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Life Technologies Announces Third Quarter 2013 Results
Date:11/5/2013

CARLSBAD, Calif., Nov. 5, 2013 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced results for its third quarter ended September 30, 2013.  Revenue for the third quarter was $936 million, an increase of 3 percent over the $911 million reported for the third quarter of 2012.  Excluding the impact of currency, revenue growth for the quarter was 4 percent compared to the same period of the prior year."We are pleased with our mid-single digit revenue and double-digit non-GAAP EPS growth, which was driven by strength across our Research Consumables and Applied Sciences business groups, solid growth in Japan and emerging markets such as China, and continued stability in the U.S. and Europe," said Gregory T. Lucier, chairman and chief executive officer of Life Technologies.  "During the quarter, we continued to execute against our strategy of expanding into growth markets by introducing new products in stem cells and next generation sequencing and by opening a state-of-the art forensics lab in India.  In addition, we partnered with TriCore Reference Laboratories to establish our first next-generation sequencing Center of Excellence focused on clinical research."

Lucier continued, "On August 21, 2013, our stockholders voted to adopt the Life Technologies and Thermo Fisher merger agreement, representing a significant milestone and bringing us one step closer to the anticipated close of the acquisition in early 2014. Both companies remain excited about creating the unrivaled leader in life sciences that will continue to accelerate innovation and better meet the needs of our customers."

Life Technologies reported results compared to the quarter ended September 30, 2012.  Results are non-GAAP unless indicated otherwise.  A full reconciliation of non-GAAP to GAAP measures can be found in the tables of today's press release.

Analysis of Third Quarter 2013 Results

  • Third quarter revenue increased by 3 percent over the prior year, representing an increase of approximately 4 percent excluding the impact of currency.  Revenue growth for the quarter was driven by increases in the company's Research Consumables and Bioproduction businesses, partially offset by declines in Genetic Analysis.
  • Gross margin in the third quarter was 65.7 percent, approximately 10 basis points higher than the same period of the prior year.  Gross margin was driven by manufacturing productivity and higher realized price, partially offset by a decline in royalties.
  • Operating margin was 28.1 percent in the third quarter, approximately 10 basis points higher than in the same period of the prior year, primarily due to the increase in revenue and gross margin, partially offset by increases in expenses related to acquisitions and planned investments in Ion Torrent.
  • The Company's tax rate was 22.9 percent for the third quarter, which was lower than the third quarter of last year due to the reinstatement of the U.S. federal research tax credit and tax credits on foreign repatriation.
  • Third quarter EPS increased 10 percent to $1.02.
  • Diluted weighted shares outstanding were 175.9 million in the third quarter, a decrease of 1.4 million shares over the prior year.  The decrease was a result of the share repurchase program, partially offset by shares issued for employee stock plans.
  • Cash flow from operating activities for the third quarter was $250 million.  Third quarter capital expenditures were $25 million, resulting in free cash flow of $225 million.  The company ended the quarter with $368 million in cash and short-term investments.
  • Business Group and Regional Highlights

  • Research Consumables revenue was $404 million in the third quarter, an increase of 5 percent compared to the prior year.  Excluding the impact of currency, revenue for the business group increased 6 percent primarily due to strong sales from the Company's fluorescent imaging, stem cells, synthetic biology and cell culture products.
  • Genetic Analysis revenue was $338 million in the third quarter, a decrease of 4 percent over the same period last year.  Excluding the impact of currency, revenue decreased 3 percent.  Results for the quarter were primarily driven by an expected decline in qPCR royalties and SOLiD sales, offset by continued solid performance in the rest of the business.
  • Applied Sciences revenue was $194 million in the third quarter, an increase of 12 percent over the prior year.  Excluding the impact of currency, revenue increased 13 percent primarily as a result of an increase in Bioproduction sales.
  • Regional revenue growth rates excluding currency for the third quarter, compared to the same quarter of the prior year, were as follows: the Americas were flat, Europe grew 2 percent, Asia Pacific grew 18 percent, and Japan grew 8 percent.  
  • Outlook
    Given the announcement in April that Life Technologies and Thermo Fisher have entered into a definitive merger agreement under which Thermo Fisher will acquire all of the outstanding shares of Life Technologies for $76.00 per share in cash, the Company is no longer providing quarterly guidance.  The Company will continue to provide commentary regarding the impact that fluctuations in currency rates could have on results. 

