year in the quarter, driven by
increased sales of the C1 and BioMark HD systems, and
contribution from the acquired CyTOF 2 system.
-
Organic instrument revenue growth (which excludes contribution
from the CyTOF 2 system) was 29% year-on-year in the quarter.
-
Approximately 60% of the BioMark HD system sales during the
quarter were motivated by single-cell research.
-
Approximately 25% of C1 system sales were combined with
a BioMark HD system in the quarter.
-
Consumables revenue grew 64% year-on-year in the quarter, driven by
production genomics and single-cell genomics applications, and
contribution from acquired proteomics analytical consumables.
-
Organic consumables revenue growth (which excludes contribution
from proteomics analytical consumables) was 48% year-on-year in
the quarter.
-
Consumables pull-through in the quarter was within its historical
range of $40,000 - $50,000 per instrument/year for genomics
analytical systems and $15,000 - $25,000 per instrument/year for
genomics preparatory systems.
-
Consumables pull-through for proteomics analytical systems in the
quarter was within its historical range of $50,000 -$70,000 per
instrument/year.
-
Geographic revenue as a percent of total product revenue in the third
quarter of 2014 was as follows: United States - 57%; Europe - 27%;
Japan - 3%; Asia-Pacific - 9%; and Other - 4%.
-
Fluidigm's instrument installed base was 1,230 units at the end of the
quarter.
-
Genomics analytical systems (BioMark, BioMark HD, and EP1™
systems) represented 617 units of the installed base, genomics
preparatory systems (Access Array™ and C1 systems)
represented 527 units of the installed base, and proteomics
analytical systems (CyTOF and CyTOF 2 systems) represented the
remainder.
-
GAAP product margin was 61% in the third quarter of 2014, versus 72%
in the year ago period. Non-GAAP product margin, which excludes the
effects of amortization of developed technology, depreciation and
amortization, non-cash charge for the sale of inventory revalued at
the date of acquisition, and stock-based compensation expense, was 74%
in the third quarter of 2014, versus 74% in the year ago period (see
accompanying table for reconciliation of GAAP and non-GAAP product
margins).
-
Fluidigm ended September 30, 2014 with approximately $147.2 million in
cash, cash equivalents, and investments.
Business Highlights Since Fluidigm's Last Earnings Release
-
Initiated an early access program targeting key production genomics
customers and prospects for our new Juno™ system, which allows for
fully-automated SNP genotyping from dilute or challenging DNA samples.
-
Launched the Single-Cell Whole Exome Sequencing Application for the C1
system, designed to help researchers accelerate the discovery of novel
functional variants that may alter protein function.
-
The total number of single-cell biology publications referencing
Fluidigm increased to 222, which includes 63 publications citing mass
cytometry technology.
-
Single-cell mass cytometry study utilizing the deep profiling
capabilities of the CyTOF published in Science Translational
Medicine, demonstrating the ability to correlate changes in
certain blood cell types with surgical recovery times.
-
Shallow sequencing of single cells study utilizing the C1
system published in Nature Biotechnology, demonstrating that
shallow single-cell mRNA sequencing (approximately 50,000 reads per
cell) is sufficient for unbiased classification of cell identities.
Financial Outlook
Fluidigm is projecting 2014 total revenue to be between $114 million and
$117 million versus prior guidance of $112 million to $118 million.
Organic revenue is projected to be between $95 million and $96 million,
an increase of 33% to 35% over 2013, compared to prior guidance of 32%
to 35%. The Company now projects 2014 operating expenses on a GAAP basis
to be between $129 million and $131 million versus prior guidance of
$134 million to $136 million. Non-GAAP operating expenses, excluding
approximately: $11 million of acquisition-related expenses, $19 million
of stock-based compensation expense, and $4 million of depreciation and
amortization expense, is expected to be between $95 million and $97
million, compared to prior guidance of $100 million to $102 million
(also, see accompanying table for reconciliation of GAAP and non-GAAP
operating expenses for the third quarter of 2014 and 2013). Stock-based
compensation expense is expected to be between $21 million and $22
million, including $9 million related to assumed share-based awards from
the DVS acquisition. Interest expense is projected to be $5.3 million
and capital spending is expected to be between $9 million and $11
million versus prior guidance of $11 million to $13 million.
