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Astria Therapeutics

Simulations Plus Reports Third Quarter Fiscal 2024 Financial Results

July 02, 2024 | Last Trade: US$41.97 0.69 1.67
  • Total revenue of $18.5 million and diluted earnings per share (EPS) of $0.15
  • Maintains full-year revenue guidance of $69 to $72 million and updates EPS guidance

LANCASTER, Calif. / Jul 02, 2024 / Business Wire / Simulations Plus, Inc. (Nasdaq: SLP) (“Simulations Plus”), a leading provider of biosimulation, simulation-enabled performance and intelligence solutions, and medical communications for the biopharma industry, today reported financial results for its third quarter fiscal 2024, ended May 31, 2024.

Third Quarter 2024 Financial Highlights (compared to third quarter 2023)

  • Total revenue increased 14% to $18.5 million
  • Software revenue increased 12% to $11.9 million, representing 64% of total revenue
  • Services revenue increased 18% to $6.6 million, representing 36% of total revenue
  • Gross profit was constant at $13.3 million; gross margin was 71%
  • Adjusted EBITDA of $5.7 million, representing 31% of total revenue
  • Net income of $3.1 million and diluted earnings per share (EPS) of $0.15 versus net income of $4.0 million and diluted EPS of $0.20
  • Adjusted diluted EPS excluding the impact of acquisition costs of $0.19 versus adjusted diluted EPS of $0.21

Nine Months 2024 Financial Highlights (compared to nine months 2023)

  • Total revenue increased 17% to $51.3 million
  • Software revenue increased 14% to $31.1 million, representing 61% of total revenue
  • Services revenue increased 21% to $20.2 million, representing 39% of total revenue
  • Gross profit increased 2% to $36.3 million; gross margin was 71%
  • Adjusted EBITDA of $16.2 million, representing 32% of total revenue
  • Net income of $9.1 million and diluted EPS of $0.45 versus net income of $9.4 million and diluted EPS of $0.46
  • Adjusted diluted EPS excluding the impact of acquisition costs was constant at of $0.49

Management Commentary

“Our third quarter results reflected continued solid performance in both our software and services segments,” said Shawn O’Connor, Chief Executive Officer of Simulations Plus. “Total revenue increased 14%, led by higher software sales in our Cheminformatics and Clinical Pharmacology & Pharmacometrics (CPP) business units, with strong growth in our ADMET Predictor® and MonolixSuite™ platforms, respectively. Our Physiologically Based Pharmacokinetics (PBPK) business unit also performed well, reflecting higher revenues from GastroPlus®. During the quarter, we were excited to launch GastroPlus X, the next generation of physiologically based pharmacokinetics/biopharmaceutics (PBPK/PBBM) modeling and simulation software and believe it will become a meaningful addition to our suite of leading-edge solutions. The 18% increase in services revenue was driven by strong growth in our Quantitative Systems Pharmacology (QSP) and CPP business units.

“Biotech funding is starting to show signs of recovery, most notably for companies that have drug candidates in the clinic. We continue to be cautiously optimistic about the funding environment for our biotech clients. We see a range of spending patterns among large pharmaceutical companies. Some are increasing expenditures, while others remain conservative, with most falling in between depending on various internal and external market factors. Overall, the market is in a better position today compared to a year ago.

“Our acquisition of Pro-ficiency on June 11th brings together our collective expertise in simulations, AI technologies and focus on science, creating a one-of-a-kind platform that spans across the drug development continuum. The Pro-ficiency integration and collaboration is progressing in-line with our internal plan and schedule with positive responses from our clients.

“Our performance in the first nine months of the year remains aligned with our original fiscal 2024 revenue guidance. The newly formed Clinical Simulations and Medical Communications (CSMC) business unit is expected to contribute approximately $3 million to our fiscal 2024 revenue. We are entering our final fiscal quarter of 2024 with a healthy pipeline and remain confident that Simulations Plus is well positioned to achieve its goals for the fiscal year. Going forward, we remain committed to a disciplined growth strategy that will deliver long-term returns for our shareholders.”

Fiscal 2024 Guidance

 

 

Fiscal 2024

Guidance

Revenue

 

$69M - $72M

Revenue growth

 

15 - 20%

Software mix

 

55 - 60%

Services mix

 

40 - 45%

Diluted EPS

 

$0.46 - $0.48

Adjusted diluted EPS         

 

$0.54 - $0.56

Quarterly Dividend

The Simulations Plus Board of Directors has determined to discontinue the Company’s quarterly cash dividend and reallocate these funds to our capital allocation strategy for investing in growth initiatives that are intended to generate long-term shareholder value. The final dividend of $0.06 per share of the Company’s common stock will be paid on August 5, 2024, to shareholders of record as of July 29, 2024.