    Based on September 30, 2013 rates, currency is expected to have a negative impact of approximately $57 million on revenue and $0.13 on non-GAAP EPS for the full year.  This compares to a negative impact of $75 million on revenue and $0.17 on non-GAAP EPS for the full year at June 30, 2013 rates.

    Conference Calls
    In light of the announced transaction with Thermo Fisher, the Company will no longer hold conference calls for its quarterly and annual earnings.  The transaction, which is expected to close early in 2014, is subject to customary closing conditions, including regulatory approvals.

    About Life Technologies
    Life Technologies Corporation (NASDAQ:  LIFE) is a global biotechnology company that is committed to providing the most innovative products and services to leading customers in the fields of scientific research, genetic analysis and applied sciences. With a presence in more than 180 countries, the company's portfolio of 50,000 end-to-end solutions are secured by more than 5,000 patents and licenses that span the entire biological spectrum -- scientific exploration, molecular diagnostics, 21st century forensics, regenerative medicine and agricultural research. Life Technologies has approximately 10,000 employees and had sales of $3.8 billion in 2012. Visit us at our website: http://www.lifetechnologies.com.

    Safe Harbor Statement
    Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and Life Technologies intends that such forward-looking statements be subject to the safe harbor created thereby. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of the company and statements regarding the proposed acquisition of Life Technologies by Thermo Fisher. Such forward-looking statements include, but are not limited to, statements relating to financial projections, including revenue and pro forma EPS projections; success of acquired businesses, including cost and revenue synergies; development and increased flow of new products; leveraging technology and personnel; advanced opportunities and efficiencies; opportunities for growth; expectations of prospective new standards, new delivery platforms, and new selling specialization and effectiveness; plans and prospects for the company; corporate strategy and performance; and the expected timetable for completing the transaction with Thermo Fisher. A number of the matters discussed in this press release and presentation that are not historical or current facts deal with potential future circumstances and developments, including future research and development plans. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to:  volatility of the financial markets; and the risks that are described from time to time in Life Technologies' reports filed with the SEC. This press release and presentation speaks only as of its date, and the company disclaims any duty to update the information herein.

    All products referenced are for Research Use Only and not intended for use in diagnostic procedures, unless otherwise noted.

    Non-GAAP Measurements
    This discussion includes certain financial information which constitutes "non-GAAP financial measures" as defined by the SEC.  The GAAP measures which are most directly comparable to these measures, as well as a reconciliation of these measures with the most directly comparable GAAP measures, can be found at the Investor Relations portion of the company's website at www.lifetechnologies.com.

    (Logo: http://photos.prnewswire.com/prnh/20110216/MM49339LOGO)

    Investor and Financial Contact:

    Carol Cox
    Agnes Lee
    Investor Relations
    (760) 603-7208
    ir@lifetech.com

     LIFE TECHNOLOGIES CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONSFor the three monthsFor the three months(in thousands, except per share data)ended September 30, 2013ended September 30, 2012(unaudited)Revenues$
    935,090$
    911,183Cost of revenues

    319,546361,571Purchased intangibles amortization

    70,64171,126Gross profit

    544,903478,486Gross margin58.3%52.5%Operating expenses:Selling, general and administrative

    268,839270,565Research and development

    82,97884,811Business consolidation costs

    26,92210,571Total operating expenses

    378,739365,947Operating income

    166,164112,539Operating margin

    17.8%12.4%Interest income

    400436Interest expense

    (27,092)(29,291)Other expense, net

    (5,182)(2,781)Total other expense, net

    (31,874)(31,636)Income from operations before provision for income taxes134,29080,903Income tax provision

    (16,310)(15,301)Net income

    117,98065,602Net loss attributable to non-controlling interests

    266255Net income attributable to controlling interest$
    8,246$
    5,857Effective tax rate 

    12.1%18.9%Numerator for diluted earnings  per share$
    8,246$
    5,857Earnings per common share:Basic earnings per share attributable to controlling interest$
    .68$
    .38Diluted earnings per share attributable to controlling interest$
    .67$
    .37Weighted average shares used in per share calculation:Basic172,892174,044Diluted175,901177,258 LIFE TECHNOLOGIES CORPORATIONITEMIZED RECONCILIATION BETWEENGAAP AND NON-GAAP NET INCOMEFor the three monthsFor the three months(in thousands, except per share data)ended September 30, 2013ended September 30, 2012(unaudited)GAAP net income $
    7,980$
    5,602Non-GAAP revenue adjustmentsPurchase accounting related adjustments 

