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BioMarin Announces Fourth Quarter And Full Year 2012 Financial Results

The following table presents the reconciliation of non-GAAP to GAAP financial metrics:

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA Income (Loss)
(in millions)
(unaudited)
           
    Three Months Ended December 31,  Twelve Months Ended December 31, 
  NOTES 2012 2011 2012 2011
           
GAAP Net Loss    $ (53.0)  $ (26.7)  $ (114.3)  $ (53.8)
           
Interest expense, net    1.2  1.1  5.0  5.4
Income tax expense (benefit)    2.9  3.6  (3.9)  10.2
Depreciation    6.6  5.7  27.5  24.4
Amortization    2.6  1.5  17.3  4.4
EBITDA (Loss)    (39.7)  (14.8)  (68.4)  (9.4)
           
Stock-based compensation    12.1  11.2  48.0  43.8
Contingent consideration (1)   12.1  0.6  8.8  (1.8)
           
Material non-recurring          
Convertible debt exchange (2)  --   --     1.9
           
Non-GAAP Adjusted EBITDA Income (Loss)    $ (15.5)  $ (3.0)  $ (11.6)  $ 34.5
 
(1) Represents the changes in the fair value of contingent acquisition consideration payable for the period. The change in the current quarter reflects changes in estimated probabilities and timing of achieving certain developmental milestones.
(2) Represents debt conversion expense associated with the early conversion of a portion of our convertible debt in September 2011.

BioMarin believes that this non-GAAP information is useful to investors, taken in conjunction with BioMarin's GAAP information because it provides additional information regarding the performance of BioMarin's core ongoing business, Naglazyme, Kuvan, Aldurazyme and Firdapse and development of its pipeline. By providing information about both the overall GAAP financial performance and the non-GAAP measures that focus on continuing operations, the company believes that the additional information enhances investors' overall understanding of the company's business and prospects for the future. Further, the company uses both the GAAP and the non-GAAP results and expectations internally for its operating, budgeting and financial planning purposes.

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