Full Press Release Details
| News Release | ||||||||
| Media Contact: | Ron Rogers | Investor Contact: | Scott Gleason | |||||
| (801) 584-3065 | (801) 584-1143 | |||||||
| rrogers@myriad.com | sgleason@myriad.com |
Myriad Genetics Reports Fiscal Third-Quarter 2017 Financial Results
SALT LAKE CITY, UTAH,
May 2, 2017 Myriad Genetics, Inc. (NASDAQ: MYGN), a global leader in molecular diagnostics and personalized medicine, today announced financial results for its fiscal third-quarter 2017, provided an update on recent
business highlights and updated its fiscal year 2017 financial guidance.
We were very encouraged to see
sequential growth in hereditary cancer testing volumes for the second consecutive quarter, said Mark C. Capone, president and CEO, Myriad Genetics. Coupled with meaningful sequential volume growth in all of our major pipeline tests
including GeneSight, Vectra DA, Prolaris, and EndoPredict, we believe we are rapidly approaching an important inflection in our business where our new products will drive accelerated revenue growth and profitability.
Financial Highlights
| Revenue | ||||||||||||
| Fiscal Third-Quarter | ||||||||||||
| ($ in millions) | 2017 | 2016 | % Change | |||||||||
| Molecular diagnostic testing revenue | ||||||||||||
| Hereditary cancer testing revenue | $ | 140.8 | $ | 156.3 | (10 | %) | ||||||
| GeneSight testing revenue | 23.9 | NA | NM | |||||||||
| Vectra DA testing revenue | 11.2 | 12.3 | (9 | %) | ||||||||
| Prolaris testing revenue | 3.4 | 5.2 | * | (35 | %) | |||||||
| EndoPredict testing revenue | 2.3 | 1.1 | 109 | % | ||||||||
| Other testing revenue | 3.6 | 2.5 | 44 | % | ||||||||
| Total molecular diagnostic testing revenue | 185.2 | 177.4 | 4 | % | ||||||||
| Pharmaceutical and clinical service revenue | 11.7 | 13.1 | (11 | %) | ||||||||
| Total Revenue | $ | 196.9 | $ | 190.5 | 3 | % | ||||||
| Income Statement | ||||||||||||
| Fiscal Third-Quarter | ||||||||||||
| ($ in millions) | 2017 | 2016 | % Change | |||||||||
| Total Revenue | $ | 196.9 | $ | 190.5 | 3 | % | ||||||
| Gross Profit | 152.6 | 150.3 | 2 | % | ||||||||
| Gross Margin | 77.5 | % | 78.9 | % | ||||||||
| Operating Expenses | 139.7 | 107.7 | 30 | % | ||||||||
| Operating Income | 12.9 | 42.6 | (70 | %) | ||||||||
| Operating Margin | 6.6 | % | 22.4 | % | ||||||||
| Adjusted Operating Income | 24.0 | 45.8 | (48 | %) | ||||||||
| Adjusted Operating Margin | 12.2 | % | 24.0 | % | ||||||||
| Net Income | 4.2 | 34.5 | (88 | %) | ||||||||
| Diluted EPS | 0.06 | 0.47 | (87 | %) | ||||||||
| Adjusted EPS | $ | 0.27 | $ | 0.41 | (34 | %) |
* Included Medicare retrospective payments
Fiscal Year 2017 and Fiscal Fourth-Quarter 2017 Financial Guidance
Below is a table summarizing Myriad s updated fiscal year 2017 and fiscal fourth-quarter 2017 financial guidance:
| Revenue | GAAP Diluted Earnings Per Share | Adjusted Earnings Per Share | ||||||||
| Fiscal Year 2017 | $763-$765 million | $ | 0.23-$0.25 | $ | 1.01-$1.03 | |||||
| Fiscal Fourth-Quarter 2017 | $192-$194 million | $ | 0.11-$0.13 | $ | 0.26-$0.28 |
These projections are forward-looking statements and are subject to the risks summarized in the safe harbor
statement at the end of this press release. The Company will provide further details on its business outlook during the conference call today to discuss the fiscal third-quarter financial results, fiscal year 2017, and fiscal fourth-quarter 2017
Conference Call and Webcast
A conference call will be held today, Tuesday, May 2, 2017, at 4:30 p.m. EDT to discuss Myriad s financial results for the fiscal
third-quarter, business developments and financial guidance. The dial-in number for domestic callers is (888) 225-2744. International callers may dial (303) 223-2690. All callers will be asked to reference reservation number 21849837. An archived replay of the call will be available for seven days by dialing (800) 633-8284 and
entering the reservation number above. The conference call along with a slide presentation will also will be available through a live webcast at www.myriad.com.
