WASHINGTON, D.C. 20549
_______________
FORM 10-K/A
(Amendment No. 1 to Form 10-K)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2001
Commission File No. 000-0030755
CEPHEID
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
904 Caribbean Drive
Sunnyvale, CA 94089
(Address of principal executive offices, including zip code)
(408) 541-4191
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
NONE
Securities Registered Pursuant to Section 12(g) of the Act:
Common Stock, no par value per share
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
The aggregate market value of the common stock held by non-affiliates of the registrant as of March 1, 2002 was approximately $49,379,026, based on the closing sale price for the registrant's common stock on the Nasdaq National Market on that date. For purposes of determining this number, all executive officers and directors of the registrant are considered to be affiliates of the registrant, as well as individual shareholders holding more than 10% of the registrant's outstanding common stock. This number is provided only for the purpose of this report on Form 10-K and does not represent an admission by either the registrant or any such person as to the status of such person.
As of March 1, 2002, there were 26,660,478 shares of registrant's common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Designated portions of Cepheid's definitive proxy statement for its 2002 annual meeting of shareholders held on May 28, 2002 are incorporated by reference into Part III hereof.
CEPHEID
2001 ANNUAL REPORT ON FORM 10-K/A
TABLE OF CONTENTS
PART IV
Page | |
Item 6. Selected Consolidated Financial Data . . . . . . . . . . . . . . . . . . . . . . . . | 3 |
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5 |
EXPLANATORY NOTE
The sole purpose of this Form 10-K/A is to file revised selected consolidated financial data tables under Item 6 of the registrant’s Form 10-K (originally filed with the Securities and Exchange Commission (the "Commission") on March 21, 2002). A portion of such financial data was inadvertantly omitted from the original 10-K in the process of converting the document for filing on the Commission's Electronic Data Gathering, Analysis, and Retrieval system. Specifically, tables containing related consolidated quarterly financial data for 2001 and 2000 appeared twice under Item 6 and other tables were omitted. No changes have been made to the text of the Form 10-K other than the addition of certain selected consolidated financial data tables under Item 6. There have been no changes to the registrant’s audited financial statements.
ITEM 6. Selected Financial Data
The following tables contain selected consolidated financial data that were derived from our consolidated financial statements, which were audited by Ernst & Young LLP, independent auditors. The selected consolidated financial data should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements as of December 31, 2001 and 2000 and for each of the three years in the period ended December 31, 2001 and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. Historical results are not necessarily indicative of the results to be expected in the future. The pro forma net loss per share and shares used in computing pro forma net loss per share are calculated as if all of our convertible preferred stock was converted into shares of common stock on the date of their issuance. See Note 12 of Notes to Consolidated Financial Statements for information concerning the deemed dividend up on issuance of convertible preferred stock in the first quarter of 2000. Also included are tables containing unaudited selected consolidated quarterly financial data for 2001 and 2000.
Period from Inception (March 4, 1996) through Year Ended December 31, December ------------------------------------------ 31, 2001 2000 1999 1998 1997 --------- --------- --------- --------- --------- (in thousands, except per share data) Consolidated Statements of Operations Data: Revenues: Product sales................................. $ 8,669 $ 4,397 $ 159 $ -- $ -- License and royalty revenue..................... 124 -- -- -- -- Grant and government sponsored research revenue............................ 2,554 2,249 2,249 2,870 1,400 Research and development contract revenue..... 7 416 1,187 707 45 --------- --------- --------- --------- --------- Total revenues.................................. 11,354 7,062 3,595 3,577 1,445 --------- --------- --------- --------- --------- Operating costs and expenses: Cost of product sales......................... 6,330 3,851 97 -- -- Research and development (including charges for stock-based compensation of $1,246, $3,706 and $169 in 2001, 2000 and 1999, respectively)................ 15,003 15,055 10,261 5,990 2,220 Selling, general and administrative (including charges for stock-based compensation of $543, $1,152 and $14 in 2001, 2000 and 1999, respectively)....... 6,727 4,675 1,298 1,178 583 --------- --------- --------- --------- --------- Total costs and operating expenses......... 