LANCASTER, Calif.--(BUSINESS WIRE)--Simulations Plus, Inc. (NASDAQ: SLP) ("Simulations Plus"), a leading provider of modeling and simulation software and services for pharmaceutical safety and efficacy, today reported financial results for its second quarter fiscal 2024, ended February 29, 2024.
Second Quarter 2024 Financial Highlights (compared to second quarter 2023)
- Total revenue increased 16% to $18.3 million
- Software revenue increased 11% to $11.6 million, representing 63% of total revenue
- Services revenue increased 27% to $6.7 million, representing 37% of total revenue
- Gross profit increased to $13.2 million; gross margin was 72%
- Adjusted EBITDA of $7.1 million, representing 39% of total revenue
- Net income of $4.0 million and diluted earnings per share (EPS) of $0.20 versus net income of $4.2 million and diluted EPS of $0.20
Six Months 2024 Financial Highlights (compared to six months 2023)
- Total revenue increased 18% to $32.8 million
- Software revenue increased 16% to $19.2 million
- Services revenue increased 22% to $13.6 million
- Gross profit increased 3% to $23.1 million; gross margin was 70%
- Adjusted EBITDA of $10.5 million, representing 32% of total revenue
- Net income of $6.0 million and diluted EPS of $0.29 versus net income of $5.4 million and diluted EPS of $0.26
Management Commentary
"Our second quarter results reflected strong performance in both our software and services segments," said Shawn O'Connor, Chief Executive Officer of Simulations Plus. "Total revenue increased 16%, driven by higher software revenues in our Clinical Pharmacology & Pharmacometrics (CPP) business unit and the Cheminformatics business unit, whose ADMET Predictor® platform continued to gain adoption and added another new Artificial Intelligence (AI) biotech customer in the second quarter. Services revenue growth was primarily driven by higher revenues in our Quantitative Systems Pharmacology (QSP) and Physiologically Based Pharmacokinetics (PBPK) business units.
"Since the beginning of calendar 2024, we have seen encouraging signs in biotech funding with notable strength from biotech companies that have candidates undergoing clinical trials. Regarding large pharmaceutical companies, funding continues to vary depending on their near-term direction and business outlook, but the overall market is healthier compared to a year ago. For the balance of 2024, we remain cautiously optimistic that demand for our comprehensive suite of modeling and simulation software products and services will continue to gain momentum as the funding environment improves.
"During the quarter, we also launched our corporate development initiative to intensify our focus on strategic investments and partnerships in early-state technology companies. While strategic acquisitions to complement organic growth remain a priority, we believe there are hidden gems among early-stage companies developing high-potential technologies. We believe that our ability to identify and evaluate commercial applications for emerging technologies will complement our own R&D efforts and position Simulations Plus at the forefront of innovation.
"Our strong performance in the first half of the year, combined with market improvement, puts us on track to achieve our guidance for fiscal 2024. We entered the third quarter with a healthy pipeline and a solid balance sheet, and we are confident that Simulations Plus is firmly positioned to advance its critical role in drug development workflow. Our unwavering focus remains on delivering disciplined growth and achieving long-term returns for our shareholders."
Fiscal 2024 Guidance
Fiscal 2024 Guidance | Annual Increase | |||
Revenue | $66M - $69M | 10 - 15% | ||
Software mix | 55 - 60% | - | ||
Services mix | 40 - 45% | - | ||
Diluted earnings per share | $0.66 - $0.68 | 35 - 39% |
Quarterly Dividend
The Company's Board of Directors declared a cash dividend of $0.06 per share of the Company's common stock, payable on May 6, 2024, to shareholders of record as of April 29, 2024. The declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements, and other factors.
Environmental, Social, and Governance
We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our website to read our 2023 ESG update.
Webcast and Conference Call Details
Shawn O'Connor, chief executive officer, and Will Frederick, chief financial and operations officer, will host a conference call and webcast today at 5 p.m. Eastern Time to discuss the details of the Company's performance for the quarter and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 (domestic) or 1-201-389-0879 (international) or by clicking on this Call me link to request a return call. The webcast will be available on our website under Conference Calls & Presentations. A replay of the webcast will be available on the website approximately one hour following the call.
Non-GAAP Definitions
Adjusted EBITDA
Adjusted EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization, stock-based compensation, (gain) loss on currency exchange, any acquisition- or financial-transaction-related expenses, and any asset impairment charges. Currency exchange excluded represents the exchange rate fluctuations on the foreign currency denominated transactions. The impact of transactions in foreign currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency. The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company's management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that Adjusted EBITDA is useful in evaluating our core operating results. However, Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.
