Given Imaging Reports Second Quarter 2013 Financial Results

- Record Second Quarter 2013 Revenues Increase 11% to $49.5 million –

-   Company Achieves Record Sales of 62,700 PillCam SB Capsules in Second Quarter 2013 –

- Second Quarter 2013 GAAP and Non-GAAP EPS Increase 71% and 35%, respectively, to $0.16 and $0.22 –

YOQNEAM, Israel, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Given Imaging Ltd. (Nasdaq:GIVN) today announced financial results for the second quarter ended June 30, 2013.

Revenues were $49.5 million in the second quarter of 2013, an increase of eleven percent compared to $44.5 million in the second quarter of 2012. Gross margin on a GAAP-basis in the second quarter of 2013 was 77.5 percent, compared to 77.1 percent in the second quarter of 2012. Gross margin on a non-GAAP-basis in the second quarter of 2013 was 78.3 percent, compared to 78.2 percent in the second quarter of 2012. 

On a GAAP-basis, operating profit increased 60 percent to $5.4 million in the second quarter of 2013, compared to $3.4 million in the second quarter of 2012. Non-GAAP operating profit was $7.4 million in the second quarter of 2013, up 35% from $5.5 million in the same period in 2012.  

On a GAAP-basis, net income for the second quarter of 2013 increased 71 percent to $5.2 million, or $0.16 per share, compared to net income of $3.0 million, or $0.10 per share, in the same period in 2012. On a non-GAAP-basis, net income for the second quarter of 2013 was $6.9 million or $0.22 per share on a fully diluted basis, up 35% from net income of $4.9 million, or $0.16 per share on a fully diluted basis in the second quarter of 2012.

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

Cash generated from operating activities in the second quarter of 2013 was $8.8 million. Cash and cash equivalents, short-term investments and marketable securities on June 30, 2013 totaled $130.3 million.

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