About Myriad Genetics
Myriad Genetics Inc., is a leading personalized medicine company dedicated to being a trusted advisor transforming patient lives worldwide with
pioneering molecular diagnostics. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions
across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. Myriad is focused on three strategic imperatives: maintaining leadership in an expanding hereditary cancer market,
diversifying its product portfolio through the introduction of new products and increasing the revenue contribution from international markets. For more information on how Myriad is making a difference, please visit the Company s website:
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, EndoPredict, myPath, myRisk, Myriad
myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice HRD, Vectra DA, GeneSight, EndoPredict and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned
subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G
MYRIAD GENETICS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS (Unaudited)
| (in millions, except per share amounts) | ||||||||||||||||
| Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Molecular diagnostic testing | $ | 185.2 | $ | 177.4 | $ | 534.2 | $ | 532.0 | ||||||||
| Pharmaceutical and clinical services | 11.7 | 13.1 | 36.7 | 35.4 | ||||||||||||
| Total revenue | 196.9 | 190.5 | 570.9 | 567.4 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of molecular diagnostic testing | 37.9 | 33.6 | 109.5 | 98.6 | ||||||||||||
| Cost of pharmaceutical and clinical services | 6.4 | 6.6 | 19.1 | 18.7 | ||||||||||||
| Research and development expense | 17.6 | 17.2 | 55.6 | 51.1 | ||||||||||||
| Selling, general, and administrative expense | 122.1 | 90.5 | 354.3 | 267.8 | ||||||||||||
| Total costs and expenses | 184.0 | 147.9 | 538.5 | 436.2 | ||||||||||||
| Operating income | 12.9 | 42.6 | 32.4 | 131.2 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 0.3 | 0.3 | 0.9 | 0.5 | ||||||||||||
| Interest expense | (1.5 | ) | (4.8 | ) | (0.2 | ) | ||||||||||
| Change in the fair value of contingent consideration | (5.2 | ) | (2.0 | ) | ||||||||||||
| Other | 1.5 | 0.2 | (2.4 | ) | 0.2 | |||||||||||
| Total other income (expense): | (4.9 | ) | 0.5 | (8.3 | ) | 0.5 | ||||||||||
| Income before income tax | 8.0 | 43.1 | 24.1 | 131.7 | ||||||||||||
| Income tax provision | 3.8 | 8.6 | 15.2 | 29.7 | ||||||||||||
| Net income | $ | 4.2 | $ | 34.5 | $ | 8.9 | $ | 102.0 | ||||||||
| Net loss attributable to non-controlling interest | (0.1 | ) | ||||||||||||||
| Net income attributable to Myriad Genetics, Inc. stockholders | $ | 4.2 | $ | 34.5 | $ | 9.0 | $ | 102.0 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.06 | $ | 0.49 | $ | 0.13 | $ | 1.46 | ||||||||
| Diluted | $ | 0.06 | $ | 0.47 | $ | 0.13 | $ | 1.39 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 68.1 | 70.9 | 68.1 | 70.1 | ||||||||||||
| Diluted | 68.3 | 73.5 | 68.5 | 73.2 |
Consolidated Balance Sheets (Unaudited)
| (in millions) | ||||||||
| March 31, 2017 | June 30, 2016 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 123.8 | $ | 68.5 | ||||
| Marketable investment securities | 48.3 | 90.5 | ||||||
| Prepaid expenses | 9.5 | 18.4 | ||||||
| Inventory | 47.4 | 38.3 | ||||||
| Trade accounts receivable, less allowance for doubtful accounts of $8.1 March 31, 2017 and $6.8 June 30, 2016 | 114.8 | 91.7 | ||||||
| Prepaid taxes | 0.1 | 3.8 | ||||||
| Other receivables | 4.4 | 3.3 | ||||||
| Total current assets | 348.3 | 314.5 | ||||||
| Property, plant and equipment, net | 53.0 | 58.3 | ||||||
| Long-term marketable investment securities | 53.4 | 79.9 | ||||||
| Intangibles, net | 498.1 | 227.5 | ||||||
| Goodwill | 315.0 | 195.3 | ||||||
| Other assets | 5.0 | |||||||
| Total assets | $ | 1,267.8 | $ | 880.5 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 26.8 | $ | 21.1 | ||||
| Accrued liabilities | 64.0 | 49.5 | ||||||
| Short-term contingent consideration | 128.2 | |||||||
| Deferred revenue | 2.7 | 1.7 | ||||||
| Total current liabilities | 221.7 | 72.3 | ||||||
| Unrecognized tax benefits | 24.9 | 24.0 | ||||||
| Other long-term liabilities | 7.2 | 7.8 | ||||||
| Contingent consideration | 14.3 | 10.4 | ||||||
| Long-term debt | 167.1 | |||||||
| Long-term deferred taxes | 84.7 | 17.9 | ||||||
| Total liabilities | 519.9 | 132.4 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity: | ||||||||
