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Logitech Delivers Better-Than-Expected Q3 Results and Raises FY 2016 Outlook

21.1.2016 02:00 | Business Wire

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Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced financial results from continuing operations for the third quarter of Fiscal Year 2016.

  • Q3 sales were $621 million, up 3 percent compared to Q3 of the prior year. Q3 retail sales (total sales excluding OEM) were $595 million and grew 9 percent in constant currency.
  • Q3 GAAP operating income was $69 million. Q3 GAAP earnings per share (EPS) were $0.41, compared to $0.40 in the same quarter a year ago.
  • Q3 non-GAAP operating income was $74 million, with non-GAAP EPS of $0.41, compared to $0.43 in the same quarter a year ago.
  • Cash flow from operations in the quarter, including Lifesize, was $166 million.

“We delivered a strong performance in Q3, evident across the business,” said Bracken P. Darrell, Logitech president and chief executive officer. “In this milestone quarter for the company, a new Logitech emerged as we completed the exit of our OEM business and separated Lifesize. Logitech’s future business remains – and the future looks bright. We grew 9 percent in constant currency and our operating income and operating cash flow were strong. Combined, the Gaming, Mobile Speakers and Video Collaboration categories grew 34 percent in constant currency and each of them reached record high sales for a quarter. I’m delighted to raise our outlook as we enter the last quarter of the year.”

Outlook

Logitech increased its profitability outlook for Fiscal Year 2016 to approximately $170 million in non-GAAP operating income from $150 million, which included Lifesize. The Company also increased its outlook for retail sales to 7 to 9 percent growth in constant currency, up from 7 percent.

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate website at http://ir.logitech.com.

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q3 FY 2016 on Jan. 21, 2016 at 8:30 a.m. Eastern Standard Time and 2:30 p.m. Central European Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

Continuing Operations

Logitech separated its Lifesize division from the Company on Dec. 28, 2015. The Company’s third quarter of Fiscal Year 2016 ended on Dec. 25, 2015, even though, for purposes of presentation, the Company has indicated its third quarter periods as ending on Dec. 31. Except as otherwise noted, all of the results reported in this press release for both the third quarter of Fiscal Year 2016 and the third quarter of Fiscal Year 2015, as well as comparisons between periods, are focused on results from continuing operations and do not address the performance of Lifesize, which is now reported in the Company’s financial statements under discontinued operations or total Logitech including discontinued operations. Logitech’s previous outlook of $150 million in non-GAAP operating income included outlook for Lifesize results. Logitech’s new outlook does not include outlook for Lifesize results. For more information on the impact of the Lifesize separation on Logitech’s historical results, please refer to the Financial Reporting section of Logitech’s Financial History, available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of other intangible assets, restructuring charges (credits), investment impairment (recovery), benefit from (provision for) income taxes, one-time special charges and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also presents percentage sales growth in constant currency, a non-GAAP measure, to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for Fiscal Year 2016.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Over 30 years ago Logitech started connecting people through computers, and now it’s designing products that bring people together through music, gaming, video and computing. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation statements regarding: Logitech’s future and outlook for Fiscal Year 2016 operating income and sales growth. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; the demand of our customers and our consumers for our products and our ability to accurately forecast it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities in our new product categories or our growth opportunities are more limited than we expect; if sales of PC peripherals are less than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2015, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

2016 Logitech, Logicool, Logi and other Logitech marks are owned by Logitech and may be registered. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

               
LOGITECH INTERNATIONAL S.A.
(In thousands, except per share amounts) - Unaudited
 
Three Months Ended Nine Months Ended
December 31 December 31
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS 2015 2014 2015 2014
 
Net sales $ 621,079 $ 604,322 $ 1,587,259 $ 1,562,625
Cost of goods sold   412,582     391,715     1,048,312     998,842  
Gross profit   208,497     212,607     538,947     563,783  
 