Environmental, Social, and Governance

We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our website to read our 2023 ESG update.

Webcast and Conference Call Details

Shawn O’Connor, Chief Executive Officer, and Will Frederick, Chief Financial and Operating Officer, will host a conference call and webcast today at 5 p.m. Eastern Time to discuss the details of the Company’s performance for the quarter and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 (domestic) or 1-201-389-0879 (international) or by clicking on this Call me™ link to request a return call. The webcast will be available on our website on the investor relations page of the Simulations Plus website at www.simulations-plus.com/investorscorporate-profile/corporate-profile/. A replay of the webcast will be available on the website approximately one hour following the call.

Non-GAAP Definitions

Adjusted EBITDA

Adjusted EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization, stock-based compensation, (gain) loss on currency exchange, any acquisition- or financial-transaction-related expenses, and any asset impairment charges. Currency exchange excluded represents the exchange rate fluctuations on the foreign currency denominated transactions. The impact of transactions in foreign currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency. The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that Adjusted EBITDA is useful in evaluating our core operating results. However, Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. The Company’s Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.

Adjusted Diluted EPS

Adjusted diluted EPS is calculated based on net income excluding the impact of any acquisition- or financial-transaction-related expenses, any asset impairment charges, and tax provisions / benefits related to the previous items. The Company excludes the above items because they are outside of the Company’s normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

The Company believes that the use of non-GAAP measures helps investors to gain a better understanding of the Company’s core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to previous periods or forecasts.

About Simulations Plus

With more than 25 years of experience serving clients globally, Simulations Plus stands as a premier provider in the Biopharma sector, offering advanced software and consulting services that enhance drug discovery, development, research, clinical trial operations, regulatory submissions, and commercialization. Our comprehensive biosimulation solutions integrate artificial intelligence/machine learning (AI/ML), physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. We also deliver simulation-enabled performance and intelligence solutions alongside medical communications support for clinical and commercial drug development. Our cutting-edge technology is licensed and utilized by leading pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn | X | YouTube.

Forward-Looking Statements

Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like “believe,” “expect,” and “anticipate” mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to successfully integrate the Pro-ficiency business with our own, as well as expenses we may incur in connection therewith, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports and filed with the U.S. Securities and Exchange Commission.

SIMULATIONS PLUS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

 
 

 

 

Three Months Ended

 

Nine Months Ended

(in thousands, except per common share amounts)

 

May 31, 2024

 

May 31, 2023

 

May 31, 2024

 

May 31, 2023

Revenues

 

 

 

 

 

 

 

 

Software

 

$

11,908

 

 

$

10,632

 

 

$

31,111

 

 

$

27,193

 

Services

 

 

6,636

 

 

 

5,602

 

 

 

20,238

 

 

 

16,755

 

Total revenues

 

 

18,544

 

 

 

16,234

 

 

 

51,349

 

 

 

43,948

 

Cost of revenues

 

 

 

 

 

 

 

 

Software

 

 

1,400

 

 

 

908

 

 

 

3,739

 

 

 

2,636

 

Services

 

 

3,887

 

 

 

2,053

 

 

 

11,284

 

 

 

5,616

 

Total cost of revenues

 

 

5,287

 

 

 

2,961

 

 

 

15,023

 

 

 

8,252

 

Gross profit

 

 

13,257

 

 

 

13,273

 

 

 

36,326

 

 

 

35,696

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

1,300

 

 

 

945

 

 

 

3,829

 

 

 

3,428

 

Sales and marketing

 

 

2,399

 

 

 

1,683

 

 

 

6,337

 

 

 

4,898

 

General and administrative

 

 

7,678

 

 

 

6,548

 

 

 

18,878

 

 

 

18,361

 

Total operating expenses

 

 

11,377

 

 

 

9,176

 

 

 

29,044

 

 

 

26,687

 

Income from operations

 

 

1,880

 

 

 

4,097

 

 

 

7,282

 

 

 

9,009

 

Other income

 

 

2,010

 

 

 

843

 

 

 

4,266

 

 

 

2,617

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

3,890

 

 

 

4,940

 

 

 

11,548

 

 