| Common stock, 68.1 and 69.1 shares outstanding at March 31, 2017 and June 30, 2016 respectively | 0.7 | 0.7 | ||||||
| Additional paid-in capital | 839.5 | 830.1 | ||||||
| Accumulated other comprehensive loss | (10.6 | ) | (9.5 | ) | ||||
| Accumulated deficit | (81.4 | ) | (73.2 | ) | ||||
| Total Myriad Genetics, Inc. stockholders equity | 748.2 | 748.1 | ||||||
| Non-Controlling Interest | (0.3 | ) | ||||||
| Total stockholders equity | 747.9 | 748.1 | ||||||
| Total liabilities and stockholders equity | $ | 1,267.8 | $ | 880.5 |
Consolidated Statement of Cash Flows (Unaudited)
| (in millions) | ||||||||
| Nine months ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 8.9 | 102.0 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 35.0 | 20.0 | ||||||
| Non-cash interest expense | 0.4 | |||||||
| Gain on disposition of assets | (0.2 | ) | (0.4 | ) | ||||
| Share-based compensation expense | 22.7 | 23.9 | ||||||
| Impairment of cost basis investment | 2.4 | |||||||
| Bad debt expense | 27.3 | 23.5 | ||||||
| Loss on extinguishment of debt | 1.3 | |||||||
| Deferred income taxes | 2.0 | 31.5 | ||||||
| Unrecognized tax benefits | 0.9 | (2.4 | ) | |||||
| Change in fair value of contingent consideration | 2.0 | |||||||
| Changes in assets and liabilities: | ||||||||
| Prepaid expenses | 10.9 | (8.7 | ) | |||||
| Trade accounts receivable | (40.3 | ) | (28.7 | ) | ||||
| Other receivables | (3.2 | ) | (1.0 | ) | ||||
| Inventory | (6.5 | ) | (0.2 | ) | ||||
| Prepaid taxes | 3.6 | (27.7 | ) | |||||
| Accounts payable | 2.0 | (6.9 | ) | |||||
| Accrued liabilities | (0.6 | ) | 2.9 | |||||
| Deferred revenue | 1.0 | |||||||
| Net cash provided by operating activities | 69.6 | 127.8 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Capital expenditures | (5.4 | ) | (2.8 | ) | ||||
| Acquisitions, net of cash acquired | (216.1 | ) | ||||||
| Sale of cost basis investment | 2.6 | |||||||
| Purchases of marketable investment securities | (74.6 | ) | (131.4 | ) | ||||
| Proceeds from maturities and sales of marketable investment securities | 142.9 | 86.6 | ||||||
| Net cash used in investing activities | (150.6 | ) | (47.6 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Net proceeds for common stock issued under share-based compensation plans | 1.3 | 85.9 | ||||||
| Net proceeds from revolving credit facility | 204.0 | |||||||
| Net proceeds from term loan | 199.0 | |||||||
| Repayment of term loan | (200.0 | ) | ||||||
| Repayment of revolving credit facility | (37.0 | ) | ||||||
| Fees paid for extinguishment of debt | (0.6 | ) | ||||||
| Repurchase and retirement of common stock | (31.6 | ) | (107.9 | ) | ||||
| Net cash provided by (used in) financing activities | 135.1 | (22.0 | ) | |||||
| Effect of foreign exchange rates on cash and cash equivalents | 1.2 | (1.8 | ) | |||||
| Net increase in cash and cash equivalents | 55.3 | 56.4 | ||||||
| Cash and cash equivalents at beginning of the period | 68.5 | 64.1 | ||||||
| Cash and cash equivalents at end of the period | $ | 123.8 | $ | 120.5 |
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to the Company s anticipated volumes, revenue and profitability from existing and new products; the Company s belief that it is rapidly approaching an important inflection in its business where its new
products will drive accelerated revenue growth and profitability; the Company s expectation of receiving top line data from a 1,200 patient clinical utility study evaluating GeneSight in patients with treatment resistant depression by the end
of calendar year 2017; the potential market expansion of approximately 30,000 patients per year for Prolaris based on Palmetto GBA s draft coverage determination; the potential 60,000 patient per year market for BRACAnalysis CDx as a companion
diagnostic to olaparib; the Company s anticipated study presentation at the upcoming American Urology Association meeting; the Company s fiscal fourth-quarter guidance of total revenue of $192 to $194 million, diluted earnings per
share of $0.11 to $0.13, and adjusted earnings per share of $0.26 to $0.28, and the Company s updated fiscal full year guidance of total revenue of $763 to $765 million, diluted earnings per share of $0.23 to $0.25, and adjusted earnings
per share of $1.01 to $1.03, as further discussed under the caption Fiscal Year 2017 and Fiscal Fourth-Quarter 2017 Financial Guidance ; and the Company s strategic directives under the caption About Myriad Genetics.
