| Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
| $0.00 | 71 | $14,408 |
| 8-K | 2019-10-29 | Earnings, Exhibits |
| 8-K | 2019-09-12 | Enter Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2019-07-30 | Earnings, Exhibits |
| 8-K | 2019-05-14 | Shareholder Vote |
| 8-K | 2019-04-23 | Earnings, Exhibits |
| 8-K | 2019-01-23 | Earnings, Other Events, Exhibits |
| 8-K | 2018-10-23 | Earnings, Exhibits |
| 8-K | 2018-09-01 | Officers |
| 8-K | 2018-07-24 | Earnings, Exhibits |
| 8-K | 2018-05-09 | Shareholder Vote |
| 8-K | 2018-05-09 | Code of Ethics, Exhibits |
| 8-K | 2018-04-24 | Earnings, Other Events, Exhibits |
| 8-K | 2018-01-23 | Earnings, Exhibits |
| Item 1: |
| Item 2: |
| Item 3: |
| Item 4: |
| Part Ii: |
| Item 1: |
| Item 1A: |
| Item 2: |
| Item 6: |
| EX-31.1 | d716085dex311.htm |
| EX-31.2 | d716085dex312.htm |
| EX-32.1 | d716085dex321.htm |
| EX-32.2 | d716085dex322.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
| Comparables ($MM TTM) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | M Cap | Assets | Liab | Rev | G Profit | Net Inc | EBITDA | EV | G Margin | EV/EBITDA | ROA |
| A | 24,928 | 8,625 | 3,878 | 5,090 | 2,068 | 877 | 1,357 | 24,451 | 41% | 18.0 | 10% |
| MTD | 20,814 | 2,661 | 2,157 | 2,964 | 1,705 | 547 | 760 | 21,778 | 58% | 28.7 | 21% |
| WAT | 14,408 | 2,823 | 2,267 | 2,406 | 428 | 580 | 702 | 14,780 | 18% | 21.0 | 21% |
| PKI | 9,598 | 6,399 | 3,692 | 2,802 | 1,364 | 252 | 529 | 11,558 | 49% | 21.8 | 4% |
| BIO | 9,137 | 7,647 | 2,160 | 2,289 | 1,239 | 905 | 1,583 | 8,992 | 54% | 5.7 | 12% |
| BRKR | 7,442 | 2,350 | 1,489 | 1,972 | 940 | 190 | 323 | 7,650 | 48% | 23.7 | 8% |
| COHR | 3,303 | 2,137 | 835 | 1,557 | 568 | 126 | 153 | 3,383 | 36% | 22.1 | 6% |
| AXDX | 1,214 | 159 | 133 | 7 | 3 | -86 | -73 | 1,298 | 41% | -17.8 | -54% |
| PACB | 927 | 171 | 95 | 79 | 24 | -111 | -108 | 908 | 30% | -8.4 | -65% |
| FLDM | 850 | 284 | 111 | 120 | 32 | -69 | -60 | 824 | 27% | -13.8 | -24% |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| | | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | |
| | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | | |||
| Emerging growth company | |
| PART I | FINANCIAL INFORMATION | Page | ||||
| Item 1. | ||||||
| 3 | ||||||
| 4 | ||||||
| 5 | ||||||
| 6 | ||||||
| 7 | ||||||
| 8 | ||||||
| 9 | ||||||
| 10 | ||||||
| Item 2. | 34 | |||||
| Item 3. | 44 | |||||
| Item 4. | 44 | |||||
| PART II | ||||||
| Item 1. | 45 | |||||
| Item 1A. | 45 | |||||
| Item 2. | 45 | |||||
| Item 6. | 46 | |||||
| 47 | ||||||
September 28, 2019 | December 31, 2018 | |||||||
(In thousands, except per share data) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Investments | — | |||||||
Accounts receivable, net | ||||||||
Inventories | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Operating lease assets | — | |||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Notes payable and debt | $ | $ | ||||||
Accounts payable | ||||||||
Accrued employee compensation | ||||||||
Deferred revenue and customer advances | ||||||||
Current operating lease liabilities | — | |||||||
Accrued treasury stock repurchases | ||||||||
Accrued income taxes | ||||||||
Accrued warranty | ||||||||
Other current liabilities | ||||||||
Total current liabilities | ||||||||
Long-term liabilities: | ||||||||
Long-term debt | ||||||||
Long-term income tax liabilities | ||||||||
Long-term operating lease liabilities | — | |||||||
Long-term portion of retirement benefits | ||||||||
Other long-term liabilities | ||||||||
Total long-term liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Notes 6, 7, 8 and 12) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, par value $ | — | |||||||
Common stock, par value $ December 31, 2018, respectively | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Treasury stock, at cost, | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total stockholders’ equity | ||||||||
Total liabilities and stockholders’ equity | $ | $ | ||||||
| Three Months Ended | ||||||||
| September 28, 2019 | September 29, 2018 | |||||||
| (In thousands, except per share data) | ||||||||
| Revenues: | ||||||||
| Product sales | $ | | $ | | ||||
| Service sales | | | ||||||
| Total net sales | | | ||||||
| Costs and operating expenses: | ||||||||
| Cost of product sales | | | ||||||
| Cost of service sales | | | ||||||
| Selling and administrative expenses | | | ||||||
| Research and development expenses | | | ||||||
| Purchased intangibles amortization | | | ||||||
| Litigation provision | — | | ||||||
| Total costs and operating expenses | | | ||||||
| Operating income | | | ||||||
| Other expense | ( | ) | ( | ) | ||||
| Interest expense | ( | ) | ( | ) | ||||
| Interest income | | | ||||||
| Income before income taxes | | | ||||||
| Provision for income taxes | | | ||||||
| Net income | $ | | $ | | ||||
| Net income per basic common share | $ | | $ | | ||||
| Weighted-average number of basic common shares | | | ||||||
| Net income per diluted common share | $ | | $ | | ||||
| Weighted-average number of diluted common shares and equivalents | | | ||||||
| Nine Months Ended | ||||||||
