BAXS down hard to all time lows on this earnings release, which supposedly hit estimates (maybe whisper numbers were higher or something). Welcome to biotech lock-up expiration hell:
>>MADISON, Wis.--(BUSINESS WIRE)--March 7, 2002-- Bruker AXS Inc. (Nasdaq: BAXS - news) today reported its financial results for the year 2001 and the fourth quarter ended December 31, 2001.
YEAR ENDED DECEMBER 31, 2001
For the year ended December 31, 2001, Bruker AXS reported revenue of $82.6 million, an increase of 21% compared to revenue of $68.1 million for the year 2000. After elimination of unfavorable currency effects, revenue growth in local currency was 25%. Gross margins continued to improve, increasing from 36.5% in 2000 to 38.2% in 2001.
Net loss for 2001 was $1.4 million, compared to net income of $0.7 million for 2000. Excluding the non-recurring, non-cash items described in detail below, 2001 net income was $0.7 million, and EPS was $0.02.
FOURTH QUARTER 2001
For the three months ended December 31, 2001, Bruker AXS reported revenues of $22.3 million, an increase of 32% compared to $17.0 million for the fourth quarter 2000. After elimination of unfavorable currency effects, revenue growth was 35%.
Net income for the fourth quarter of 2001 was $0.2 million, compared to net income of $0.4 million for same period in 2000.
NON-RECURRING, NON-CASH ITEMS
In the second quarter of 2001, Bruker AXS acquired the Nonius business in Delft, Netherlands and took a one-time non-cash charge for in-process research and development (IPR&D) of $3.6 million ($2.1 million after tax).
Prior to becoming a public company in December 2001, Bruker AXS recorded a non-cash $0.8 million accretion for its Series A convertible preferred stock, as described in more detail in the Company's registration statement on Form S-1 on file with the Securities and Exchange Commission. When the Series A stock was converted to common stock upon the Company's initial public offering, Bruker AXS recorded a one-time non-cash $5.2 million beneficial conversion charge. Although neither the accretion nor the beneficial conversion had a cash impact and neither will be reoccurring in the future, both amounts were recorded as a charge against additional paid-in capital and as a reduction from the net income available to common stockholders.
Including these three non-cash non-recurring items, for the full year 2001, EPS was ($0.19), and for the fourth quarter 2001 EPS was ($0.13).
ANALYSIS AND COMMENT
Martin Haase, President and CEO, stated, ``The year 2001 was an exciting year for Bruker AXS, as we clearly met or exceeded our own financial objectives as well as the consensus estimates for 2001. We raised more than $85 million in private and public equity which provides us with the capital resources to further grow our business. Our markets in structural proteomics and advanced materials research remain strong.
Additionally, in 2001, we acquired and fully integrated the Nonius business, which strengthened our position in the emerging structural proteomics market significantly. We have remained profitable on a cash earnings basis, despite our increased research and development investment, the establishment of four additional sales subsidiaries, general and administrative costs related to our initial public offering in the fourth quarter of 2001 and integration costs associated with the Nonius acquisition.
Finally, our increasingly strong backlog position provides good top-line visibility for the first two quarters of 2002. With our full pipeline of new products, as well as a good funding climate in structural proteomics and advanced materials research, we are reaffirming the Street expectations of approximately 15% revenue growth and strong earnings growth in 2002.``
EARNINGS CALL
The Company will host a live streaming-audio webcast of its fourth quarter 2001 financial results conference call at 11:00 a.m. Eastern Time on Friday, March 8, 2002. To listen to the webcast, investors should go to www.bruker-axs.com, select News, then select the ``Webcast'' button. The webcast will remain on the Company web site for 30 days. Investors can also listen by telephone by calling 1-888-565-5146 in the U.S., or 706-679-5344 outside the U.S., and should refer to the conference call led by President and CEO, Martin Haase. A toll-free replay will be available by dialing 1-800-642-1687, or 706-645-9291 outside the U.S., with the conference ID access code of 3392686.
