Delaware
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000-23143
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13-3379479
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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777 Old Saw Mill River Road, Tarrytown, New York
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10591
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (914) 789-2800
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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PROGENICS PHARMACEUTICALS, INC.
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By:
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/s/ ANGELO W. LOVALLO, JR.
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Angelo W. Lovallo, Jr.
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Vice President, Finance & Treasurer
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(Principal Financial and Accounting Officer)
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Progenics Pharmaceuticals, Inc.
777 Old Saw Mill River Road
Tarrytown, New York 10591
Fax: (914) 789-2817
(914) 789-2800
www.progenics.com
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Contact:
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Melissa Downs
Investor Relations
(914) 789-2801
mdowns@progenics.com
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•
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In January, Progenics announced that the first patient had been dosed in the resumed pivotal Phase 2 study of Azedra™ in patients with malignant pheochromocytoma and paraganglioma. The trial is being conducted under a Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA).
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•
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Positive data from the Phase 2 trial of PSMA ADC in patients with metastatic castration-resistant prostate cancer (mCRPC), including new data from the recently completed chemo-naïve cohort, were presented at the American Society of Clinical Oncology Genitourinary Cancers (ASCO GU) Symposium in February. Treatment with PSMA ADC reduced tumor size and levels of PSA and CTCs (circulating tumor cells), evidencing strong anti-tumor activity.
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PROGENICS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except net income (loss) per share)
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||||||||||||||||
For the Three Months Ended
December 31,
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For the Year Ended
December 31,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
Revenues:
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||||||||||||||||
Collaboration revenue
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$
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52
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$
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83
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$
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41,196
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$
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1,595
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||||||||
Royalty income (loss)
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(627
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)
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2,871
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3,101
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5,923
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|||||||||||
Research grants
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-
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-
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-
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275
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||||||||||||
Other revenues
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4
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14
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80
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69
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||||||||||||
Total revenues
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(571
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)
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2,968
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44,377
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7,862
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|||||||||||
Expenses:
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||||||||||||||||
Research and development
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6,242
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7,186
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27,737
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33,391
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||||||||||||
License fees – research and development
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68
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253
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498
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567
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Royalty expense (income)
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(41
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)
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316
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357
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624
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|||||||||||
General and administrative
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3,788
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3,252
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14,944
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14,602
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||||||||||||
Depreciation and amortization
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126
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165
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545
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939
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||||||||||||
Intangible impairment charges
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2,100
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919
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2,676
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919
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||||||||||||
Change in contingent consideration liability
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100
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(200
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)
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1,500
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(200
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)
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||||||||||
Total expenses
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12,383
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11,891
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48,257
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50,842
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||||||||||||
Other operating income
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-
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-
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7,250
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-
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||||||||||||
Operating income (loss)
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(12,954
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)
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(8,923
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)
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3,370
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(42,980
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)
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|||||||||
Other income:
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||||||||||||||||
Interest income
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14
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10
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51
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46
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||||||||||||
Total other income
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14
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10
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51
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46
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||||||||||||
Net income (loss) before income tax benefit
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(12,940
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)
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(8,913
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)
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3,421
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(42,934
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)
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|||||||||
Income tax benefit
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761
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362
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989
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362
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||||||||||||
Net income (loss)
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$
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(12,179
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)
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$
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(8,551
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)
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$
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4,410
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$
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(42,572
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)
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|||||
Net income (loss) per share; basic
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$
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(0.18
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)
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$
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(0.14
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)
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$
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0.06
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$
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(0.76
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)
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|||||
Weighted average shares outstanding; basic
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69,589
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60,825
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68,185
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55,798
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||||||||||||
Net income (loss) per share; diluted
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$
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(0.18
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)
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$
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(0.14
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)
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$
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0.06
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$
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(0.76
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)
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|||||
Weighted average shares outstanding; diluted
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69,589
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60,825
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68,243
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55,798
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CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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||||||||
December 31,
2014
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December 31,
2013
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|||||||
Cash and cash equivalents
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$
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119,302
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$
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65,860
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||||
Accounts receivable, net
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109
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2,879
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||||||
Auction rate securities
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-
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2,208
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||||||
Fixed assets, net
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2,552
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2,413
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||||||
Intangible assets, net and goodwill
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36,402
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39,081
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||||||
Other assets
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2,672
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2,100
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||||||
Total assets
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$
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161,037
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$
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114,541
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||||
Current liabilities
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$
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6,685
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$
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6,627
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Acquisition-related contingent consideration liability
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17,200
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15,700
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Deferred tax and other liabilities
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12,243
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13,235
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||||||
Total liabilities
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36,128
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35,562
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||||||
Stockholders' equity
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124,909
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78,979
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||||||
Total liabilities and stockholders' equity
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$
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161,037
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$
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114,541
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