Conference Call Information
Fluidigm will host a conference call today, October 30, 2014 at 5:00
p.m. Eastern Time. The call can be accessed by calling (877) 556-5248
(domestic toll-free) or (720) 545-0029 (international toll). Fluidigm
will also provide a live stream of its third quarter 2014 financial
results conference call for investors at: http://investors.fluidigm.com/events.cfm.
The link will not be active until 4:45 p.m. Eastern Time on October 30,
2014. A telephone replay of the teleconference will be available 90
minutes after the end of the call at (855) 859-2056 (domestic
toll-free), or (404) 537-3406 (international toll), access code
13962396. The conference call will also be archived on the Fluidigm
investor's page at: http://investors.fluidigm.com.
Statement Regarding Use of Non-GAAP Financial Information
Fluidigm has presented certain financial information in accordance with
GAAP and also on a non-GAAP basis for the three and nine months ended
September 30, 2014 and 2013. Management believes that non-GAAP financial
measures, taken in conjunction with GAAP financial measures, provide
useful information for both management and investors by excluding
certain non-cash and other expenses that are not indicative of the
company's core operating results. Management uses non-GAAP measures to
compare the company's performance relative to forecasts and strategic
plans and to benchmark the company's performance externally against
competitors. Non-GAAP information is not prepared under a comprehensive
set of accounting rules and should only be used to supplement an
understanding of the company's operating results as reported under U.S.
GAAP. Fluidigm encourages investors to carefully consider its results
under GAAP, as well as its supplemental non-GAAP information and the
reconciliation between these presentations, to more fully understand its
business. Reconciliations between GAAP and non-GAAP results are
presented in the accompanying table of this release.
Use of Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, statements regarding the anticipated growth and
trends of the single-cell biology and production genomics markets;
expectations regarding future sales, revenue, opportunities, and
financial performance; opportunities, objectives, expectations and/or
strategies relating to new products; and current estimates of 2014 total
revenue growth, organic revenue growth, GAAP and non-GAAP operating
expenses, stock-based compensation expense, interest expense, and
capital spending. Forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from currently anticipated results, including but not limited
to, risks relating to the integration of the recently acquired
proteomics product line with Fluidigm's business and operations and the
future financial performance of its proteomics and genomics product
lines; the possible loss of key employees, customers, or suppliers as a
result of uncertainty caused by the acquisition; intellectual property
risks arising from the acquisition, including risks relating to
maintaining material in-licensed intellectual property rights;
challenges inherent in developing, manufacturing, launching, marketing,
and selling new products; competition; its sales, marketing and
distribution capabilities; its planned sales, marketing, and research
and development activities; reduction in research and development
spending or changes in budget priorities by customers; interruptions or
delays in the supply of components or materials for, or manufacturing
of, its products; seasonal variations in customer operations;
unanticipated increases in costs or expenses; and risks associated with
international operations. Information on these and additional risks,
uncertainties, and other information affecting Fluidigm's business and
operating results are contained in its Annual Report on Form 10-K for
the year ended December 31, 2013, its Quarterly Report on Form 10-Q for
the quarter ended June 30, 2014, and other filings with the Securities
and Exchange Commission. Additional information will also be set forth
in Fluidigm's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2014 to be filed with the Securities and Exchange
Commission. These forward-looking statements speak only as of the date
hereof. Fluidigm Corporation disclaims any obligation to update these
forward-looking statements except as may be required by law.
About Fluidigm
Fluidigm (NASDAQ:FLDM) develops, manufactures, and markets life
science analytical and preparatory systems for growth markets such as
single-cell biology and production genomics. We sell to leading academic
institutions, clinical laboratories, and pharmaceutical, biotechnology,
and agricultural biotechnology companies worldwide. Our systems are
based on proprietary microfluidics and multi-parameter mass cytometry
technology, and are designed to significantly simplify experimental
workflow, increase throughput, and reduce costs, while providing
excellent data quality. Fluidigm products are provided for Research Use
Only. Not for use in diagnostic procedures.
For more information, please visit www.fluidigm.com.
Fluidigm, the Fluidigm logo, CyTOF, C1, BioMark, EP1, Access
Array, and Juno are trademarks or registered trademarks of Fluidigm
Corporation.
