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Conceptus(R) Reports Fourth Quarter Financial Results And Introduces 2013 Financial Guidance

Stocks in this article: CPTS

Please visit www.essure.com for more information on the Essure procedure. Patients may call the Essure Information Center at 1-877-ESSURE-1 with questions or to find a physician in their area.

The Conceptus, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7961

Forward Looking Statements

Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements, the accuracy of which is subject to known and unknown risks and uncertainties. These forward-looking statements include, without limitation, discussions regarding projected sales and adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation ("adjusted EBITDA") for the full year 2013, our ability to improve commercial execution and increase sales growth rates and profitability, and our ability to make the Essure procedure the standard of care in permanent birth control. These discussions and other forward-looking statements included herein may differ significantly from actual results. Such differences may be based upon factors such as changes in strategic planning decisions by management, re-allocation of internal resources, changes in the impact of domestic and global macroeconomic pressures, reimbursement decisions by insurance companies and domestic and foreign governments, scientific advances by fourth parties, litigation risks, and attempts to amend or repeal all or part of the Patient Protection and Affordable Care Act of 2010 as amended, as well as those factors set forth in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as to the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Conceptus, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
         
  Three Months Ended  Twelve Months Ended 
  December 31,  December 31, 
  2012 2011 2012 2011
         
Net sales  $ 40,730  $ 33,513  $ 140,731  $ 126,981
Cost of goods sold  6,457  5,534  23,483  22,597
Gross profit  34,273  27,979  117,248  104,384
         
Operating expenses:        
Research and development 2,858 2,410 9,916 7,985
Selling, general and administrative 22,058 28,370 93,973 99,491
Total operating expenses  24,916  30,780  103,889  107,476
         
Operating income (loss) 9,357 (2,801) 13,359 (3,092)
Interest and other income (expense), net  (1,094)  (1,992)  (4,625)  (6,826)
Income (loss) before provision (benefit) for income taxes 8,263 (4,793) 8,734 (9,918)
         
Provision (benefit) for income taxes  2,393  (2,233)  3,357  (1,982)
         
Net income (loss)  $ 5,870  $ (2,560)  $ 5,377  $ (7,936)
         
Basic income (loss) per share  $ 0.18  $ (0.08)  $ 0.17  $ (0.25)
Shares used in computing basic net income (loss)   31,867  31,241  31,545  31,204
         
Diluted income (loss) per share  $ 0.17  $ (0.08)  $ 0.16  $ (0.25)
Shares used in computing diluted net income (loss)   33,810  31,241  32,737  31,204
 
Conceptus, Inc.
Condensed Consolidated Balance Sheets 
(Unaudited)
(In thousands)
     
  December 31, December 31,
  2012 2011
     
Cash and cash equivalents  $ 29,494  $ 42,237
Short-term investments   40,496  59,203
Accounts receivable, net  23,035  17,321
Inventories, net  5,166  4,187
Short-term deferred tax asset  11,389  4,735
Other current assets  7,240  6,655
Total current assets  116,820  134,338
     
Property and equipment, net  7,593  9,465
Intangible assets, net  19,568  23,092
Long-term investments  13,142  2,000
Restricted cash  2,200  -- 
Goodwill  16,911  16,570
Long-term deferred tax asset  65,363  75,877
Other assets  1,703  2,242
Total assets  $ 243,300  $ 263,584
     
Total liabilities  68,928  109,458
Common stock and additional paid in capital  331,762  317,675
Other comprehensive loss  (2,482)  (3,264)
Accumulated deficit  (154,908)  (160,285)
Total stockholders' equity  174,372  154,126
Total liabilities and stockholders' equity  $ 243,300  $ 263,584
 
Conceptus, Inc.
Reconciliation of Net Income (loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)
(Unaudited)
(In thousands)
         
  Three Months Ended  Twelve Months Ended
  December 31,  December 31, 
  2012 2011 2012 2011
         
Net Income (Loss), as reported  $ 5,870  $ (2,560)  $ 5,377  $ (7,936)
         
Adjustments to net income (loss):        
Interest and other income (expense), net (a)  1,094  1,992  4,625  6,826
Provision (benefit) for income taxes 2,393 (2,233) 3,357 (1,982)
Amortization of intangibles (b) 901 909 3,596 3,356
Stock-based compensation (c) 1,416 3,365 6,211 8,598
Depreciation expense (d) 1,224 1,264 5,043 5,229
         
Adjustments to net income (loss)  7,028  5,297  22,832  22,027
         
Adjusted EBITDA  $ 12,898  $ 2,737  $ 28,209  $ 14,091
         
         
(a) Consists of interest from available-for-sale securities, interest expense associated with our convertible debt and foreign exchange currency transactions
(b) Consists of amortization of intangible assets, primarily licenses and customer relationships
(c) Consists of stock-based compensation in accordance with ASC 718
(d) Consists of depreciation, primarily on property, plant and equipment
 
Conceptus, Inc.
Reconciliation of Forward-Looking Guidance For Non-GAAP 
Financial Measures To Projected GAAP Net Income 
(Unaudited)
     
  Twelve Months Ending
  December 31, 2013
  From To
     
Net Income Guidance  $ 7,025  $ 8,675
     
Estimated Non-GAAP Guidance    
Interest and other income (expense), net (a)  4,818  4,818
Provision for income taxes  5,747  7,097
Amortization of intangibles (b)  3,573  3,573
Stock-based compensation (c)  7,576  7,576
Depreciation expense (d)  5,261  5,261
Adjustments to net income  $ 26,975  $ 28,325
     
Adjusted EBITDA  $ 34,000  $ 37,000
     
     
(a) Consists of interest from available-for-sale securities, interest expense associated with our convertible debt and corporate headquarters and foreign exchange currency transactions
(b) Consists of amortization of intangible assets, primarily licenses and customer relationships
(c) Consists of stock-based compensation in accordance with ASC 718
(d) Consists of depreciation, primarily on property, plant and equipment

© 2013 Conceptus, Inc.— All rights reserved.

CONTACT: Investor and Public Relations Contact:
         Lynn Pieper
         Westwicke Partners
         415-202-5678
         Lynn.pieper@westwicke.com

Conceptus, Inc. Logo

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