RECAP: Safeguard Scientifics Second Quarter 2012 Financial Results
Posted by | July 26, 2012
This morning, we announced Safeguard Scientifics’ second quarter 2012 results and reported on developments at Safeguard and our partner companies, which included customer wins, strategic partnerships, changes and additions in senior management, and regulatory advancements.
As a result of continued momentum at Safeguard’s partner companies, Safeguard increased 2012 aggregate partner company revenue guidance to a range of $170 million to $175 million, up from a range of $160 million to $165 million. Results for Safeguard partner companies are reported on a one-quarter lag basis. More information about partner company developments in the second quarter is available in our press release.
Safeguard also realized additional proceeds from the sale of two partner companies. We received an additional $9 million in payments related to the sale of Avid Radiopharmaceuticals to Eli Lilly, including milestone payment for the FDA approval of Amyvid, a radioactive diagnostic agent, and the release of amounts held in escrow. An additional $1.9 million milestone payment was received during the quarter relating to the sale of Portico Systems. As a result, our net cash, cash equivalents, and marketable securities equaled $195.3 million, after subtracting the total carrying value of debt outstanding of $46.0 million.
From a traditional financial perspective, consolidated net loss for the three months ended June 30, 2012 was $10.1 million, or $0.48 per share, compared with net income of $121.8 million, or $5.87 per share, for the same period in 2011. For the six months ended June 30, 2012, the consolidated net loss was $19.8 million, or $0.95 per share, versus net income of $112.8 million, or $5.45 per share, for the same period in 2011. Results from the second quarter of 2011 and the first six months of 2011 included gains from the sale of Advanced BioHealing and Portico Systems.
If you missed this morning’s call, you can access our webcast through August 27, 2012 at 9:00 a.m. EDT, or listen to the telephone replay at 877-344-7529 or (international) +412-317-0088. You can also review our Twitter feed, @Safeguard, to see our live tweets from this morning’s call, when we were trending on StockTwits along with $FB, $SBUX, and $AMZN!
In addition, here is a copy of the presentation that was used during today’s call.
Safeguard Scientifics Q2’12 Results Presentation