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|
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|
FLUIDIGM CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instruments
|
|
|
|
$
|
17,850
|
|
|
|
$
|
10,894
|
|
|
|
$
|
48,327
|
|
|
|
$
|
28,964
|
|
Consumables
|
|
|
|
|
11,714
|
|
|
|
|
7,151
|
|
|
|
|
34,165
|
|
|
|
|
20,602
|
|
Product revenue
|
|
|
|
|
29,564
|
|
|
|
|
18,045
|
|
|
|
|
82,492
|
|
|
|
|
49,566
|
|
License and grant revenue
|
|
|
|
|
71
|
|
|
|
|
242
|
|
|
|
|
474
|
|
|
|
|
736
|
|
Total revenue
|
|
|
|
|
29,635
|
|
|
|
|
18,287
|
|
|
|
|
82,966
|
|
|
|
|
50,302
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue
|
|
|
|
|
11,421
|
|
|
|
|
5,138
|
|
|
|
|
30,080
|
|
|
|
|
14,273
|
|
Research and development
|
|
|
|
|
12,687
|
|
|
|
|
5,004
|
|
|
|
|
31,707
|
|
|
|
|
14,198
|
|
Selling, general and administrative
|
|
|
|
|
18,574
|
|
|
|
|
12,097
|
|
|
|
|
52,486
|
|
|
|
|
34,840
|
|
Litigation settlement
|
|
|
|
|
-
|
|
|
|
|
1,000
|
|
|
|
|
-
|
|
|
|
|
1,000
|
|
Acquisition-related expenses
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
10,696
|
|
|
|
|
-
|
|
Total costs and expenses
|
|
|
|
|
42,682
|
|
|
|
|
23,239
|
|
|
|
|
124,969
|
|
|
|
|
64,311
|
|
Loss from operations
|
|
|
|
|
(13,047
|
)
|
|
|
|
(4,952
|
)
|
|
|
|
(42,003
|
)
|
|
|
|
(14,009
|
)
|
Interest expense
|
|
|
|
|
(1,453
|
)
|
|
|
|
(1
|
)
|
|
|
|
(3,894
|
)
|
|
|
|
(13
|
)
|
Gain from sale of investment in Verinata
|
|
|
|
|
332
|
|
|
|
|
-
|
|
|
|
|
332
|
|
|
|
|
1,777
|
|
Other (expense) income, net
|
|
|
|
|
(338
|
)
|
|
|
|
709
|
|
|
|
|
(308
|
)
|
|
|
|
457
|
|
Loss before income taxes
|
|
|
|
|
(14,506
|
)
|
|
|
|
(4,244
|
)
|
|
|
|
(45,873
|
)
|
|
|
|
(11,788
|
)
|
Benefit from (provision for) income taxes
|
|
|
|
|
716
|
|
|
|
|
(42
|
)
|
|
|
|
3,987
|
|
|
|
|
(95
|
)
|
Net loss
|
|
|
|
$
|
(13,790
|
)
|
|
|
$
|
(4,286
|
)
|
|
|
$
|
(41,886
|
)
|
|
|
$
|
(11,883
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
|
|
$
|
(0.49
|
)
|
|
|
$
|
(0.17
|
)
|
|
|
$
|
(1.52
|
)
|
|
|
$
|
(0.47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net loss per share, basic and diluted
|
|
|
|
|
28,085
|
|
|
|
|
25,534
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|
|
|
|
27,613
|
|
|
|
|
25,407
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
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FLUIDIGM CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
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|
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|
|
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|
September 30, 2014
|
|
|
December 31, 2013 (1)
|
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|
|
(Unaudited)
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|
ASSETS
|
|
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Current assets:
|
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Cash and cash equivalents
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|
|
$
|
30,939
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|
|
$
|
35,261
|
Short-term investments
|
|
|
|
|
64,324
|
|
|
|
49,083
|
Accounts receivable, net
|
|
|
|
|
16,919
|
|
|
|
10,552
|
Inventories
|
|
|
|
|
16,960
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|
|
|
8,148
|
Prepaid expenses and other current assets
|
|
|
|
|
3,678
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|
|
|
1,540
|
Total current assets
|
|
|
|
|
132,820
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|
|
|
104,584
|
Long-term investments
|
|
|
|
|
51,962
|
|
|
|
1,942
|
Property and equipment, net
|
|
|
|
|
12,668
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|
|
|
6,818
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Other non-current assets
|
|
|
|
|
3,698
|
|
|
|
3,571
|
Developed technology, net
|
|
|
|
|
105,000
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|
|
|
-
|
Goodwill
|
|
|
|
|
104,245
|
|
|
|
-
|
Total assets
|
|
|
|
$
|
410,393
|
|
|
$
|
116,915
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
7,276
|
|
|
$
|
4,353
|
Accrued compensation and related benefits
|
|
|
|
|
6,034
|
|
|
|
5,485
|
Other accrued liabilities
|
|
|
|
|
7,366
|
|
|
|
5,392
|
Deferred revenue, current portion
|
|
|
|
|
6,630
|
|
|
|
2,721
|
Total current liabilities
|
|
|
|
|
27,306
|
|
|
|
17,951
|
Convertible notes
|
|
|
|
|
195,399
|
|
|
|
-
|
Deferred tax liability
|
|
|
|
|
27,109
|
|
|
|
-
|
Other non-current liabilities
|
|
|
|
|
6,024
|
|
|
|
2,550
|
Total liabilities
|
|
|
|
|
255,838
|
|
|
|
20,501
|
Total stockholders' equity
|
|
|
|
|
154,555
|
|
|
|
96,414
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
410,393
|
|
|
$
|
116,915
|
|
|
|
|
|
|
|
|
(1) Derived from audited consolidated financial statements.
