NxStage Reports First Quarter 2013 Financial Results
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Revenue for the first quarter of 2013 increased 8% to
Home revenue for the first quarter of 2013 increased 6% to
Critical Care revenue increased to
NxStage reported a net loss of
Our first quarter performance represents a good start to the year, stated
Burbank continued, Based on our outlook and our continuing progress in key areas, we are reaffirming both our guidance for 2013, and our belief that we are creating significant catalysts for adoption of NxStage therapies in 2014 and beyond.
Guidance:
For the second quarter of 2013, the Company is forecasting revenues to be between
Conference Call:
NxStage will also host a conference call today, Thursday, May 2, 2013 at
A replay of the conference call will be available 2 hours after the completion of the call through
About NxStage
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words anticipate, believe, expect, estimate, plan, and similar expressions are generally intended to identify forward-looking statements. Examples of these forward-looking statements include statements as to the anticipated demand for the Company’s products, anticipated operating results, including revenues, loss, gross margin and Adjusted EBITDA numbers, and other expectations as to future operating results. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond NxStage’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements, including market acceptance and demand for NxStage’s products, growth in home and/or daily hemodialysis, unanticipated difficulties in achieving operational efficiencies and cost reductions, changes in reimbursement for home and daily hemodialysis, changes in the regulatory environment, changes in the historical purchasing patterns and preferences of our customers, including DaVita Healthcare Partners Inc. and Fresenius Medical Care, and certain other factors that may affect future operating results and which are detailed in NxStage’s filings with the
In addition, the statements in this press release represent NxStage’s expectations and beliefs as of the date of this press release. NxStage anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while NxStage may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing NxStage’s expectations or beliefs as of any date subsequent to the date of this press release.
Contact:
VP, Investor Relations
ksheppard@nxstage.com
Non-GAAP Financial Measure
The Company discloses a certain non-GAAP financial measure to supplement the Company’s consolidated financial statements presented on a GAAP basis. This non-GAAP measure is not in accordance with, or an alternative for, generally accepted accounting principles in
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| Three Months Ended | |||||||||||||||
| 2013 | 2012 | ||||||||||||||
| Revenues | $ 61,644 | $ 56,951 | |||||||||||||
| Cost of revenues | 37,644 | 35,639 | |||||||||||||
| Gross profit | 24,000 | 21,312 | |||||||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing | 10,696 | 9,920 | |||||||||||||
| Research and development | 5,108 | 3,897 | |||||||||||||
| Distribution | 4,908 | 4,532 | |||||||||||||
| General and administrative | 7,824 | 6,622 | |||||||||||||
| Total operating expenses | 28,536 | 24,971 | |||||||||||||
| Loss from operations | (4,536) | (3,659) | |||||||||||||
| Other expense: | |||||||||||||||
| Interest expense | (150) | (1,193) | |||||||||||||
| Other expense, net | (176) | (52) | |||||||||||||
| (326) | (1,245) | ||||||||||||||
| Net loss before income taxes | (4,862) | (4,904) | |||||||||||||
| Provision for income taxes | 132 | 240 | |||||||||||||
| Net loss | $ (4,994) | $ (5,144) | |||||||||||||
| Net loss per share, basic and diluted | $ (0.08) | $ (0.09) | |||||||||||||
| Weighted-average shares outstanding, basic and diluted | 59,381 | 55,773 | |||||||||||||
| Other comprehensive gain | 145 | 173 | |||||||||||||
| Total comprehensive loss | $ (4,849) | $ (4,971) | |||||||||||||
| Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) | |||||||||||
| | | ||||||||||
| 2013 | 2012 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 99,803 | $ | 106,439 | |||||||
| Accounts receivable, net | 22,058 | 18,990 | |||||||||
| Inventory | 36,966 | 33,504 | |||||||||
| Prepaid expenses and other current assets | 4,825 | 2,534 | |||||||||
| Total current assets | 163,652 | 161,467 | |||||||||
| Property and equipment, net | 37,317 | 36,320 | |||||||||
| Field equipment, net | 10,297 | 10,101 | |||||||||
| Deferred cost of revenues | 36,135 | 38,028 | |||||||||
| Intangible assets, net | 19,120 | 19,819 | |||||||||
| Goodwill | 42,421 | 42,421 | |||||||||
| Other assets | 3,261 | 3,793 | |||||||||
| Total assets | $ | 312,203 | $ | 311,949 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 20,593 | $ | 16,645 | |||||||
| Accrued expenses | 19,561 | 20,400 | |||||||||
| Other current liabilities | 2,165 | 2,187 | |||||||||
| Total current liabilities | 42,319 | 39,232 | |||||||||
| Deferred revenues | 57,191 | 59,262 | |||||||||
| Other long-term liabilities | 15,920 | 15,864 | |||||||||
| Total liabilities | 115,430 | 114,358 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Undesignated preferred stock: par value | — | — | |||||||||
| Common stock: par value | 60 | 59 | |||||||||
| Additional paid-in capital | 555,850 | 551,594 | |||||||||
| Accumulated deficit | (349,975) | (344,981) | |||||||||
| Accumulated other comprehensive income | 615 | 470 | |||||||||
| Treasury stock, at cost: 561,808 and 541,584 shares as of | (9,777) | (9,551) | |||||||||
| Total stockholders’ equity | 196,773 | 197,591 | |||||||||
| Total liabilities and stockholders’ equity | $ | 312,203 | $ | 311,949 | |||||||
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Cash Flows from Operating Activities (in thousands) (unaudited) | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||
| Net loss | $ (4,994) | $ (5,144) | ||||||||||||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||||
| Depreciation and amortization | 6,080 | 5,720 | ||||||||||||||||||||
| Stock-based compensation | 2,646 | 3,199 | ||||||||||||||||||||
| Other | 230 | 794 | ||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||
| Accounts receivable | (3,072) | (1,779) | ||||||||||||||||||||
| Inventory | (6,350) | (4,738) | ||||||||||||||||||||
| Prepaid expenses and other assets | (1,474) | (96) | ||||||||||||||||||||
| Accounts payable | 4,124 | (32) | ||||||||||||||||||||
| Accrued expenses and other liabilities | (511) | 1,916 | ||||||||||||||||||||
| Deferred revenues | (1,887) | (1,248) | ||||||||||||||||||||
| Net cash used in operating activities | $ (5,208) | $ (1,408) | ||||||||||||||||||||
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| Three Months Ended | |||||
| 2013 | 2012 | ||||
| System One segment | |||||
| Home | | | |||
| Critical Care | 10,710 | 9,787 | |||
| Total System One segment | 42,169 | 39,340 | |||
| In-Center segment | 18,700 | 17,611 | |||
| Other | 775 | — | |||
| Total | | | |||
| Non-GAAP Financial Measures (in millions) (unaudited) | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||||
| Net loss | $ | (5.0) | $ | (5.1) | ||||||||||||||||||
| Less: Depreciation, amortization, interest, and taxes | 6.5 | 7.2 | ||||||||||||||||||||
| Less: Adjusting items* | (1.2) | (0.3) | ||||||||||||||||||||
| Adjusted EBITDA | $ | 0.3 | $ | 1.8 | ||||||||||||||||||
| * Adjusting items include stock-based compensation, deferred revenue recognized, | ||||||||||||||||||||||
SOURCE
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