| September 28, 2019 | September 29, 2018 | |||||||
| (In thousands, except per share data) | ||||||||
| Revenues: | ||||||||
| Product sales | $ | | $ | | ||||
| Service sales | | | ||||||
| Total net sales | | | ||||||
| Costs and operating expenses: | ||||||||
| Cost of product sales | | | ||||||
| Cost of service sales | | | ||||||
| Selling and administrative expenses | | | ||||||
| Research and development expenses | | | ||||||
| Purchased intangibles amortization | | | ||||||
| Litigation settlement | — | ( | ) | |||||
| Total costs and operating expenses | | | ||||||
| Operating income | | | ||||||
| Other expense | ( | ) | ( | ) | ||||
| Interest expense | ( | ) | ( | ) | ||||
| Interest income | | | ||||||
| Income before income taxes | | | ||||||
| Provision for income taxes | | | ||||||
| Net income | $ | | $ | | ||||
| Net income per basic common share | $ | | $ | | ||||
| Weighted-average number of basic common shares | | | ||||||
| Net income per diluted common share | $ | | $ | | ||||
| Weighted-average number of diluted common shares and equivalents | | | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||||
| (In thousands) | (In thousands) | |||||||||||||||
| Net income | $ | | $ | | $ | | $ | | ||||||||
| Other comprehensive (loss) income: | ||||||||||||||||
| Foreign currency translation | ( | ) | | ( | ) | ( | ) | |||||||||
| Unrealized (losses) gains on investments before income taxes | ( | ) | | | | |||||||||||
| Income tax benefit (expense) | | ( | ) | ( | ) | ( | ) | |||||||||
| Unrealized (losses) gains on investments, net of tax | ( | ) | | | ( | ) | ||||||||||
| Retirement liability adjustment before reclassifications | | ( | ) | | | |||||||||||
| Amounts reclassified to other income | | | | | ||||||||||||
| Retirement liability adjustment before income taxes | | | | | ||||||||||||
| Income tax benefit (expense) | | ( | ) | | ( | ) | ||||||||||
| Retirement liability adjustment, net of tax | | | | | ||||||||||||
| Other comprehensive (loss) income | ( | ) | | ( | ) | ( | ) | |||||||||
| Comprehensive income | $ | | $ | | $ | | $ | | ||||||||
Nine Months Ended | ||||||||
September 28, 2019 | September 29, 2018 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | ||||||||
Deferred income taxes | ||||||||
Depreciation | ||||||||
Amortization of intangibles | ||||||||
Change in operating assets and liabilities: | ||||||||
Decrease in accounts receivable | ||||||||
Increase in inventories | ( | ) | ( | ) | ||||
Increase in other current assets | ( | ) | ( | ) | ||||
Increase in other assets | ( | ) | ( | ) | ||||
Decrease in accounts payable and other current liabilities | ( | ) | ( | ) | ||||
Increase in deferred revenue and customer advances | ||||||||
Effect of the 2017 Tax Cuts & Jobs Act | ( | ) | ||||||
Decrease in other liabilities | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Additions to property, plant, equipment and software capitalization | ( | ) | ( | ) | ||||
Asset acquisitions | — | ( | ) | |||||
Investment in unaffiliated companies | ( | ) | ( | ) | ||||
Purchases of investments | ( | ) | ( | ) | ||||
Maturities and sales of investments | ||||||||
Net cash provided by investing activities | ||||||||
Cash flows from financing activities: | ||||||||
Proceeds from debt issuances | ||||||||
Payments on debt | ( | ) | ( | ) | ||||
Payments of debt issuance costs | ( | ) | — | |||||
Proceeds from stock plans | ||||||||
Purchases of treasury shares | ( | ) | ( | ) | ||||
Proceeds from (payments for) derivative contracts | ( | ) | ||||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | ||||
(Decrease) increase in cash and cash equivalents | ( | ) | ||||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
| Number Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||
| Balance June 30, 2018 | | $ | | $ | | $ | | $ | ( | ) | $ | ( | ) | $ | | |||||||||||||
| Net income | — | — | — | | — | — | | |||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | | | |||||||||||||||||||||
| Issuance of common stock for employees: | ||||||||||||||||||||||||||||
| Employee Stock Purchase Plan | | — | | — | — | — | | |||||||||||||||||||||
| Stock options exercised | | | | — | — | — | | |||||||||||||||||||||
| Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
| Stock-based compensation | | — | | — | — | — | | |||||||||||||||||||||
| Balance September 29, 2018 | | $ | | $ | | $ | | $ | ( | ) | $ | ( | ) | $ | | |||||||||||||
| Number Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||
| Balance June 29, 2019 | | $ | | $ | | $ | | $ | ( | ) | $ | ( | ) | $ | | |||||||||||||
| Net income | — | — | — | | — | — | | |||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
| Issuance of common stock for employees: | ||||||||||||||||||||||||||||
| Employee Stock Purchase Plan | | | | | — | | | | — | | — | | | | — | | | | | | ||||||||
| Stock options exercised | | — | | — | — | — | | |||||||||||||||||||||
| Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
| Stock-based compensation | | | | — | — | — | | |||||||||||||||||||||
| Balance September 28, 2019 | | $ | | $ | | $ | | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||