    516193Total Non-GAAP revenue adjustments

    516

    (1)

    193

    (1)Non-GAAP cost of revenues and purchased intangible adjustmentsPurchased intangibles amortization

    70,64171,126Purchase accounting related adjustments

    (1,103)-Legal settlement

    -48,500Total Non-GAAP cost of revenues and purchased intangible adjustments

    69,538

    (2)

    119,626

    (2)Non-GAAP operating expense adjustmentsPurchase accounting related adjustments 

    1941,019Business consolidation costs

    26,92210,571Legal settlement

    -11,400Total Non-GAAP operating expense adjustments

    27,116

    (3)

    22,990

    (3)Non-GAAP income tax provision adjustmentsIncome tax adjustments

    (36,682)(45,740)Total Non-GAAP income tax provision adjustments

    (36,682)

    (4)

    (45,740)

    (4)Non-GAAP Net Income$
    78,468$
    2,671Non-GAAP loss attributable to non-controlling interest

    266

    (5)

    255

    (5)Non-GAAP Net Income Attributable to Controlling Interest$
    78,734$
    2,926Non-GAAP Numerator for diluted earnings per share$
    78,734$
    2,926Non-GAAP Earnings per common share:Basic earnings per share attributable to controlling interest$
    .03$
    .94Diluted earnings per share attributable to controlling interest$
    .02$
    .92Weighted average shares used in per share calculation:Basic172,892174,044Diluted175,901177,258Summary of Reconciliation between GAAP and Non-GAAP Net IncomeFor the three months ended September 30, 2013, Non-GAAP earnings resulted in total revenue of $935.6 million, gross profit of $615.0 million with gross margin of 65.7%, operating profit of $263.3 million with operating margin of 28.1%, and an income tax provision of $53.0 million with the Non-GAAP effective tax rate of 22.9% with the above adjustments.For the three months ended September 30, 2012, Non-GAAP earnings resulted in total revenue of $911.4 million, gross profit of $598.3 million with gross margin of 65.6%, operating profit of $255.3 million with operating margin of 28.0%, and an income tax provision of $61.0 million with the Non-GAAP effective tax rate of 27.3% with the above adjustments.Notes(1)

    Add back purchased deferred revenue of $0.5 million and $0.2 million for the three months ended September 30, 2013 and 2012, respectively. (2)

    Add back amortization of purchased intangibles of $70.6 million, offset by contingent consideration revaluation of $1.1 million for the three months ended September 30, 2013. Add back amortization of purchased intangibles of $71.1 million for the three months ended September 30, 2012. Add back the legal judgment of $48.5 million for the three months ended September 30, 2012. (3)

    Add back depreciation of purchase accounting property, plant, and equipment revaluation of $0.2 million and $1.0 million for the three months ended September 30, 2013 and 2012, respectively.  Add back business consolidation costs including restructuring and integrating acquired entities, aligning acquired and existing operations through business transformation activities and costs associated with divesting entities of $26.9 millionand $10.6 million for the three months ended September 30, 2013 and 2012, respectively. Add back legal settlement of $11.4 million for the three months ended September 30, 2012.(4)

    Non-GAAP tax adjustment due to the exclusion of the aforementioned business combination related charges, non cash charges, and one-time costs which are not indicative of the profitability or cash flows of the Company's ongoing or future operations. These deductions produce a GAAP only tax benefit which is added back for Non-GAAP presentation.(5)

    Non-GAAP net loss attributable to non-controlling interest, net of tax benefit.The Company reports Non-GAAP results which excludes costs that are not indicative of the profitability or cash flows of the Company's ongoing or future operations.  Such costs are restructuring cost, business transformation expenses, amortization and depreciation of deferred revenue, intangibles assets, and fixed assets, and revaluation charges for inventories, contingent consideration liabilities, asset impairments, and in process research and development expenses, incurred as a result of business combinations as well as the impact from the divestiture and discontinuance of product lines.  The Company also excludes noncash interest expense associated with convertible debt bifurcation and noncash charges associated with non-controlling interests. In addition, the Company excludes one-time costs including the early repayment of debt and the associated impacts, and the impact of certain settlements in order to provide a supplemental comparison of the results of operations.  LIFE TECHNOLOGIES CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONSFor the nine monthsFor the nine months(in thousands, except per share data)ended September 30, 2013ended September 30, 2012(unaudited)Revenues$
    2,843,410$
    2,799,606Cost of revenues964,1851,003,611Purchased intangibles amortization213,886219,192Gross profit

