PARSIPPANY, NJ--(Marketwire - February 22, 2012) - 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.
There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss full year and fourth quarter 2011 financial results and operational developments. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com.
The dial in information is listed below:
Domestic Dial In: 866-510-0705
International Dial In: 617-597-5363
Passcode for both dial in numbers: 54805335
Replay is available from 10:30 a.m. Eastern Time following the conference call through March 7, 2012. To hear a replay of the call dial 888-286-8010 (domestic) and 617-801-6888 (international). Passcode for both dial in numbers is 95010339.
About The Medicines Company
The Medicines Company (NASDAQ: MDCO) provides medical solutions to improve health outcomes for patients in acute and intensive care hospitals worldwide. These solutions comprise medicines and knowledge that directly impact the survival and well being of critically ill patients. The Medicines Company's website is www.themedicinescompany.com.
Statements contained in this press release about The Medicines Company that are not purely historical, and all other statements that are not purely historical, may be deemed to be forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes," "anticipates" and "expects" and similar expressions, including the Company's preliminary revenue results, are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Important factors that may cause or contribute to such differences include the Company's ability to develop its global operations and penetrate foreign markets, whether the Company's products will advance in the clinical trials process on a timely basis or at all, whether the Company will make regulatory submissions for product candidates on a timely basis, whether its regulatory submissions will receive approvals from regulatory agencies on a timely basis or at all, whether physicians, patients and other key decision makers will accept clinical trial results, risks associated with the establishment of international operations, whether the Company is able to obtain or maintain patent protection for the intellectual property relating to the Company's products; and such other factors as are set forth in the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission including, without limitation, the risk factors detailed in the Company's Quarterly Report on Form 10-Q filed on November 9, 2011, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.