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|
|
|
|
|
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|
FLUIDIGM CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
Operating Activities
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(41,886
|
)
|
|
|
$
|
(11,883
|
)
|
Depreciation and amortization
|
|
|
|
|
2,922
|
|
|
|
|
1,850
|
|
Stock-based compensation expense
|
|
|
|
|
15,280
|
|
|
|
|
4,681
|
|
Non-cash charges related to acquisition
|
|
|
|
|
10,446
|
|
|
|
|
-
|
|
Gain from sale of investment in Verinata
|
|
|
|
|
(332
|
)
|
|
|
|
(1,777
|
)
|
Other non-cash item
|
|
|
|
|
83
|
|
|
|
|
29
|
|
Changes in assets and liabilities, net
|
|
|
|
|
(5,611
|
)
|
|
|
|
2,271
|
|
Net cash used in operating activities
|
|
|
|
|
(19,098
|
)
|
|
|
|
(4,829
|
)
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
Acquisition, net of cash acquired
|
|
|
|
|
(113,190
|
)
|
|
|
|
-
|
|
Purchases of investments
|
|
|
|
|
(106,672
|
)
|
|
|
|
(56,831
|
)
|
Proceeds from sales and maturities of investments
|
|
|
|
|
41,412
|
|
|
|
|
19,140
|
|
Proceeds from sale of investment in Verinata
|
|
|
|
|
332
|
|
|
|
|
3,117
|
|
Purchase of intangible assets
|
|
|
|
|
-
|
|
|
|
|
(1,043
|
)
|
Purchases of property and equipment
|
|
|
|
|
(5,919
|
)
|
|
|
|
(1,565
|
)
|
Net cash used in investing activities
|
|
|
|
|
(184,037
|
)
|
|
|
|
(37,182
|
)
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible notes, net
|
|
|
|
|
195,212
|
|
|
|
|
-
|
|
Proceeds from exercise of stock options
|
|
|
|
|
4,084
|
|
|
|
|
3,501
|
|
Net cash provided by financing activities
|
|
|
|
|
199,296
|
|
|
|
|
3,501
|
|
Effect of foreign exchange rate fluctuations on cash and cash
equivalents
|
|
|
|
|
(483
|
)
|
|
|
|
(40
|
)
|
Net decrease in cash and cash equivalents
|
|
|
|
|
(4,322
|
)
|
|
|
|
(38,550
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
35,261
|
|
|
|
|
58,649
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
30,939
|
|
|
|
$
|
20,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUIDIGM CORPORATION
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP NET LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
2013
|
Net loss (GAAP)
|
|
|
|
$
|
(13,790
|
)
|
|
|
$
|
(4,286
|
)
|
|
|
|
$
|
(41,886
|
)
|
|
$
|
(11,883
|
)
|
Acquisition-related expenses
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
10,696
|
|
(1)
|
|
-
|
|
Stock-based compensation expense
|
|
|
|
|
6,024
|
|
|
|
|
1,749
|
|
|
|
|
|
15,280
|
|
|
|
4,681
|
|
Amortization of developed technology
|
|
|
|
|
2,800
|
|
|
|
|
-
|
|
|
|
|
|
7,000
|
|
|
|
-
|
|
Interest expense
|
|
|
|
|
1,453
|
|
|
|
|
1
|
|
|
|
|
|
3,894
|
|
|
|
13
|
|
Depreciation and amortization
|
|
|
|
|
1,080
|
|
|
|
|