Adjusted Diluted EPS
Adjusted diluted EPS is calculated based on net income excluding the impact of any acquisition- or financial-transaction-related expenses, any asset impairment charges, and tax provisions / benefits related to the previous items. The Company excludes the above items because they are outside of the Company's normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
The Company believes that the use of non-GAAP measures helps investors to gain a better understanding of the Company's core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts.
About Simulations Plus
Serving clients worldwide for more than 25 years, Simulations Plus is a leading provider in the biosimulation market providing software and consulting services supporting drug discovery, development, research, and regulatory submissions. We offer solutions that bridge artificial intelligence (AI)/machine learning, physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. Our technology is licensed and applied by major pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn | X | YouTube.
Forward-Looking Statements
Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like "believe," "expect," and "anticipate" mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to successfully integrate the Immunetrics business with our own, as well as expenses we may incur in connection therewith, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports and filed with the U.S. Securities and Exchange Commission.
SIMULATIONS PLUS, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands, except per common share amounts) | February 29,
| February 28,
| February 29,
| February 28,
| ||||||||||||
Revenues | ||||||||||||||||
Software | $ | 11,614 | $ | 10,487 | $ | 19,203 | $ | 16,561 | ||||||||
Services | 6,691 |
| 5,263 | 13,602 | 11,153 | |||||||||||
Total revenues | 18,305 | 15,750 | 32,805 | 27,714 | ||||||||||||
Cost of revenues | ||||||||||||||||
Software | 1,348 | 843 | 2,339 | 1,728 | ||||||||||||
Services | 3,736 | 1,777 | 7,397 | 3,563 | ||||||||||||
Total cost of revenues | 5,084 | 2,620 | 9,736 | 5,291 | ||||||||||||
Gross profit | 13,221 | 13,130 | 23,069 | 22,423 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 1,312 | 1,317 | 2,529 | 2,483 | ||||||||||||
Sales and marketing | 1,949 | 1,730 | 3,938 | 3,215 | ||||||||||||
General and administrative | 5,518 | 6,049 | 11,200 | 11,813 | ||||||||||||
Total operating expenses | 8,779 | 9,096 | 17,667 | 17,511 | ||||||||||||
Income from operations | 4,442 | 4,034 | 5,402 | 4,912 | ||||||||||||
Other income | 810 | 1,034 | 2,256 | 1,774 | ||||||||||||
Income before income taxes | 5,252 | 5,068 | 7,658 | 6,686 | ||||||||||||
Provision for income taxes | (1,223 | ) | (894 | ) | (1,684 | ) | (1,267 | ) | ||||||||
Net income | $ | 4,029 | $ | 4,174 | $ | 5,974 | $ | 5,419 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.20 | $ | 0.21 | $ | 0.30 | $ | 0.27 | ||||||||
Diluted | $ | 0.20 | $ | 0.20 | $ | 0.29 | $ | 0.26 | ||||||||
Weighted-average common shares outstanding | ||||||||||||||||
Basic | 19,975 | 20,112 | 19,961 | 20,200 | ||||||||||||
Diluted | 20,315 | 20,529 | 20,288 | 20,657 | ||||||||||||
Other comprehensive (loss) income, net of tax | ||||||||||||||||
Foreign currency translation adjustments | (15 | ) | (23 | ) | (69 | ) | 30 | |||||||||
Comprehensive income | $ | 4,014 | $ | 4,151 | $ | 5,905 | $ | 5,449 | ||||||||
SIMULATIONS PLUS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | (Audited) | |||||||