These forward-looking statements are based on management s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those
described or implied in the forward-looking statements. These risks include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or will not
continue to increase at historical rates; risks related to our ability to transition from our existing product portfolio to our new tests; risks related to changes in the governmental or private insurers reimbursement levels for our tests or
our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve
commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and
clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services tests and any future
tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over our genetic testing in general or our tests in
particular; risks related to regulatory requirements or enforcement in the United States and
foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire
new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire, including but not limited to our acquisition
of Assurex, Sividon and the Clinic; risks related to our projections about the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies
underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and
patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; risks of new, changing and competitive technologies and
regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit
or lending agreements; and other factors discussed under the heading Risk Factors contained in Item 1A of our Annual report on Form 10-K for the fiscal year ended June 30, 2016, which has been
filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Statement regarding use of non-GAAP financial measures
In this press release, the Company s financial results and financial guidance are provided in accordance with accounting principles
generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP
financial measures provides useful supplemental information to investors and facilitates the analysis of the Company s core operating results and comparison of operating results across reporting periods. Management also uses non-GAAP financial measures to establish budgets and to manage the Company s business. A reconciliation of the GAAP financial results to non-GAAP financial results is
included in the attached schedules.
Following is a description of the adjustments made to GAAP financial measures:
The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental
non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Non-GAAP financial results are reported in addition to,
and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP Financial Measures
for the Three and Nine Months ended March 31, 2017 and 2016
(Unaudited data in millions, except per share amount)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Mar 31, 2017 | Mar 31, 2016 | Mar 31, 2017 | Mar 31, 2016 | |||||||||||||
| Revenue | 196.9 | 190.5 | 570.9 | 567.4 | ||||||||||||
| GAAP Cost of molecular diagnostic testing | $ | 37.9 | $ | 33.6 | $ | 109.5 | $ | 98.6 | ||||||||
| GAAP Cost of pharmaceutical and clinical services | 6.4 | 6.6 | 19.1 | 18.7 | ||||||||||||
| Acquisition - Integration related costs | ||||||||||||||||
| Acquisition - amortization of intangible assets | ||||||||||||||||
| Non-GAAP COGS | $ | 44.3 | $ | 40.2 | $ | 128.6 | $ | 117.3 | ||||||||
| Non-GAAP Gross Margin | 78 | % | 79 | % | 77 | % | 79 | % | ||||||||
| GAAP Research and Development | $ | 17.6 | $ | 17.2 | $ | 55.6 | $ | 51.1 | ||||||||
| Acquisition - Integration related costs | (0.1 | ) | (0.2 | ) | ||||||||||||
| Acquisition - amortization of intangible assets | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||||||
| Non-GAAP R&D | $ | 17.5 | $ | 17.1 | $ | 55.2 | $ | 50.8 | ||||||||
| GAAP Selling, General and Administrative | $ | 122.1 | $ | 90.5 | $ | 354.3 | $ | 267.8 | ||||||||
