UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 000-21873
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BIOSITE INCORPORATED |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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33-0288606 |
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(State or other
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(I.R.S. Employer Identification No.) |
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11030
Roselle Street |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: (858) 455-4808 |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The number of shares of
the Registrant’s Common Stock, $0.01 par value, outstanding at
November 3, 2003 was 15,567,008.
BIOSITE INCORPORATED
FORM 10-Q
INDEX
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
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Biosite®, Triage® and New Dimensions in Diagnosis® are registered trademarks of Biosite Incorporated. Cardio ProfilER™ and the Company’s logos are trademarks of Biosite Incorporated.
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Part I. Financial Information
ITEM 1. FINANCIAL STATEMENTS
BIOSITE INCORPORATED
(in thousands, except par value)
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September 30, |
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December 31, |
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(Unaudited) |
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(Note) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
33,504 |
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$ |
19,113 |
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Marketable securities, available-for-sale |
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31,138 |
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51,783 |
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Accounts receivable, net |
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12,445 |
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10,996 |
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Inventories, net |
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28,347 |
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12,295 |
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Other current assets |
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6,205 |
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4,574 |
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Total current assets |
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111,639 |
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98,761 |
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Property, plant and equipment, net |
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58,462 |
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19,864 |
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Patents and license rights, net |
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6,951 |
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7,899 |
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Other assets |
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3,836 |
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4,730 |
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$ |
180,888 |
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$ |
131,254 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
6,276 |
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$ |
3,789 |
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Accrued employee expenses |
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7,266 |
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6,992 |
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Income taxes and other current liabilities |
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3,586 |
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5,055 |
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Current portion of long-term obligations |
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4,155 |
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2,224 |
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Total current liabilities |
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21,283 |
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18,060 |
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Long-term obligations |
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13,854 |
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5,253 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $.01 par value, 5,000 shares authorized, none issued and outstanding at September 30, 2003 and December 31, 2002 |
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— |
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— |
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Common stock, $.01 par value, 40,000 shares authorized; 15,562 and 14,895 shares issued and outstanding at September 30, 2003 and December 31, 2002, respectively |
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156 |
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149 |
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Additional paid-in capital |
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97,981 |
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79,544 |
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Unrealized net gain on marketable securities, net of related tax effect |
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140 |
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385 |
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Retained earnings |
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47,474 |
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27,863 |
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Total stockholders’ equity |
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145,751 |
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107,941 |
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$ |
180,888 |
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$ |
131,254 |
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Note: The balance sheet at December 31, 2002 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.
1
BIOSITE INCORPORATED
Condensed Statements of Income (Unaudited)
(in thousands, except per share amounts)
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Three
months ended |
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Nine
months ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenues: |
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Product sales |
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$ |
41,412 |
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$ |
28,103 |
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$ |
124,283 |
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$ |
69,014 |
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Contract revenue |
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1,358 |
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823 |
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3,126 |
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3,515 |
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Total revenues |
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42,770 |
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28,926 |
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127,409 |
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72,529 |
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Operating expenses: |
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Cost of product sales |
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14,493 |
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8,728 |
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41,965 |
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21,482 |
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Selling, general and administrative |
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12,435 |
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8,975 |
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37,438 |
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22,878 |
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Research and development |
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6,029 |
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4,588 |
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17,499 |
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11,946 |
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License and patent disputes |
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1,228 |
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4,043 |
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Total operating expenses |
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32,957 |
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23,519 |
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96,902 |
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60,349 |
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Operating income |
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9,813 |
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5,407 |
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30,507 |
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12,180 |
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Interest and other income, net |
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321 |
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450 |
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1,162 |
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1,471 |
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Income before provision for income taxes |
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10,134 |
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5,857 |
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31,669 |
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13,651 |
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Provision for income taxes |
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(3,691 |
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(2,189 |
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(12,058 |
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(5,225 |
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Net income |
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$ |
6,443 |
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$ |
3,668 |
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