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Given Imaging Reports Third Quarter 2013 Financial Results

Third Quarter 2013 Revenues Increase by 10% to a Record $50 Million

PillCam SB Capsules Sales Climb to a Record 63,500 in the Quarter

Third Quarter 2013 GAAP EPS Increases 5% to $0.20, Non-GAAP EPS Unchanged at $0.25

Record Third Quarter 2013 GAAP and Non-GAAP Net Income $6.5 Million and $8.2 Million, Respectively

YOQNEAM, Israel, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Given Imaging Ltd. (Nasdaq:GIVN) today announced financial results for the third quarter ended September 30, 2013.

Revenues were $50.0 million in the third quarter of 2013, an increase of 10 percent compared to $45.4 million in the third quarter of 2012. Gross margin on a GAAP-basis in the third quarter of 2013 was 77.5 percent, unchanged from the third quarter of 2012. Gross margin on a non-GAAP-basis in the third quarter of 2013 was 78.3 percent, also unchanged from third quarter of 2012. 

On a GAAP-basis, operating profit was $6.4 million in the third quarter of 2013, compared to $6.5 million in the third quarter of 2012. Non-GAAP operating profit was $8.3 million in the third quarter of 2013, compared to $8.5 million in the same period in 2012. 

On a GAAP-basis, net income for the third quarter of 2013 increased eight percent to $6.5 million, or $0.20 per share, compared to net income of $6.0 million, or $0.19 per share, in the same period in 2012. On a non-GAAP-basis, net income for the third quarter of 2013 was $8.2 million or $0.25 per share on a fully diluted basis, up 4% from net income of $7.9 million, or $0.25 per share on a fully diluted basis in the third quarter of 2012.

A reconciliation of GAAP results to non-GAAP results is attached.

Cash generated from operating activities in the third quarter of 2013 was $11.7 million. Cash and cash equivalents, short-term investments and marketable securities on September 30, 2013 totaled $142.4 million.

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