657
|
|
|
|
|
|
2,922
|
|
|
|
1,850
|
|
Non-cash charge for sale of inventory revalued at the date of
acquisition
|
|
|
|
|
116
|
|
|
|
|
-
|
|
|
|
|
|
798
|
|
|
|
-
|
|
Benefit from acquisition related income taxes
|
|
|
|
|
(449
|
)
|
|
|
|
-
|
|
|
|
|
|
(3,188
|
)
|
|
|
-
|
|
Gain from sale of investment in Verinata
|
|
|
|
|
(332
|
)
|
|
|
|
-
|
|
|
|
|
|
(332
|
)
|
|
|
(1,777
|
)
|
Other income from litigation settlement
|
|
|
|
|
-
|
|
|
|
|
(600
|
)
|
|
|
|
|
-
|
|
|
|
(600
|
)
|
Litigation settlement expense
|
|
|
|
|
-
|
|
|
|
|
1,000
|
|
|
|
|
|
-
|
|
|
|
1,000
|
|
Loss on disposal of property and equipment
|
|
|
|
|
16
|
|
|
|
|
-
|
|
|
|
|
|
83
|
|
|
|
29
|
|
Net loss (Non-GAAP)
|
|
|
|
$
|
(3,082
|
)
|
|
|
$
|
(1,479
|
)
|
|
|
|
$
|
(4,733
|
)
|
|
$
|
(6,687
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT MARGIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
2013
|
Product margin (GAAP)
|
|
|
|
$
|
18,143
|
|
|
|
$
|
12,907
|
|
|
|
|
$
|
52,412
|
|
|
$
|
35,293
|
|
Amortization of developed technology
|
|
|
|
|
2,800
|
|
|
|
|
-
|
|
|
|
|
|
7,000
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
|
|
214
|
|
|
|
|
191
|
|
|
|
|
|
652
|
|
|
|
563
|
|
Non-cash charge for sale of inventory revalued at the date of
acquisition
|
|
|
|
|
116
|
|
|
|
|
-
|
|
|
|
|
|
798
|
|
|
|
-
|
|
Stock-based compensation expense
|
|
|
|
|
443
|
|
|
|
|
165
|
|
|
|
|
|
1,149
|
|
|
|
449
|
|
Product margin (Non-GAAP)
|
|
|
|
$
|
21,716
|
|
|
|
$
|
13,263
|
|
|
|
|
$
|
62,011
|
|
|
$
|
36,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product margin percentage (GAAP)
|
|
|
|
|
61.4
|
%
|
|
|
|
71.5
|
%
|
|
|
|
|
63.5
|
%
|
|
|
71.2
|
%
|
Product margin percentage (Non-GAAP)
|
|
|
|
|
73.5
|
%
|
|
|
|
73.5
|
%
|
|
|
|
|
75.2
|
%
|
|
|
73.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
2013
|
Operating expenses (GAAP)
|
|
|
|
$
|
31,261
|
|
|
|
$
|
17,101
|
|
|
|
|
$
|
94,889
|
|
|
$
|
49,038
|
|
Acquisition-related expenses
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(10,696
|
)
|
(1)
|
|
-
|
|
Stock-based compensation expense
|
|
|
|
|
(5,581
|
)
|
|
|
|
(1,584
|
)
|
|
|
|
|
(14,131
|
)
|
|
|
(4,232
|
)
|
Depreciation and amortization
|
|
|
|
|
(866
|
)
|
|
|
|
(466
|
)
|
|
|
|
|
(2,270
|
)
|
|
|
(1,287
|
)
|
Litigation settlement expense
|
|
|
|
|
-
|
|
|
|
|
(1,000
|
)
|
|
|
|
|
-
|
|
|
|
(1,000
|
)
|
Operating expenses (Non-GAAP)
|
|
|
|
$
|
24,814
|
|
|
|
$
|
14,051
|
|
|
|
|
$
|
67,792
|
|
|
$
|
42,519
|
|
(1) Acquisition-related expenses include charges for accelerated vesting
of certain DVS restricted stock and options; consulting, legal, and
investment banking fees; and other expenses.
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|