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Oxford Immunotec Global Plc (OXFD) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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BRKA Quarterly Reports

Berkshire Hathaway Inc

CIK: 1586049 Ticker: BRKA

Exhibit 99.1

 

 

 

Oxford Immunotec Reports First Quarter 2020 Financial Results

 

 

First quarter revenue of $13.9 million, a decrease of 6% compared to prior year period, due to the impact of COVID-19 in China

 

 

Gross margins expanded 270bps to 74%

 

 

Ended the quarter with $166 million of cash and cash equivalents

 

 

OXFORD, United Kingdom and MARLBOROUGH, Mass., May 5, 2020 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq: OXFD) (the “Company”), a global, high-growth diagnostics company, today announced first quarter 2020 financial results.

 

“The Company came in near the top end of our revenue guidance in Q1 but the global impact of COVID-19 outside of China really started to become apparent towards the end of the quarter” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “As we move forward in Q2 and beyond, we remain focused on serving our customers and end users to continue to fight the world’s deadliest infectious disease, Tuberculosis. We are also taking actions to ensure that when the current temporary disruption eases, we are in the best place possible to meet the needs of the TB market and drive long-term growth.”

 

Revenues, broken-out by geographic location, were as follows, in millions:

 

   

Three Months Ended March 31,

 
                   

Percent Change

 
   

2020

   

2019

   

As

Reported

   

Constant

Currency (1)

 
                                 

United States

  $ 5.7     $ 5.5       4

%

    4

%

Europe & ROW

    3.1       2.8       13

%

    17

%

Asia

    5.1       6.5       (22

)%

    (21

)%

Total Revenue

  $ 13.9     $ 14.8       (6

)%

    (5

)%

 

(1) Constant currency basis is a non-GAAP financial measure. Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "constant currency basis" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. We consider the use of a period over period revenue comparison on a constant currency basis to be helpful to investors, as it provides a revenue growth measure free of positive or negative volatility due to currency fluctuations. This non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Moreover, presentation of revenue on a constant currency basis is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of changing foreign currency exchange rates has an actual effect on our operating results.

 

 

First Quarter 2020 Financial Results

 

Revenue for the first quarter of 2020 was $13.9 million, representing a 6% decrease from first quarter 2019 revenue of $14.8 million. On a constant currency basis, revenue decreased 5% versus the prior year period.

 

United States revenue was $5.7 million in the first quarter of 2020, representing a 4% increase from revenue of $5.5 million in the prior year period. The increase was due to increased TB testing volumes in our business with Quest.

 

Europe & rest of world, or Europe & ROW, revenue was $3.1 million in the first quarter of 2020, representing a 13% increase compared to the first quarter of 2019. On a constant currency basis, Europe & ROW increased 17% versus the first quarter of 2019. The increase was driven by strong revenue growth in the U.K., France and Russia.

 

 

The following information was filed by Berkshire Hathaway Inc (BRKA) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Other Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Other Comprehensive Loss (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Note 1 - Business And Basis Of Presentation
Note 1 - Business And Basis Of Presentation (Details Textual)
Note 10 - Share Option And Equity Incentive Plan
Note 10 - Share Option And Equity Incentive Plan (Details Textual)
Note 10 - Share Option And Equity Incentive Plan (Tables)
Note 10 - Share Option And Equity Incentive Plan - Expense Recognized During The Year Related To Share-Based Compensation Transactions (Details)
Note 11 - Net Loss Per Ordinary Share
Note 11 - Net Loss Per Ordinary Share (Tables)
Note 11 - Net Loss Per Ordinary Share - Antidilutive Securities (Details)
Note 12 - Leases
Note 12 - Leases (Details Textual)
Note 13 - Discontinued Operations
Note 13 - Discontinued Operations (Details Textual)
Note 2 - Revenue
Note 2 - Revenue (Tables)
Note 2 - Revenue - Disaggregation Of Revenues (Details)
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurement (Details Textual)
Note 3 - Fair Value Measurement (Tables)
Note 3 - Fair Value Measurement - Assets Measured On Recurring Basis (Details)
Note 3 - Fair Value Measurement - Assets Measured On Recurring Basis (Details) (Parentheticals)
Note 4 - Cash, Cash Equivalents, And Restricted Cash
Note 4 - Cash, Cash Equivalents, And Restricted Cash (Tables)
Note 4 - Cash, Cash Equivalents, And Restricted Cash - Cash, Cash Equivalents And Restricted Cash (Details)
Note 4 - Cash, Cash Equivalents, And Restricted Cash - Cash, Cash Equivalents And Restricted Cash (Details) (Parentheticals)
Note 5 - Accounts Receivable, Net
Note 5 - Accounts Receivable, Net (Details Textual)
Note 5 - Accounts Receivable, Net (Tables)
Note 5 - Accounts Receivable, Net - Summary Of Accounts Receivable, Net (Details)
Note 6 - Inventory, Net
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Note 6 - Inventory, Net - Summary Of Inventory, Net (Details)
Note 7 - Goodwill And Acquired Intangible Assets
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Note 8 - Accrued Liabilities
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Note 9 - Share Capital
Note 9 - Share Capital (Details Textual)
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Berkshire Hathaway Inc provided additional information to their SEC Filing as exhibits

Ticker: BRKA
CIK: 1067983
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-009388
Submitted to the SEC: Tue May 05 2020 10:47:13 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Fire Marine And Casualty Insurance

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