UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2002
OR
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-21873
BIOSITE INCORPORATED
(Exact name of Registrant as specified in its charter)
|
Delaware |
|
33-0288606 |
|
(State or other jurisdiction |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
11030 Roselle Street |
||
|
(Address of principal executive offices) |
||
|
|
||
|
Registrant’s telephone number, including area code: (858) 455-4808 |
||
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The number of shares of the Registrant’s Common Stock, $0.01 par value, outstanding at November 8, 2002 was 14,824,632.
BIOSITE INCORPORATED
FORM 10-Q
INDEX
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|
|
|
|
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
||
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|||
Biosite®, Triage® and Omniclonal® are registered trademarks of Biosite Incorporated. New Dimensions in Diagnosis (TM) and the Company’s logo are trademarks of Biosite Incorporated.
1
(in thousands, except par value)
|
|
|
September
30, |
|
December
31, |
|
||
|
|
|
(Unaudited) |
|
(Note) |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
14,909 |
|
$ |
13,011 |
|
|
Marketable securities, available-for-sale |
|
53,360 |
|
42,486 |
|
||
|
Accounts receivable, net |
|
10,028 |
|
8,254 |
|
||
|
Inventories, net |
|
10,009 |
|
7,117 |
|
||
|
Income taxes receivable |
|
— |
|
155 |
|
||
|
Other current assets |
|
2,674 |
|
2,779 |
|
||
|
Total current assets |
|
90,980 |
|
73,802 |
|
||
|
Property, equipment and leasehold improvements, net |
|
17,274 |
|
13,840 |
|
||
|
Patents and license rights, net |
|
8,245 |
|
9,208 |
|
||
|
Other assets |
|
7,282 |
|
5,890 |
|
||
|
|
|
$ |
123,781 |
|
$ |
102,740 |
|
|
|
|
|
|
|
|
||
|
Liabilities and stockholders’ equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
4,367 |
|
$ |
2,326 |
|
|
Accrued employee expenses and other |
|
8,848 |
|
3,953 |
|
||
|
Income taxes payable |
|
2,695 |
|
— |
|
||
|
Current portion of long-term obligations |
|
2,102 |
|
2,008 |
|
||
|
Total current liabilities |
|
18,012 |
|
8,287 |
|
||
|
Long-term obligations |
|
4,557 |
|
3,542 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock, $.01 par value, 5,000 shares authorized, none issued and outstanding at September 30, 2002 and December 31, 2001 |
|
— |
|
— |
|
||
|
Common stock, $.01 par value, 25,000 shares authorized; 14,783 and 14,639 shares issued and outstanding at September 30, 2002 and December 31, 2001, respectively |
|
148 |
|
146 |
|
||
|
Additional paid-in capital |
|
77,717 |
|
75,891 |
|
||
|
Unrealized net gain on marketable securities, net of related tax effect |
|
452 |
|
405 |
|
||
|
Retained earnings |
|
22,895 |
|
14,469 |
|
||
|
Total stockholders’ equity |
|
101,212 |
|
90,911 |
|
||
|
|
|
$ |
123,781 |
|
$ |
102,740 |
|
Note: The balance sheet at December 31, 2001 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
See accompanying notes.
2
BIOSITE INCORPORATED
(in thousands, except per share amounts)
|
|
|
Three
months ended |
|
Nine
months ended |
|
||||||||
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
||||
|
Product sales |
|
$ |
28,103 |
|
$ |
15,941 |
|
$ |
69,014 |
|
$ |
45,477 |
|
|
Contract revenue |
|
823 |
|
1,066 |
|
3,515 |
|
2,897 |
|
||||
|
Total revenues |
|
28,926 |
|
17,007 |
|
72,529 |
|
48,374 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of product sales |
|
8,794 |
|
4,144 |
|
21,661 |
|
12,831 |
|
||||
|
Selling, general and administrative |
|
8,983 |
|
5,333 |
|
22,898 |
|
16,507 |
|
||||
|
Research and development |
|
4,636 |
|
3,573 |
|
12,089 |
|
10,189 |
|
||||
|
License and patent disputes |
|
1,228 |
|
1,185 |
|
4,043 |
|
1,658 |
|
||||
|
Total operating expenses |
|
23,641 |
|
14,235 |
|
60,691 |
|
41,185 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
5,285 |
|
2,772 |
|
11,838 |
|
7,189 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and other income |
|
572 |
|
677 |
|
1,813 |
|
1,921 |
|
||||
|
|
|||||||||||||