    1,665,3391,576,803Gross margin58.6%56.3%Operating expenses:Selling, general and administrative

    816,455790,012Research and development

    255,083258,225Business consolidation costs

    81,92134,266Total operating expenses

    1,153,4591,082,503Operating income

    511,880494,300Operating margin18.0%17.7%Interest income1,6171,715Interest expense(84,106)(94,266)Other expense, net(9,570)(11,097)Total other expense, net

    (92,059)(103,648)Income from operations before provision for income taxes419,821390,652Income tax provision(54,316)(70,108)Net income

    365,505320,544Net loss attributable to non-controlling interests

    577305Net income attributable to controlling interest$
    366,082$
    320,849Effective tax rate 12.9%17.9%Add back interest expense for subordinateddebt, net of tax-12Numerator for diluted earnings  per share$
    366,082$
    320,861Earnings per common share:Basic earnings per share attributable to controlling interest$
    2.13$
    .81Diluted earnings per share attributable to controlling interest$
    2.09$
    .78Weighted average shares used in per share calculation:Basic172,072177,028Diluted175,314180,559 LIFE TECHNOLOGIES CORPORATIONITEMIZED RECONCILIAITON BETWEENGAAP AND NON-GAAP NET INCOMEFor the nine monthsFor the nine months(in thousands, except per share data)ended September 30, 2013ended September 30, 2012(unaudited)GAAP net income $
    365,505$
    320,544Non-GAAP revenue adjustmentsPurchase accounting related adjustments 

    1,373835Charges on a discontinued product

    -(457)Historical portion of licensing settlement

    (2,774)-Total Non-GAAP revenue adjustments

    (1,401)

    (1)

    378

    (1)Non-GAAP cost of revenues and purchased intangible adjustmentsPurchased intangibles amortization

    213,886219,192Purchase accounting related adjustments 

    (3,118)-Legal judgement and settlement of historical portion of licensing dispute

    -48,331Total Non-GAAP cost of revenues and purchased intangible adjustments

    210,768

    (2)

    267,523

    (2)Non-GAAP operating expense adjustments:Purchase accounting related adjustments 

    2,0212,869Business consolidation costs

    81,92134,266Licensng and legal settlements

    -10,467Total Non-GAAP operating expense adjustments

    83,942

    (3)

    47,602

    (3)Non-GAAP other expense adjustments:Noncash interest expense charges 

    -5,382Other expense

    -5,302Total Non-GAAP other expense adjustments

    -10,684

    (4)Non-GAAP income tax provision adjustments:Income tax adjustments

    (121,880)

    (5)

    (128,868)

    (5)Total Non-GAAP income tax provision adjustments

    (121,880)(128,868)Non-GAAP Net Income$
    536,934$
    517,863Non-GAAP loss attributable to controlling interest

    577

    (6)

    305

    (6)Non-GAAP Net Income Attributable to Controlling Interest$
    537,511$
    518,168Add back interest expense for subordinated debt, net of tax

    -12Non-GAAP Numerator for diluted earnings per share$
    537,511$
    518,180Non-GAAP Earnings per common share:Basic earnings per share attributable to controlling interest$
    3.12$
    2.93Diluted earnings per share attributable to controlling interest$
    3.07$
    2.87Weighted average shares used in per share calculation:Basic172,072177,028Diluted175,314180,559Summary of Reconciliation between GAAP and Non-GAAP Net IncomeFor the nine months ended September 30, 2013, Non-GAAP earnings resulted in total revenue of $2.8 billion, gross profit of $1.9 billion with gross margin of 66.0%, operating profit of $805.2 million with operating margin of 28.3%, and an income tax provision of $176.2 million with the Non-GAAP effective tax rate of 24.7% with the above adjustments.For the nine months ended September 30, 2012, Non-GAAP earnings resulted in total revenue of $2.8 billion, gross profit of $1.8 billion with gross margin of 65.9%, operating profit of $809.8 million with operating margin of 28.9%, and an income tax provision of $199.0 million with the Non-GAAP effective tax rate of 27.8% with the above adjustments.Notes(1)