(in thousands, except share and per share amounts) | February 29,
| August 31,
| ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 37,031 | $ | 57,523 | ||||
Accounts receivable, net of allowance for credit losses of $30 and $46 | 13,114 | 10,201 | ||||||
Prepaid income taxes | 1,364 | 804 | ||||||
Prepaid expenses and other current assets | 4,975 | 3,904 | ||||||
Short-term investments | 71,473 | 57,940 | ||||||
Total current assets | 127,957 | 130,372 | ||||||
Long-term assets | ||||||||
Capitalized computer software development costs, net of accumulated amortization of $17,962 and $17,199 | 12,333 | 11,335 | ||||||
Property and equipment, net | 843 | 671 | ||||||
Operating lease right-of-use assets | 1,062 | 1,247 | ||||||
Intellectual property, net of accumulated amortization of $10,117 and $9,301 | 7,873 | 8,689 | ||||||
Other intangible assets, net of accumulated amortization of $2,606 and $2,107 | 12,935 | 12,825 | ||||||
Goodwill | 19,099 | 19,099 | ||||||
Long-term investments | 9,024 | - | ||||||
Deferred tax assets | 2,323 | 1,438 | ||||||
Other assets | 524 | 425 | ||||||
Total assets | $ | 193,973 | $ | 186,101 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 360 | $ | 144 | ||||
Accrued compensation | 3,184 | 4,392 | ||||||
Accrued expenses | 2,992 | 659 | ||||||
Contracts payable | 5,110 | 3,250 | ||||||
Operating lease liability - current portion | 425 | 442 | ||||||
Deferred revenue | 2,457 | 3,100 | ||||||
Total current liabilities | 14,528 | 11,987 | ||||||
Long-term liabilities | ||||||||
Operating lease liability | 607 | 755 | ||||||
Contracts payable - net of current portion | 1,800 | 3,330 | ||||||
Total liabilities | 16,935 | 16,072 | ||||||
Commitments and contingencies | - | - | ||||||
Shareholders' equity | ||||||||
Preferred stock, $0.001 par value - 10,000,000 shares authorized; no shares issued and outstanding | $ | - | $ | - | ||||
Common stock, $0.001 par value and additional paid-in capital -50,000,000 shares authorized; 19,983,703 and 19,937,961 shares issued and outstanding | 148,472 | 144,974 | ||||||
Retained earnings | 28,776 | 25,196 | ||||||
Accumulated other comprehensive loss | (210 | ) | (141 | ) | ||||
Total shareholders' equity | 177,038 | 170,029 | ||||||
Total liabilities and shareholders' equity | $ | 193,973 | $ | 186,101 | ||||
SIMULATIONS PLUS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Trended Financial Information* | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions except earnings per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2022 | FY 2023 | FY 2024 | FY
| FY
| FY
| |||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Full
| Full
| YTD | ||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | $ | 7.4 | $ | 9.8 | $ | 9.6 | $ | 5.9 | $ | 6.1 | $ | 10.5 | $ | 10.6 | $ | 9.3 | $ | 7.6 | $ | 11.6 | $ | 32.7 | $ | 36.5 | $ | 19.2 | ||||||||||||||||||||||||||
Services | 5.0 | 5.0 | 5.3 | 5.8 | 5.9 | 5.3 | 5.6 | 6.3 | 6.9 | 6.7 | 21.2 | 23.1 | 13.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12.4 | $ | 14.8 | $ | 15.0 | $ | 11.7 | $ | 12.0 | $ | 15.8 | $ | 16.2 | $ | 15.6 | $ | 14.5 | $ | 18.3 | $ | 53.9 | $ | 59.6 | $ | 32.8 | ||||||||||||||||||||||||||
Gross Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | 90.0 | % | 92.0 | % | 92.4 | % | 86.1 | % | 85.4 | % | 92.0 | % | 91.5 | % | 89.4 | % | 86.9 | % | 88.4 | % | 90.6 | % | 90.1 | % | 87.8 | % | ||||||||||||||||||||||||||
Services | 60.0 | % | 59.3 | % | 65.6 | % | 68.2 | % | 69.7 | % | 66.2 | % | 63.4 | % | 62.1 | % | 47.0 | % | 44.2 | % | 63.5 | % | 65.3 | % | 45.6 | % | ||||||||||||||||||||||||||