| Acquisition - Integration related costs | (1.8 | ) | (12.8 | ) | ||||||||||||
| Acquisition - amortization of intangible assets | (9.2 | ) | (3.1 | ) | (23.6 | ) | (9.2 | ) | ||||||||
| Non-GAAP SG&A | $ | 111.1 | $ | 87.4 | $ | 317.9 | $ | 258.6 | ||||||||
| GAAP Operating Income | $ | 12.9 | $ | 42.6 | $ | 32.4 | $ | 131.2 | ||||||||
| Acquisition - Integration related costs | 1.9 | 13.0 | ||||||||||||||
| Acquisition - amortization of intangible assets | 9.2 | 3.2 | 23.8 | 9.5 | ||||||||||||
| Non-GAAP Operating Income | $ | 24.0 | $ | 45.8 | $ | 69.2 | $ | 140.7 | ||||||||
| Non-GAAP Operating Margin | 12 | % | 24 | % | 12 | % | 25 | % | ||||||||
| GAAP Net Income Attributable to Myriad Gentics, Inc. Stockholders | $ | 4.2 | $ | 34.5 | $ | 9.0 | $ | 102.0 | ||||||||
| Acquisition - Integration related costs | 1.9 | 13.0 | ||||||||||||||
| Acquisition - amortization of intangible assets | 9.2 | 3.2 | 23.8 | 9.5 | ||||||||||||
| Tax impact related to equity compensation | (0.1 | ) | (1.9 | ) | 2.9 | (12.4 | ) | |||||||||
| Tax expense associated with R&D tax credit reserves | (6.0 | ) | (6.0 | ) | ||||||||||||
| Earn out true-up | 5.2 | 0.6 | ||||||||||||||
| One-time debt restructuring charges | 1.3 | |||||||||||||||
| One-time non-deductible costs | (1.5 | ) | 2.7 | |||||||||||||
| Impairment of Raindance Investment | (0.1 | ) | 3.3 | |||||||||||||
| Tax effect associated with non-GAAP adjustments | (0.7 | ) | (4.9 | ) | ||||||||||||
| Non-GAAP Net Income | $ | 18.1 | $ | 29.8 | $ | 51.7 | $ | 93.1 | ||||||||
| GAAP Diluted EPS | $ | 0.06 | $ | 0.47 | $ | 0.13 | $ | 1.39 | ||||||||
| Non-GAAP Diluted EPS | $ | 0.27 | $ | 0.41 | $ | 0.75 | $ | 1.27 | ||||||||
| Diluted shares outstanding | 68.3 | 73.5 | 68.5 | 73.2 |
Free Cash Flow Reconciliation
(Unaudited data in millions)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Mar 31, 2017 | Mar 31, 2016 | Mar 31, 2017 | Mar 31, 2016 | |||||||||||||
| GAAP cash flow from operations | $ | 41.1 | $ | 45.9 | $ | 69.6 | $ | 127.8 | ||||||||
| Capital expenditures | (1.5 | ) | (0.7 | ) | (5.4 | ) | (2.8 | ) | ||||||||
| Free cash flow | $ | 39.6 | $ | 45.2 | $ | 64.2 | $ | 125.0 | ||||||||
| Acquisition - Integration related costs | 1.9 | 9.8 | ||||||||||||||
| Cash paid at closing to Assurex vendors | 6.8 | |||||||||||||||
| Tax effect associated with non-GAAP adjustments | (0.7 | ) | (6.4 | ) | ||||||||||||
| Non-GAAP Free cash flow | $ | 40.8 | $ | 45.2 | $ | 74.4 | $ | 125.0 |
Reconciliation of GAAP to Non-GAAP for Fiscal Year 2017 and Fiscal Fourth-Quarter
2017 Financial Guidance
The Company s future performance and financial results are subject to risks and uncertainties, and actual results could
differ materially from guidance set forth below. Some of the factors that could affect the Company s financial results are stated in the safe harbor statement of this press release. More information on potential factors that could affect the
Company s financial results are included under the heading Risk Factors contained in Item 1A in the Company s most recent Annual Report on Form 10-K filed with the Securities and Exchange
Commission, as well as any updates to those risk factors filed from time to time in the Company s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
| Fiscal Year 2017 | ||||
| Diluted net income per share | ||||
| GAAP diluted net income per share | $ | 0.23 - $0.25 | ||
| Acquisition - amortization of intangible assets | 0.48 | |||
| Acquisition costs & one-time expenses | 0.30 | |||
| Non-GAAP diluted net income per share | $ | 1.01 - $1.03 | ||
| Fiscal Fourth-Quarter 2017 | ||||
| Diluted net income per share | ||||
| GAAP diluted net income per share | $ | 0.11 - $0.13 | ||
| Acquisition - amortization of intangible assets | 0.13 | |||
| Acquisition costs & one-time expenses | 0.02 | |||
| Non-GAAP diluted net income per share | $ | 0.26 - $0.28 |