 

11,626

 

Provision for income taxes

 

 

(753

)

 

 

(932

)

 

 

(2,437

)

 

 

(2,199

)

Net income

 

$

3,137

 

 

$

4,008

 

 

$

9,111

 

 

$

9,427

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

0.16

 

 

$

0.20

 

 

$

0.46

 

 

$

0.47

 

Diluted

 

$

0.15

 

 

$

0.20

 

 

$

0.45

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

19,995

 

 

 

19,972

 

 

 

19,972

 

 

 

20,123

 

Diluted

 

 

20,433

 

 

 

20,355

 

 

 

20,324

 

 

 

20,512

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(56

)

 

 

144

 

 

 

(125

)

 

 

174

 

Unrealized losses on available-for-sale securities

 

$

(39

)

 

$

 

 

$

(39

)

 

$

 

Comprehensive income

 

$

3,042

 

 

$

4,152

 

 

$

8,947

 

 

$

9,601

 

SIMULATIONS PLUS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

(Audited)

(in thousands, except share and per share amounts)

 

May 31, 2024

 

August 31, 2023

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

109,092

 

 

$

57,523

 

Accounts receivable, net of allowance for credit losses of $149 and $46

 

 

10,144

 

 

 

10,201

 

Prepaid income taxes

 

 

1,202

 

 

 

804

 

Prepaid expenses and other current assets

 

 

5,303

 

 

 

3,904

 

Short-term investments

 

 

9,875

 

 

 

57,940

 

Total current assets

 

 

135,616

 

 

 

130,372

 

Long-term assets

 

 

 

 

Capitalized computer software development costs, net of accumulated amortization of $18,502 and $17,199

 

 

12,614

 

 

 

11,335

 

Property and equipment, net

 

 

882

 

 

 

671

 

Operating lease right-of-use assets

 

 

948

 

 

 

1,247

 

Intellectual property, net of accumulated amortization of $10,498 and $9,301

 

 

7,492

 

 

 

8,689

 

Other intangible assets, net of accumulated amortization of $2,862 and $2,107

 

 

12,712

 

 

 

12,825

 

Goodwill

 

 

19,099

 

 

 

19,099

 

Deferred tax assets

 

 

2,804

 

 

 

1,438

 

Other assets

 

 

524

 

 

 

425

 

Total assets

 

$

192,691

 

 

$

186,101

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

658

 

 

$

144

 

Accrued compensation

 

 

4,111

 

 

 

4,392

 

Accrued expenses

 

 

894

 

 

 

659

 

Contracts payable

 

 

3,810

 

 

 

3,250

 

Operating lease liability - current portion

 

 

410

 

 

 

442

 

Deferred revenue

 

 

1,437

 

 

 

3,100

 

Total current liabilities

 

 

11,320

 

 

 

11,987

 

Long-term liabilities

 

 

 

 

Operating lease liability

 

 

512

 

 

 

755

 

Contracts payable – net of current portion

 

 

 

 

 

3,330

 

Total liabilities

 

 

11,832

 

 

 

16,072

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

Preferred stock, $0.001 par value - 10,000,000 shares authorized; no shares issued and outstanding

 

$

 

 

$

 

Common stock, $0.001 par value and additional paid-in capital —50,000,000 shares authorized; 20,007,488 and 19,937,961 shares issued and outstanding

 

 

150,451

 

 

 

144,974

 

Retained earnings

 

 

30,713

 

 

 

25,196

 

Accumulated other comprehensive loss

 

 

(305

)

 

 

(141

)

Total shareholders' equity

 

 

180,859

 

 

 

170,029

 

Total liabilities and shareholders' equity

 

$

192,691

 

 

$

186,101

 

SIMULATIONS PLUS, INC.

Trended Financial Information*

(Unaudited)

 

(in millions except earnings per share amounts)

          
           

 

 

FY 2023

 

FY 2024

 

FY

2023

 

FY

2024

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Full

Year

 

YTD

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

$

6.1

 

 

$

10.5

 

 

$

10.6

 

 

$

9.3

 

 

$

7.6

 

 

$

11.6

 

 

$

11.9

 

 

$

36.5

 

 

$

31.1

 

Services

 

$

5.9

 

 

$

5.3

 

 

$

5.6

 

 

$

6.3

 

 

$

6.9

 

 

$

6.7

 

 

$

6.6

 

 

$

23.1

 

 

$

20.2

 

Total

 

$

12.0

 

 

