FOR IMMEDIATE RELEASE
For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
GIVEN IMAGING REPORTS SECOND QUARTER 2010 RESULTS
- Second Quarter Revenues Increase 17 percent to $42.1 Million, driven by acquisition of Sierra
Scientific Instruments –
- Non-GAAP Net Income Increases 10.5 percent to $6.3 million, or $0.20 Per Share, Compared to
$5.7 million, or $0.19 Per Share in Q2 2009 –
- GAAP Net Income of $2.2 million, or $0.07 Per Share Including $1.3 million SSI Purchase Price
Allocation Charge, Compared to $4.9 million or $0.16 Per Share in Q2 2009 -
- 43 percent Increase in First Half 2010 Non-GAAP Net Income –
YOQNEAM, Israel, August 11, 2010 - Given Imaging Ltd. (NASDAQ: GIVN) today announced financial
results for the second quarter ended June 30, 2010.
Worldwide revenues were $42.1 million in the second quarter of 2010, a 17 percent increase from $36 million in
the second quarter of 2009. Second quarter revenues include $5.7 million from Sierra Scientific Instruments
(SSI) which the company acquired in April. Global sales of existing PillCam SB products were essentially flat as
Americans cut back on visits to the doctor and healthcare utilization in general was much lower in the second
quarter due to economic uncertainty. Specifically, overall GI procedures have fallen considerably in the U.S.
from levels a year ago. The European economic crisis associated with the weak Euro also negatively impacted
European revenue growth. However, gross margin on a non-GAAP basis in the second quarter of 2010 was
77.3 percent, compared to gross margin of 76.1 percent in the second quarter of 2009 due to productivity
improvements and headcount control. On a GAAP basis, gross margin in the second quarter of 2010 includes a
one-time charge of $1.5 million from the SSI acquisition and was 73.7 percent, compared to 76.1 percent in