Operating expenses:
Marketing and selling 87,295 87,486 241,924 246,103
Research and development 29,273 27,397 86,336 80,009
General and administrative 24,080 28,172 77,966 96,762
Restructuring charges (credits), net   (666 )       14,018     (35 )
Total operating expenses   139,982     143,055     420,244     422,839  
Operating income 68,515 69,552 118,703 140,944
Interest income, net 105 224 549 824
Other income (expense), net   862     (2,688 )   (894 )   (3,702 )
Income from continuing operations before income taxes 69,482 67,088 118,358 138,066
Provision for income taxes   1,442     670     7,006     8,455  
Net income from continuing operations   68,040     66,418     111,352     129,611  
Loss from discontinued operations, net of taxes   (2,954 )   (3,634 )   (20,732 )   (11,061 )
Net income $ 65,086   $ 62,784   $ 90,620   $ 118,550  
 
Net income (loss) per share - basic:
Continuing operations $ 0.42 $ 0.41 $ 0.68 $ 0.79
Discontinued operations $ (0.02 ) $ (0.03 ) $ (0.13 ) $ (0.06 )
Net income per share - basic $ 0.40   $ 0.38   $ 0.55   $ 0.73  
 
Net income (loss) per share - diluted:
Continuing operations $ 0.41 $ 0.40 $ 0.67 $ 0.78
Discontinued operations $ (0.02 ) $ (0.02 ) $ (0.12 ) $ (0.07 )
Net income per share - diluted $ 0.39   $ 0.38   $ 0.55   $ 0.71  
 
Weighted average shares used to compute net income (loss) per share:
Basic 162,669 163,533 163,521 163,261
Diluted 165,168 166,321 165,951 166,076
       
Cash dividends per share $   $ 0.27   $ 0.53   $ 0.27  
 
       
LOGITECH INTERNATIONAL S.A.
(In thousands) - Unaudited
 
December 31

  March 31,  

CONSOLIDATED BALANCE SHEETS 2015 2015
 
Current assets:
Cash and cash equivalents $ 505,082 $ 533,380
Accounts receivable, net 284,089 167,196
Inventories 239,962 255,980
Other current assets 71,661 63,362
Current assets held for sale   28,969     32,102
Total current assets 1,129,763 1,052,020
Non-current assets:
Property, plant and equipment, net 99,145 86,478
Goodwill 218,198 218,213
Other assets 57,271 62,333
Long-term assets held for sale   5,506     7,636
Total assets $ 1,509,883   $ 1,426,680
 
Current liabilities:
Accounts payable $ 363,781 $ 292,797
Accrued and other current liabilities 211,219 163,344
Current liabilities held for sale   34,642     38,766
Total current liabilities 609,642 494,907
Non-current liabilities:
Income taxes payable 67,885 72,107
Other non-current liabilities 85,347 91,195
Long-term liabilities held for sale   10,063     10,337
Total liabilities 772,937 668,546
 
Total shareholders' equity 736,946 758,134
   
Total liabilities and shareholders' equity $ 1,509,883   $ 1,426,680
 
               
LOGITECH INTERNATIONAL S.A.
(In thousands) - Unaudited
 
Three Months Ended Nine Months Ended
December 31 December 31
CONSOLIDATED STATEMENTS OF CASH FLOWS * 2015 2014 2015 2014
 
Operating activities:
Net income $ 65,086 $ 62,784 $ 90,620 $ 118,550
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 14,647 9,867 36,884 29,559
Amortization of other intangible assets 310 2,266 1,536 7,624
Share-based compensation expense 6,618 7,047 19,875 20,046
Investment impairment (recovery) (4 ) 2,154 176 2,259
Gain on disposal of property, plant and equipment (34 ) (44 )
Excess tax benefits from share-based compensation (926 ) (1,867 ) (2,089 ) (2,533 )
Deferred income taxes 1,962 (793 ) 2,914 (3,151 )
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net (20,411 ) (57,465 ) (115,814 ) (131,026 )
Inventories 73,508 (3,187 ) 18,066 (30,171 )
Other assets (818 ) (952 ) (9,329 ) (6,592 )
Accounts payable 18,402 51,198 68,763 111,310
Accrued and other liabilities   7,334     5,336     39,244     21,227  
Net cash provided by operating activities   165,708     76,354     150,846     137,058  
 