Total | 77.8 | % | 80.9 | % | 82.9 | % | 77.2 | % | 77.7 | % | 83.4 | % | 81.8 | % | 78.4 | % | 67.9 | % | 72.2 | % | 79.9 | % | 80.5 | % | 70.3 | % | ||||||||||||||||||||||||||
Income from operations | $ | 3.8 | $ | 5.5 | $ | 4.9 | $ | 0.7 | $ | 0.9 | $ | 4.0 | $ | 4.1 | $ | (0.3 | ) | $ | 1.0 | $ | 4.4 | $ | 14.9 | $ | 8.7 | $ | 5.4 | |||||||||||||||||||||||||
Operating Margin | 30.6 | % | 37.0 | % | 33.1 | % | 5.9 | % | 7.3 | % | 25.6 | % | 25.2 | % | -1.8 | % | 6.6 | % | 24.3 | % | 27.7 | % | 14.6 | % | 16.5 | % | ||||||||||||||||||||||||||
Net Income | $ | 3.0 | $ | 4.4 | $ | 4.1 | $ | 1.0 | $ | 1.2 | $ | 4.2 | $ | 4.0 | $ | 0.5 | $ | 1.9 | $ | 4.0 | $ | 12.5 | $ | 10.0 | $ | 6.0 | ||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.15 | $ | 0.21 | $ | 0.20 | $ | 0.05 | $ | 0.06 | $ | 0.20 | $ | 0.20 | $ | 0.03 | $ | 0.10 | $ | 0.20 | $ | 0.60 | $ | 0.49 | $ | 0.29 | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 5.3 | $ | 7.2 | $ | 6.5 | $ | 2.5 | $ | 3.0 | $ | 6.2 | $ | 6.5 | $ | 4.9 | $ | 3.4 | $ | 7.1 | $ | 21.5 | $ | 20.6 | $ | 10.5 | ||||||||||||||||||||||||||
Adjusted Diluted EPS | $ | 0.15 | $ | 0.21 | $ | 0.20 | $ | 0.06 | $ | 0.07 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.10 | $ | 0.20 | $ | 0.61 | $ | 0.67 | $ | 0.10 | ||||||||||||||||||||||||||
Cash Flow from Operations | $ | 3.6 | $ | 2.6 | $ | 3.8 | $ | 7.9 | $ | 4.7 | $ | 5.5 | $ | 8.5 | $ | 3.1 | $ | 0.2 | $ | 5.8 | $ | 17.9 | $ | 21.9 | $ | 6.0 | ||||||||||||||||||||||||||
Revenue Breakdown by Region | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 8.5 | $ | 9.7 | $ | 11.2 | $ | 8.4 | $ | 8.5 | $ | 10.6 | $ | 10.8 | $ | 11.0 | $ | 10.9 | $ | 12.5 | $ | 37.7 | $ | 40.8 | $ | 23.4 | ||||||||||||||||||||||||||
EMEA | 3.0 | 3.7 | 1.9 | 1.7 | 2.1 | 3.6 | 3.4 | 2.6 | 2.3 | 4.7 | 10.4 | 11.7 | 7.0 | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 0.9 | 1.4 | 1.9 | 1.6 | 1.3 | 1.5 | 2.1 | 2.1 | 1.3 | 1.2 | 5.8 | 7.0 | 2.5 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12.4 | $ | 14.8 | $ | 15.0 | $ | 11.7 | $ | 12.0 | $ | 15.8 | $ | 16.2 | $ | 15.6 | $ | 14.5 | $ | 18.3 | $ | 53.9 | $ | 59.6 | $ | 32.8 | ||||||||||||||||||||||||||
Software Performance Metrics | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Revenue per Customer (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 71 | $ | 101 | $ | 95 | $ | 65 | $ | 68 | $ | 110 | $ | 97 | $ | 88 | $ | 79 | $ | 113 | ||||||||||||||||||||||||||||||||
Services Performance Metrics | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Backlog (in millions) | $ | 15.4 | $ | 17.0 | $ | 16.7 | $ | 15.9 | $ | 15.8 | $ | 15.4 | $ | 15.7 | $ | 19.5 | $ | 18.9 | $ | 18.0 | ||||||||||||||||||||||||||||||||
*Numbers may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SIMULATIONS PLUS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Net Income* | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2022 | FY 2023 | FY 2024 | FY
| FY
| FY
| |||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Full
| Full
| YTD | ||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 3.0 | $ | 4.4 | $ | 4.1 | $ | 1.0 | $ | 1.2 | $ | 4.2 | $ | 4.0 | $ | 0.5 | $ | 1.9 | $ | 4.0 | $ | 12.5 | $ | 10.0 | $ | 6.0 | ||||||||||||||||||||||||||
Excluding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income and expense, net | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.8 | ) | (1.0 | ) | (1.1 | ) | (1.3 | ) | (1.3 | ) | (1.3 | ) | (0.7 | ) | (4.1 | ) | (2.6 | ) | ||||||||||||||||||||||||||