Bruker AXS is a leading worldwide developer and provider of advanced X-ray systems which provide solutions for molecular and elemental analysis by X-ray crystallography, X-ray diffraction and X-ray fluorescence. Its integrated systems, which have particular application in the drug discovery and materials science fields, provide customers with high throughput capabilities to determine the structure of specific molecules, such as proteins, and to characterize and determine the composition of materials. Bruker AXS' substantial investment in research and development allows it to design, manufacture and market technologically innovative, integrated solutions to meet the rapidly growing needs of a diverse customer base, including biotechnology and pharmaceutical companies, semiconductor companies, raw materials manufacturers, chemical companies, academic institutions and other businesses involved in materials analysis.
Statements in this press release that are not strictly historical are ``forward-looking'' statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a high degree of risk and uncertainty that exist in the Company's operations and business environment. Such statements are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could affect actual events or results include risks associated with performance under the Company's agreements with third parties, research and development progress, competitive products and the strength of the Company's patent portfolio.
Condensed consolidated statements of operations and balance sheets follow.
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Bruker AXS Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
----------------------------------------------------
Net sales $ 22,341,985 $ 16,987,973 $ 82,587,569 $ 68,104,607
Cost of sales 13,416,747 9,512,555 51,062,780 43,251,673
----------------------------------------------------
Gross profit 8,925,238 7,475,418 31,524,789 24,852,934
Operating expenses:
Research and
development 2,303,986 1,678,570 11,333,836 5,916,256
General and
administrative 1,576,743 917,087 5,298,356 2,722,805
Marketing and
selling 4,388,039 4,042,197 16,792,047 14,110,512
----------------------------------------------------
Total operating
expenses 8,268,768 6,637,854 33,424,239 22,749,573
Operating
income (loss) 656,470 837,564 (1,899,450) 2,103,361
Other expense (income) 395,751 13,768 313,739 (58,167)
Interest expense, net 51,124 229,460 132,746 916,248
----------------------------------------------------
Income (loss) before
income taxes 209,595 594,336 (2,345,935) 1,245,280
Income tax expense
(benefit) 53,560 171,243 (969,492) 515,747
Net income (loss) 156,035 423,093 (1,376,443) 729,533
Convertible preferred
stock accretion 359,847 - 833,129 -
Beneficial
conversion feature 5,192,308 - 5,192,308 -
----------------------------------------------------
Net (loss) income
available to common
shareholders ($5,396,120) $423,093 ($7,401,880) $729,533
Earnings (loss) per share:
Basic ($0.13) $0.01 ($0.19) $0.02
Diluted ($0.13) $0.01 ($0.19) $0.02
Weighted average
shares outstanding
-basic 42,108,826 39,612,644 38,752,500 38,752,500
Weighted average
shares outstanding
-diluted 47,478,097 38,998,738 45,188,960 38,814,060
Bruker AXS Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2001 2000
---- ----
Assets
Current assets:
Cash and cash equivalents $ 48,787,026 $ 2,460,457
Accounts receivable, net 17,206,783 12,007,061
Inventories 26,768,962 20,141,275
Prepaid expenses 809,303 345,943
Other assets 1,378,095 496,243
Deferred income taxes 722,101 318,612
-------------------------
Total current assets 95,672,270 35,769,591
Property and equipment, net 8,150,910 6,715,761
Restricted cash 108,074 -
Other 1,053,620 121,304
Intangible assets - trademarks
and tradenames, net 250,250 -
Goodwill, net 3,099,314 -
Investments in other companies 2,000,000 -
Deferred income taxes 1,756,108 365,592
-------------------------
Total assets $112,090,546 $ 42,972,248
=========================
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 241,957 $ 2,983,438
Related party debt - current 229,180 1,794,743
Accounts payable 7,415,956 5,327,842
Other current liabilities 20,995,538 13,947,918
-------------------------
Total current liabilities 28,882,631 24,053,941
Long-term debt 2,200,000 5,054,543
Related party debt - non current - 7,792,330
Accrued pension 3,437,058 3,070,774
-------------------------
Total stockholders' equity 77,570,857 3,000,660
-------------------------
Total liabilities and
stockholders' equity $112,090,546 $ 42,972,248
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Cheers, Tuck |