$

15.8

 

 

$

16.2

 

 

$

15.6

 

 

$

14.5

 

 

$

18.3

 

 

$

18.5

 

 

$

59.6

 

 

$

51.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

85.4

%

 

 

92.0

%

 

 

91.5

%

 

 

89.4

%

 

 

86.9

%

 

 

88.4

%

 

 

88.2

%

 

 

90.1

%

 

 

88.0

%

Services

 

 

69.7

%

 

 

66.2

%

 

 

63.4

%

 

 

62.1

%

 

 

47.0

%

 

 

44.2

%

 

 

41.4

%

 

 

65.3

%

 

 

44.2

%

Total

 

 

77.7

%

 

 

83.4

%

 

 

81.8

%

 

 

78.4

%

 

 

67.9

%

 

 

72.2

%

 

 

71.5

%

 

 

80.5

%

 

 

70.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

0.9

 

 

$

4.0

 

 

$

4.1

 

 

$

(0.3

)

 

$

1.0

 

 

$

4.4

 

 

$

1.9

 

 

$

8.7

 

 

$

7.3

 

Operating Margin

 

 

7.3

%

 

 

25.6

%

 

 

25.2

%

 

 

-1.8

%

 

 

6.6

%

 

 

24.3

%

 

 

10.1

%

 

 

14.6

%

 

 

14.2

%

Net Income

 

$

1.2

 

 

$

4.2

 

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

 

$

4.0

 

 

$

3.1

 

 

$

10.0

 

 

$

9.1

 

Diluted Earnings Per Share

 

$

0.06

 

 

$

0.20

 

 

$

0.20

 

 

$

0.03

 

 

$

0.10

 

 

$

0.20

 

 

$

0.15

 

 

$

0.49

 

 

$

0.45

 

Adjusted EBITDA

 

$

3.0

 

 

$

6.2

 

 

$

6.5

 

 

$

4.9

 

 

$

3.4

 

 

$

7.1

 

 

$

5.7

 

 

$

20.6

 

 

$

16.2

 

Adjusted Diluted EPS

 

$

0.07

 

 

$

0.21

 

 

$

0.21

 

 

$

0.18

 

 

$

0.10

 

 

$

0.20

 

 

$

0.19

 

 

$

0.67

 

 

$

0.10

 

Cash Flow from Operations

 

$

4.7

 

 

$

5.5

 

 

$

8.5

 

 

$

3.1

 

 

$

0.2

 

 

$

5.8

 

 

$

5.7

 

 

$

21.9

 

 

$

11.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Breakdown by Region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

8.5

 

 

$

10.6

 

 

$

10.8

 

 

$

11.0

 

 

$

10.9

 

 

$

12.5

 

 

$

12.4

 

 

$

40.8

 

 

$

35.8

 

EMEA

 

 

2.1

 

 

 

3.6

 

 

 

3.4

 

 

 

2.6

 

 

 

2.3

 

 

 

4.7

 

 

 

4.5

 

 

 

11.7

 

 

 

11.5

 

Asia Pacific

 

 

1.3

 

 

 

1.5

 

 

 

2.1

 

 

 

2.1

 

 

 

1.3

 

 

 

1.2

 

 

 

1.6

 

 

 

7.0

 

 

 

4.1

 

Total

 

$

12.0

 

 

$

15.8

 

 

$

16.2

 

 

$

15.6

 

 

$

14.5

 

 

$

18.3

 

 

$

18.5

 

 

$

59.6

 

 

$

51.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Revenue per Customer (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

68.0

 

 

$

110.0

 

 

$

97.0

 

 

 

88.0

 

 

$

79.0

 

 

$

113.0

 

 

$

97.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog (in millions)

 

$

15.8

 

 

$

15.4

 

 

$

15.7

 

 

$

19.5

 

 

$

18.9

 

 

$

18.0

 

 

$

19.6

 

 

 

 

 

                   

*Numbers may not add due to rounding

                  

SIMULATIONS PLUS, INC.