Investing activities:
Purchases of property, plant and equipment (19,166 ) (9,813 ) (50,443 ) (34,777 )
Investment in privately held companies (1,619 ) (2,099 ) (2,550 )
Purchase of trading investments (1,746 ) (1,233 ) (4,395 ) (3,463 )
Proceeds from sales of trading investments   1,813     1,311     4,668     3,856  
Net cash used in investing activities   (20,718 )   (9,735 )   (52,269 )   (36,934 )
 
Financing activities:
Payment of cash dividends (43,767 ) (85,915 ) (43,767 )
Contingent consideration related to prior acquisition (100 )
Purchases of treasury shares (48,802 )
Repurchase of ESPP awards (1,078 )
Proceeds from sales of shares upon exercise of options and purchase rights 1,459 933 12,562 2,466
Tax withholdings related to net share settlements of restricted stock units (1,855 ) (6,133 ) (5,357 ) (7,456 )
Excess tax benefits from share-based compensation   926     1,867     2,089     2,533  
Net cash provided by (used in) financing activities   530     (47,100 )   (125,423 )   (47,402 )
 
Effect of exchange rate changes on cash and cash equivalents   (2,307 )   (3,128 )   (1,205 )   (5,521 )
Net increase (decrease) in cash and cash equivalents   143,213     16,391     (28,051 )   47,201  
Cash and cash equivalents, beginning of the period   365,774     500,222     537,038     469,412  
Cash and cash equivalents, end of the period $ 508,987   $ 516,613   $ 508,987   $ 516,613  
 
The following amounts reflected in the statements of cash flows are included in discontinued operations:
Depreciation $ 787 $ 630 $ 2,207 $ 1,930
Amortization of other intangible assets $ 198 $ 2,100 $ 1,089 $ 7,027
Cash and cash equivalents, beginning of the period $ 4,639 $ 1,397 $ 3,659 $ 1,894
Cash and cash equivalents, end of the period $ 3,905 $ 8,128 $ 3,905 $ 8,128

__________________

*statements of cash flows include discontinued operations

 
                       
LOGITECH INTERNATIONAL S.A.
(In thousands) - Unaudited
 
NET SALES Three Months Ended Nine Months Ended
December 31 December 31
SUPPLEMENTAL FINANCIAL INFORMATION 2015 2014 Change 2015 2014 Change
 
Net sales by channel:
Retail $ 594,567 $ 574,025 4 % $ 1,516,218 $ 1,471,301 3 %
OEM   26,512     30,297   (12 )   71,041     91,324     (22 )
Total net sales $ 621,079   $ 604,322   3 $ 1,587,259   $ 1,562,625     2
 
Net retail sales by product category(*):
Mobile Speakers $ 85,081 $ 62,264 37 $ 206,175 $ 139,631 48
Gaming 77,706 70,188 11 189,000 164,570 15
Video Collaboration 26,216 16,935 55 67,460 45,968 47
Tablet & Other Accessories   35,873     55,100   (35 )   73,222     114,974   (36 )
Growth   224,876     204,487   10   535,857     465,143     15
Pointing Devices 139,711 141,789 (1 ) 381,364 382,524
Keyboards & Combos 116,531 114,051 2 324,458 325,217
Audio-PC & Wearables 57,300 56,741 1 149,341 162,480 (8 )
PC Webcams 29,648 31,709 (6 ) 74,689 77,454 (4 )
Home Control   25,684     25,116   2   48,548     56,224     (14 )
Profit Maximization   368,874     369,406     978,400     1,003,899     (3 )
Retail Strategic Sales   593,750     573,893   3   1,514,257     1,469,042     3
Non-Strategic   817     132   519   1,961     2,259     (13 )
Total net retail sales $ 594,567   $ 574,025   4 $ 1,516,218   $ 1,471,301     3
__________________

* Certain products within the retail product categories as presented in prior periods have been reclassified to conform to the current periods' presentation, with no impact on previously reported total net retail sales.

