Full Year EPS Is $2.35 per Share vs Year Ago $1.97, Revenues of $484.7 Million vs Year Ago $437.6 Million
PARSIPPANY, NJ, Feb 22, 2012 (MARKETWIRE via COMTEX) --The Medicines Company (NASDAQ: MDCO) today announced its financial results for the fourth quarter and full year of 2011.
Financial highlights for the fourth quarter of 2011:
-- Net revenue increased by 10.5% to $132.2 million for the fourth
quarter of 2011 from $119.7 million in the fourth quarter of 2010.
-- Angiomax U.S. sales increased by 10.9% to $124.2 million in the
fourth quarter of 2011 compared to $112.0 million in the fourth
quarter of 2010.
-- Angiomax/Angiox international net revenue in the fourth quarter of
2011 was $7.9 million compared with $7.7 million in the fourth
quarter of 2010.
-- Net income for the fourth quarter of 2011 was $19.6 million, or $0.36
per share, compared to $58.6 million, or $1.09 per share, for the
fourth quarter of 2010.
-- Non-GAAP net income for the fourth quarter of 2011 was $28.7 million,
or $0.52 per share, compared to non-GAAP net income of $16.0 million,
or $0.30 per share, for 2010.
Financial highlights for the full year of 2011:
-- Net revenue increased by 10.8% to $484.7 million in 2011 from $437.6
million in 2010.
-- Angiomax U.S. sales increased by 9.7% to $452.3 million in 2011
compared with $412.3 million in 2010.
-- Angiomax/Angiox international net revenue in 2011 increased by
28.3% with $31.6 million compared with $24.6 million in 2010.
-- Net income for 2011 was $127.9 million, or $2.35 per share, compared
with net income of $104.6 million, or $1.97 per share, for 2010.
-- Non-GAAP net income for 2011 was $85.7 million, or $1.57 per share,
compared to non-GAAP net income of $69.7 million, or $1.31 per share,
for 2010.
Glenn Sblendorio, Executive Vice President and Chief Financial Officer, stated, "We sustained consistent growth in the fourth quarter 2011, both on the revenue and profit target, and met all of our significant financial objectives in 2011. Our uniquely positioned business model is realizing significant progress in helping deliver acute intensive care in hospitals worldwide. We are also consistently delivering the operating and financial results that build value. We plan continued focus on optimizing R&D and SG&A to provide operating and geographic leverage and further expand the opportunities available to us."
The following table provides reconciliations between GAAP and non-GAAP net income for the full year (FY) and fourth quarter (Q4) of 2011 and 2010.
Non-cash
(Benefit)
Reported Stock-Based Provision Non-GAAP
GAAP Net Compensation for Income Net
(in millions) Income Expense Taxes Income(1)
------------- ------------- ------------- -------------
FY 2011 $ 127.9 $ 11.0 $ (53.2) $ 85.7
FY 2010 $ 104.6 $ 8.3 $ (43.3) $ 69.7
Q4 2011 $ 19.6 $ 2.6 $ 6.5 $ 28.7
Q4 2010 $ 58.6 $ 1.5 $ (44.0) $ 16.0
Note: Amounts may not sum due to rounding.
(1) Excluding stock-based compensation
expense and the non-cash (benefit) provision
for income taxes
Reconciliations between GAAP and non-GAAP fully diluted earnings per share (EPS) for the full year (FY) and fourth quarter (Q4) of 2011 and 2010 are provided in the following table:
Non-cash
(Benefit)
Stock-Based Provision
Reported Compensation for Income Non-GAAP
(per share) GAAP EPS Expense Taxes EPS(1)
------------- ------------- ------------- -------------
FY 2011 $ 2.35 $ 0.20 $ (0.98) $ 1.57
FY 2010 $ 1.97 $ 0.16 $ (0.81) $ 1.31
Q4 2011 $ 0.36 $ 0.05 $ 0.12 $ 0.52
Q4 2010 $ 1.09 $ 0.03 $ (0.82) $ 0.30
Note: Amounts may not sum due to rounding.
(1) Excluding stock-based compensation
expense and non-cash (benefit) provision for
income taxes.
The Company believes that presenting the non-GAAP information contained in the financial tables and in this press release assists investors and others in gaining a better understanding of the Company's core operating results and future prospects, expected growth rates or forecasted guidance, particularly as related to stock-based compensation expense and non-cash income taxes. Management uses this non-GAAP information, in addition to the GAAP information, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. Such measures are also used by management in its financial and operating decision-making. Non-GAAP information is not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. A reconciliation of GAAP results with non-GAAP results may also be found in the attached financial tables.
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