Provision for income taxes | 0.8 | 1.1 | 0.7 | (0.1 | ) | 0.4 | 0.9 | 0.9 | (0.5 | ) | 0.5 | 1.2 | 2.6 | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 0.8 | 1.0 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.1 | 1.1 | 1.1 | 3.6 | 3.9 | 2.2 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0.6 | 0.7 | 0.7 | 0.7 | 0.9 | 1.2 | 1.1 | 1.1 | 1.3 | 1.6 | 2.7 | 4.2 | 2.9 | |||||||||||||||||||||||||||||||||||||||
(Gain) loss on currency exchange | (0.1 | ) | (0.1 | ) | 0.2 | 0.2 | - | - | 0.3 | 0.2 | - | 0.1 | 0.2 | 0.5 | 0.1 | |||||||||||||||||||||||||||||||||||||
Impairment of other intangibles | - | - | - | - | - | - | - | 0.5 | - | - | - | 0.5 | - | |||||||||||||||||||||||||||||||||||||||
Change in value of contingent consideration | 0.1 | 0.1 | - | - | - | - | - | 0.7 | (0.1 | ) | 0.4 | 0.3 | 0.7 | 0.3 | ||||||||||||||||||||||||||||||||||||||
Mergers & Acquisitions expense | - | - | - | 0.3 | 0.3 | 0.1 | 0.4 | 2.5 | - | - | 0.3 | 3.3 | - | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 5.3 | $ | 7.2 | $ | 6.5 | $ | 2.5 | $ | 3.0 | $ | 6.2 | $ | 6.5 | $ | 4.9 | $ | 3.4 | $ | 7.1 | $ | 21.5 | $ | 20.6 | $ | 10.5 | ||||||||||||||||||||||||||
*Numbers may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SIMULATIONS PLUS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted Diluted EPS to Diluted EPS* | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except Diluted EPS and Adjusted Diluted EPS) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FY 2022 | FY 2023 | FY 2024 | FY
| FY
| FY
| |||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Full
| Full
| YTD | ||||||||||||||||||||||||||||||||||||||||
Net Income (GAAP) | $ | 3.0 | $ | 4.4 | $ | 4.1 | $ | 1.0 | $ | 1.2 | $ | 4.2 | $ | 4.0 | $ | 0.5 | $ | 1.9 | $ | 4.0 | $ | 12.5 | $ | 10.0 | $ | 6.0 | ||||||||||||||||||||||||||
Excluding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers & Acquisitions expense | - | - | - | 0.3 | 0.3 | 0.1 | 0.4 | 0.9 | - | - | 0.3 | 1.7 | - | |||||||||||||||||||||||||||||||||||||||
Immunetrics transaction costs | - | - | - | - | - | - | - | 2.3 | - | - | - | 2.3 | - | |||||||||||||||||||||||||||||||||||||||
Cognigen trade name write-off | - | - | - | - | - | - | - | 0.5 | - | - | - | 0.5 | - | |||||||||||||||||||||||||||||||||||||||
Tax effect on above adjustments | - | - | - | (0.1 | ) | (0.1 | ) | - | (0.1 | ) | (0.5 | ) | - | - | (0.1 | ) | (0.7 | ) | - | |||||||||||||||||||||||||||||||||
Adjusted Net income (Non-GAAP) | $ | 3.0 | $ | 4.4 | $ | 4.1 | $ | 1.2 | $ | 1.5 | $ | 4.2 | $ | 4.3 | $ | 3.7 | $ | 1.9 | $ | 4.0 | $ | 12.8 | $ | 13.8 | $ | 6.0 | ||||||||||||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 20.7 | 20.7 | 20.8 | 20.9 | 20.8 | 20.5 | 20.4 | 20.4 | 20.3 | 20.3 | 20.7 | 20.5 | 20.3 | |||||||||||||||||||||||||||||||||||||||
Diluted EPS (GAAP) | $ | 0.15 | $ | 0.21 | $ | 0.20 | $ | 0.05 | $ | 0.06 | $ | 0.20 | $ | 0.20 | $ | 0.03 | $ | 0.10 | $ | 0.20 | $ | 0.60 | $ | 0.49 | $ | 0.29 | ||||||||||||||||||||||||||
Adjusted Diluted EPS (Non-GAAP) | $ | 0.15 | $ | 0.21 | $ | 0.20 | $ | 0.06 | $ | 0.07 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.10 | $ | 0.20 | $ | 0.61 | $ | 0.67 | $ | 0.29 | ||||||||||||||||||||||||||
*Numbers may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Contacts
Investor Relations Contacts:
Lisa Fortuna
Financial Profiles
310-622-8251
slp@finprofiles.com
Renee Bouche
Simulations Plus Investor Relations
661-723-7723
renee.bouche@simulations-plus.com
