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 June 30, 2004 |
|
|
|
|
|
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 |
||
|
San Diego, California 92121 |
||
|
(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
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 July 26, 2004 was 15,893,301
BIOSITE INCORPORATED
FORM 10-Q
INDEX
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. Beckman Coulter® is a registered trademark of Beckman Coulter, Inc. This quarterly report on Form 10-Q also contains trademarks and trade names of other companies.
-i-
BIOSITE INCORPORATED
(in thousands, except par value)
|
|
|
June 30, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
(Note) |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
50,759 |
|
$ |
19,537 |
|
|
Marketable securities |
|
32,962 |
|
34,397 |
|
||
|
Accounts receivable, net |
|
16,379 |
|
23,755 |
|
||
|
Inventories, net |
|
30,695 |
|
27,780 |
|
||
|
Other current assets |
|
9,195 |
|
9,534 |
|
||
|
Total current assets |
|
139,990 |
|
115,003 |
|
||
|
Property, equipment and leasehold improvements, net |
|
84,420 |
|
71,408 |
|
||
|
Patents and license rights, net |
|
6,136 |
|
6,771 |
|
||
|
Other assets |
|
1,527 |
|
1,442 |
|
||
|
|
|
$ |
232,073 |
|
$ |
194,624 |
|
|
|
|
|
|
|
|
||
|
Liabilities and stockholders’ equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
12,717 |
|
$ |
6,905 |
|
|
Accrued employee expenses |
|
8,603 |
|
8,463 |
|
||
|
Current portion of long-term debt |
|
5,631 |
|
4,664 |
|
||
|
Income taxes payable |
|
1,065 |
|
— |
|
||
|
Other current liabilities |
|
5,979 |
|
4,096 |
|
||
|
Total current liabilities |
|
33,995 |
|
24,128 |
|
||
|
|
|
|
|
|
|
||
|
Long-term debt |
|
17,081 |
|
14,158 |
|
||
|
Other long-term liabilities |
|
1,904 |
|
3,435 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock, $.01 par value, 5,000 shares authorized, none issued and outstanding at June 30, 2004 and December 31, 2003 |
|
— |
|
— |
|
||
|
Common stock, $.01 par value, 40,000 shares authorized; 15,882 and 15,618 shares issued and outstanding at June 30, 2004 and December 31, 2003, respectively |
|
159 |
|
156 |
|
||
|
Additional paid-in capital |
|
107,303 |
|
99,821 |
|
||
|
Accumulated other comprehensive income, net of related tax effect of ($36) and $66 at June 30, 2004 and December 31, 2003, respectively |
|
83 |
|
299 |
|
||
|
Retained earnings |
|
71,548 |
|
52,627 |
|
||
|
Total stockholders’ equity |
|
179,093 |
|
152,903 |
|
||
|
|
|
$ |
232,073 |
|
$ |
194,624 |
|
Note: The balance sheet at December 31, 2003 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
(in thousands, except per share amounts)
|
|
|
Three months ended |
|
Six months ended |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
||||
|
Product sales |
|
$ |
58,761 |
|
$ |
43,776 |
|
$ |
115,459 |
|
$ |
82,871 |
|
|
Contract revenue |
|
1,101 |
|
922 |
|
2,080 |
|
1,768 |
|
||||
|
Total revenues |
|
59,862 |
|
44,698 |
|
117,539 |
|
84,639 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of product sales |
|
19,595 |
|
13,638 |
|
39,337 |
|
27,472 |
|
||||
|
Selling, general and administrative |
|
15,673 |
|
13,563 |
|
31,556 |
|
25,003 |
|
||||
|
Research and development |
|
8,336 |
|
6,256 |
|
15,824 |
|
11,470 |
|
||||
|
Total operating expenses |
|
43,604 |
|
33,457 |
|
86,717 |
|
63,945 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
16,258 |
|
11,241 |
|
30,822 |
|
20,694 |
|
||||
|
|
|
|
|||||||||||