28,060 23,581 11,656 7,168 2,803 --------- --------- --------- --------- --------- Loss from operations............................ (16,706) (16,519) (8,061) (3,591) (1,358) Net interest income............................. 1,195 1,700 142 280 84 --------- --------- --------- --------- --------- Net loss........................................ (15,511) (14,819) (7,919) (3,311) (1,274) Deemed dividend to Series C preferred shareholders.................................. -- (19,114) -- -- -- --------- --------- --------- --------- --------- Net loss applicable to common shareholders...... $ (15,511) $ (33,933) $ (7,919) $ (3,311) $ (1,274) ========= ========= ========= ========= ========= Basic and diluted net loss per common share............................... $ (0.60) $ (2.14) $ (1.90) $ (1.37) $ (7.61) ========= ========= ========= ========== ========= Shares used in computing basic and diluted net loss per common share..................... 25,939 15,859 4,164 2,414 167 Pro forma basic and diluted net loss per common share.............................. $ (1.56) $ (0.71) ========= ========= Shares used in computing pro forma basic and diluted net loss per common share............. 21,756 11,111 December 31, ------------------------------------------ 2001 2000 1999 1998 --------- --------- --------- --------- (in thousands) Consolidated Balance Sheet Data: Cash and cash equivalents and short term investments $ 24,680 $ 39,698 $ 1,493 $ 8,676 Restricted cash................................. 661 -- -- 300 Working capital................................. 27,442 41,259 732 8,347 Total assets.................................... 34,492 47,353 4,886 11,042 Long-term debt, net of current portion.......... 1,167 1,504 1,205 531 Accumulated deficit............................. (42,835) (27,324) (12,505) (4,586) Total shareholders' equity...................... 29,478 42,647 1,557 9,175 QUARTERLY DATA: Quarter Ended ------------------------------------------ Total 03/31/01 06/30/01 09/30/01 12/31/01 Year 2001 --------- --------- --------- --------- --------- (in thousands, except per share data) Year Ended December 31, 2001 (unaudited) Total revenues.............................. $ 3,348 $ 2,042 $ 2,791 $ 3,173 $ 11,354 Operating costs and expenses: Costs of product sales.................... 1,940 1,303 1,394 1,693 6,330 Research and development.................. 3,701 3,607 3,783 3,912 15,003 Selling, general and administrative....... 1,405 1,592 1,869 1,861 6,727 --------- --------- --------- --------- --------- Total costs and operating expenses.......... 7,046 6,502 7,046 7,466 28,060 --------- --------- --------- --------- --------- Loss from operations........................ (3,698) (4,460) (4,255) (4,293) (16,706) Net interest income......................... 513 352 229 101 1,195 --------- --------- --------- --------- --------- Net loss.................................... $ (3,185) $ (4,108) $ (4,026) $ (4,192) $ (15,511) ========= ========= ========= ========= ========= Basic and diluted net loss per share........ $ (0.12) $ (0.16) $ (0.15) $ (0.16) $ (0.60) ========= ========= ========= ========= ========= Shares used in computing basic and diluted net loss per share........................ 25,680 25,846 26,054 26,173 25,939 Quarter Ended ------------------------------------------ Total 03/31/00 06/30/00 09/30/00 12/31/00 Year 2000 --------- --------- --------- --------- --------- (in thousands, except per share data) Year Ended December 31, 2000 (unaudited) Total revenues.............................. $ 916 $ 1,189 $ 2,323 $ 2,634 $ 7,062 Operating costs and expenses: Costs of product sales.................... 131 683 1,410 1,627 3,851 Research and development.................. 3,467 4,060 4,085 3,443 15,055 Selling, general and administrative....... 730 1,277 1,295 1,373 4,675 --------- --------- --------- --------- --------- Total costs and operating expenses.......... 4,328 6,020 6,790 6,443 23,581 --------- --------- --------- --------- --------- Loss from operations........................ (3,412) (4,831) (4,467) (3,809) (16,519) Net interest income......................... 159 222 679 640 1,700 --------- --------- --------- --------- --------- Net loss.................................... (3,253) (4,609) (3,788) (3,169) (14,819) Deemed dividend upon issuance of convertible preferred stock........................... (19,114) -- -- -- (19,114) --------- --------- --------- --------- --------- Net loss applicable to common shareholders.. $ (22,367) $ (4,609) $ (3,788) $ (3,169) $ (33,933) ========= ========= ========= ========= ========= Basic and diluted net loss per common share. $ (4.42) $ (0.60) $ (0.15) $ (0.13) $ (2.14) ========= ========= ========= ========= ========= Shares used in computing basic and diluted net loss per common share................. 5,065 7,701 25,035 25,352 15,859
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned thereunto duly authorized.
CEPHEID (Registrant)
| |
Dated: July 24, 2002 | /s/ Thomas L. Gutshall Thomas L. Gutshall Chairman of the Board, |