Reconciliation of Adjusted EBITDA to Net Income*

(Unaudited)

 

(in millions)

         
          

 

 

FY 2023

 

FY 2024

FY

2022

 

FY

2023

 

FY

2024

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

Full

Year

 

Full

Year

 

YTD

Net Income

 

$

1.2

 

 

$

4.2

 

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

 

$

4.0

 

 

$

3.1

 

$

12.5

 

 

$

10.0

 

 

$

9.1

 

Excluding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and expense, net

 

 

(0.8

)

 

 

(1.0

)

 

 

(1.1

)

 

 

(1.3

)

 

 

(1.3

)

 

 

(1.3

)

 

 

(1.5

)

 

(0.7

)

 

 

(4.1

)

 

 

(4.2

)

Provision for income taxes

 

 

0.4

 

 

 

0.9

 

 

 

0.9

 

 

 

(0.5

)

 

 

0.5

 

 

 

1.2

 

 

 

0.8

 

 

2.6

 

 

 

1.7

 

 

 

2.4

 

Depreciation and amortization

 

 

0.9

 

 

 

0.9

 

 

 

0.9

 

 

 

1.1

 

 

 

1.1

 

 

 

1.1

 

 

 

1.3

 

 

3.6

 

 

 

3.9

 

 

 

3.5

 

Stock-based compensation

 

 

0.9

 

 

 

1.2

 

 

 

1.1

 

 

 

1.1

 

 

 

1.3

 

 

 

1.6

 

 

 

1.7

 

 

2.7

 

 

 

4.2

 

 

 

4.6

 

(Gain) loss on currency exchange

 

 

 

 

 

 

 

 

0.3

 

 

 

0.2

 

 

 

 

 

 

0.1

 

 

 

 

 

0.2

 

 

 

0.5

 

 

 

 

Impairment of other intangibles

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

Change in value of contingent consideration

 

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

(0.1

)

 

 

0.4

 

 

 

(0.6

)

 

0.3

 

 

 

0.7

 

 

 

(0.3

)

Mergers & Acquisitions expense

 

 

0.3

 

 

 

0.1

 

 

 

0.4

 

 

 

2.5

 

 

 

 

 

 

 

 

 

0.9

 

 

0.3

 

 

 

3.3

 

 

 

0.9

 

Adjusted EBITDA

 

$

3.0

 

 

$

6.2

 

 

$

6.5

 

 

$

4.9

 

 

$

3.4

 

 

$

7.1

 

 

$

5.7

 

$

21.5

 

 

$

20.6

 

 

$

16.2

 

                                        

*Numbers may not add due to rounding

                                       

SIMULATIONS PLUS, INC.

Reconciliation of Adjusted Diluted EPS to Diluted EPS*

(Unaudited)

 

(in millions, except Diluted EPS and Adjusted Diluted EPS)

         
          

 

 

FY 2023

 

FY 2024

FY

2022

 

FY

2023

 

FY

2024

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

Full

Year

 

Full

Year

 

YTD

Net Income (GAAP)

 

$

1.2

 

 

$

4.2

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

$

4.0

 

$

3.1

 

$

12.5

 

 

$

10.0

 

 

$

9.1

 

Excluding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mergers & Acquisitions expense

 

 

0.3

 

 

 

0.1

 

 

0.4

 

 

 

0.9

 

 

 

 

 

 

 

0.9

 

 

0.3

 

 

 

1.7

 

 

 

0.9

 

Immunetrics transaction costs

 

 

 

 

 

 

 

 

 

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

2.3

 

 

 

 

Cognigen trade name write-off

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

Tax effect on above adjustments

 

 

(0.1

)

 

 

 

 

(0.1

)

 

 

(0.5

)

 

 

 

 

 

 

(0.2

)

 

(0.1

)

 

 

(0.7

)

 

 

(0.2

)

Adjusted Net income (Non-GAAP)

 

$

1.5

 

 

$

4.2

 

$

4.3

 

 

$

3.7

 

 

$

1.9

 

$

4.0

 

$

3.9

 

$

12.8

 

 

$

13.8

 

 

$

9.9

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

20.8

 

 

 

20.5

 

 

20.4

 

 

 

20.4

 

 

 

20.3

 

 

20.3

 

 

20.4

 

 

20.7

 

 

 

20.5

 

 

 

20.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS (GAAP)

 

$

0.06

 

 

$

0.20

 

$

0.20

 

 

$

0.03

 

 

$

0.10

 

$

0.20

 

$

0.15

 

$

0.60

 

 

$

0.49

 

 

$

0.45

 

Adjusted Diluted EPS (Non-GAAP)

 

$

0.07

 

 

$

0.21

 

$

0.21

 

 

$

0.18

 

 

$

0.10

 

$

0.20

 

$

0.19

 

$

0.61

 

 

$

0.67

 

 

$

0.49

 

                                     

*Numbers may not add due to rounding

                                    

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