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Accelrys Posts 11 Percent Revenue Gain for Q4

NEW YORK (GenomeWeb News) – Accelrys reported after the close of the market on Tuesday an 11 percent increase year over year for its fourth quarter.

The San Diego-based life sciences informatics firm reported GAAP revenues of $44.2 million for the three months ended Dec. 31, 2012 compared to $39.8 million in the year-ago period, beating the average Wall Street estimate of $43.5 million.

Accelrys posted a net loss of $8.2 million, or $.15 per share, compared to a net income of $14.2 million, or $.25 per share, in the fourth quarter of 2011. On a non-GAAP basis, it had EPS of $.08, just topping the consensus Wall Street estimate of $.07.

Its product development costs increased 65 percent to $517,000 from $313,000 a year ago, while SG&A expenses rose 73 percent to $1.7 million from $982,000.

In the recently completed quarter, Accelrys had $6.6 million in business consolidation, transaction, and restructuring costs, compared to $1.5 million a year ago, it said.

For full-year 2012, revenues increased 13 percent to $162.5 million from $144.3 million, missing Wall Street estimates of $170.3 million.

Net loss of the year totaled $10.4 million, or $.19 per share, compared to a profit of $1.8 million, or $.03 per share, in 2011. Non-GAAP EPS was $.35, beating the consensus analyst estimate of $.33.

Product development costs shot up 64 percent year over year to $1.8 million from $1.1 million, while SG&A costs bounced 37 percent to $5.6 million from $4.1 million.

Accelrys finished 2012 with $115.6 million in cash, cash equivalents, and marketable securities.

For full year 2013, the firm expects to report non-GAAP revenue of between $185 million and $190 million, and non-GAAP earnings per share of between $.36 and $.39.

"We are pleased with our performance in both 2012 and against the three-year plan we developed for our business following our 2010 merger with Symyx," Accelrys President and CEO Max Carnecchia said in a statement. "We achieved both market momentum and acknowledgment of our position as the leading provider of scientific innovation lifecycle management software.

"In addition, we completed and are integrating three acquisitions key to our strategy of optimizing the lab-to-market value chain," he added. "We remain enthusiastic about the market opportunity in front of us and in our ability to continue to grow orders, revenue and profits both organically and inorganically in 2013."

In morning trading on the Nasdaq, shares of Accelrys were a fraction of 1 percent to $9.43.