    Adjust for historical portion of royalty licensing settlement of $2.8 million, and add back purchased deferred revenue of $1.4 million for the nine months ended September 30, 2013.  Add back purchased deferred revenue of $0.8 million and adjust for revenue related to a discontinued product of $0.5 million for the nine months ended September 30, 2012.(2)

    Add back amortization of purchased intangibles of $213.9 million and amortization of a fair value inventory write-up of $1.5 million, offset by contingent consideration revaluation of $4.6 million for the nine months ended September 30, 2013.  Add back amortization of purchased intangibles of $219.2 million and a legal judgment of $48.5 million partially offset by $0.2 million related to the historical portion of the settlement of licensing disputes for the nine months ended September 30, 2012. (3)

    Add back contingent consideration revaluation of $1.0 million and depreciation of purchase accounting property, plant, and equipment revaluation of $1.0 million for the nine months ended September 30, 2013. Add back depreciation of purchase accounting property, plant, and equipment revaluation of $2.9 million, and add back legal settlement of $11.4 million and adjust for compensation cost of $0.9 million related to the historical portion of the settlement of a licensing dispute for the nine months ended September 30, 2012. Add back business consolidation costs including restructuring and integrating acquired entities, aligning acquired and existing operations through business transformation activities and costs associated with divesting entities of $81.9 million and $34.3 million for the nine months ended September 30, 2013 and 2012, respectively.(4)

    Add back charges associated with a divestiture activity of $5.3 million, charges related to non-cash interest expense for senior convertible debts of $1.7 million and the extinguishment of a line of credit facility of $3.7 million for the nine months ended September 30, 2012. (5)

    Non-GAAP tax adjustment due to the exclusion of the aforementioned business combination related charges, non cash charges, and one-time costs which are not indicative of the profitability or cash flows of the Company's ongoing or future operations. These deductions produce a GAAP only tax benefit which is added back for Non-GAAP presentation.(6)

    Non-GAAP net loss attributable to non-controlling interest, net of tax benefit.The Company reports Non-GAAP results which excludes costs that are not indicative of the profitability or cash flows of the Company's ongoing or future operations. Such costs are restructuring cost, business transformation expenses, amortization and depreciation of deferred revenue, intangibles assets, and fixed assets, and revaluation charges for inventories, contingent consideration liabilities, asset impairments, and in process research and development expenses, incurred as a result of business combinations as well as the impact from the divestiture and discontinuance of product lines. The Company also excludes noncash interest expense associated with convertible debt bifurcation and noncash charges associated with non-controlling interests. In addition, the Company excludes one-time costs including the early repayment of debt and the associated impacts, and the impact of certain settlements in order to provide a supplemental comparison of the results of operations.  LIFE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETSSeptember 30,December 31,(in thousands)20132012ASSETS (unaudited) Current assets:Cash and short-term investments

    $
    368,252$
    276,369Trade accounts receivable, net of allowance for doubtful accounts

    653,525697,228Inventories

    431,089403,488Prepaid expenses and other current assets

    293,250248,154Total current assets

    1,746,1161,625,239Long-term assets

    6,742,1207,012,826Total assets

    $
    8,488,236$
    8,638,065LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Current portion of long-term debt

    $
    4,157$
    253,214Short-term borrowings

    -100,000Accounts payable, accrued expenses and other current liabilities

    797,147839,137Total current liabilities

    801,3041,192,351Long-term debt

    2,067,5872,060,855Other long-term liabilities

    642,569731,396Stockholders' equity

    4,976,7764,653,463Total liabilities and stockholders' equity

    $
    8,488,236$
    8,638,065 LIFE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFor the nine monthsended September 30,(in thousands)(unaudited)20132012Net income$ 365,505$  320,544Add back amortization and share-based compensation

    280,867292,918Add back depreciation

    91,97693,617Balance sheet changes

    (32,962)(42,539)Other noncash adjustments

    (100,965)(107,755)Net cash provided by operating activities

    604,421556,785Capital expenditures

    (71,179)(68,385)Proceeds from sale of assets 

    36,729-Free cash flow569,971488,400Net cash used in investing activities

    (78,949)(72,057)Net cash used in financing activities

    (406,067)(980,524)Effect of exchange rate changes on cash

    (4,113)(420)Net (decrease) increase in cash and cash equivalents$   80,842$ (564,601)
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