 
               
LOGITECH INTERNATIONAL S.A.
(In thousands, except per share amounts) - Unaudited
 

GAAP TO NON-GAAP RECONCILIATION (A)

Three Months Ended Nine Months Ended
December 31 December 31
SUPPLEMENTAL FINANCIAL INFORMATION 2015 2014 2015 2014
 
Gross profit - GAAP $ 208,497 $ 212,607 $ 538,947 $ 563,783
Share-based compensation expense   464     560     1,648     1,725  
Gross profit - Non-GAAP $ 208,961   $ 213,167   $ 540,595   $ 565,508  
 
Gross margin - GAAP 33.6 % 35.2 % 34.0 % 36.1 %
Gross margin - Non-GAAP 33.6 % 35.3 % 34.1 % 36.2 %
 
Operating expenses - GAAP $ 139,982 $ 143,055 $ 420,244 $ 422,839
Less: Share-based compensation expense 5,998 5,837 17,636 17,004
Less: Amortization of other intangible assets 112 166 447 597
Less: Restructuring charges (credits), net (666 ) 14,018 (35 )
Less: One time special charge   (249 )   2,528     4,121     19,524  
Operating expenses - Non-GAAP $ 134,787   $ 134,524   $ 384,022   $ 385,749  
 
% of net sales - GAAP 22.5 % 23.7 % 26.5 % 27.1 %

% of net sales - Non-GAAP

21.7 % 22.3 % 24.2 % 24.7 %
 
Operating income - GAAP $ 68,515 $ 69,552 $ 118,703 $ 140,944
Share-based compensation expense 6,462 6,397 19,284 18,729
Amortization of other intangible assets 112 166 447 597
Restructuring charges (credits), net (666 ) 14,018 (35 )
One time special charge   (249 )   2,528     4,121     19,524  

Operating income - Non-GAAP

$ 74,174   $ 78,643   $ 156,573   $ 179,759  
 
% of net sales - GAAP 11.0 % 11.5 % 7.5 % 9.0 %

% of net sales - Non-GAAP

11.9 % 13.0 % 9.9 % 11.5 %
 
Net income from continuing operations $ 68,040 $ 66,418 $ 111,352 $ 129,611
Share-based compensation expense 6,462 6,397 19,284 18,729
Amortization of other intangible assets 112 166 447 597
Restructuring charges (credits), net (666 ) 14,018 (35 )
One time special charge (249 ) 2,528 4,121 19,524
Investment impairment (recovery) (4 ) 2,154 176 2,259
Provision for income taxes   (6,709 )   (6,063 )   (9,961 )   (6,934 )

Net income from continuing operations - Non-GAAP

$ 66,986   $ 71,600   $ 139,437   $ 163,751  
 

Net income from continuing operations per share:

Diluted - GAAP $ 0.41 $ 0.40 $ 0.67 $ 0.78

Diluted - Non-GAAP

$ 0.41 $ 0.43 $ 0.84 $ 0.99
 
Shares used to compute net income per share:

Diluted - GAAP and Non-GAAP

165,168 166,321 165,951 166,076
 
               
LOGITECH INTERNATIONAL S.A.
(In thousands) - Unaudited
 
SHARED BASED COMPENSATION EXPENSE Three Months Ended Nine Months Ended
December 31 December 31
SUPPLEMENTAL FINANCIAL INFORMATION 2015 2014 2015 2014
 
Share-based Compensation Expense
Cost of goods sold $ 464 $ 560 $ 1,648 $ 1,725
Marketing and selling 2,484 2,552 6,545 6,659
Research and Development 846 765 2,174 1,780
General and administrative 2,668 2,520 8,917 8,565
Restructuring 7
Income tax benefit   (1,446 )   (1,391 )   (2,479 )   (4,285 )
Total share-based compensation expense, net of income taxes $ 5,016   $ 5,006   $ 16,812   $ 14,444  
__________________

(A) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended December 31, 2015, we excluded items in the following general categories, each of which are described below:

Share-based compensation expenses. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of other intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our operating expenses and financial results from period to period.

Restructuring charges (credits). These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructurings in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operating results in the current period.

Investment impairment (recovery). We incur investment impairment and recovery, primarily related to our investments in various privately-held companies. The investment impairment or recovery varies depending on the operational and financial performance of the privately-held companies we invested in. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

One-time special charges: costs related to investigations and related expenses. These expenses are forensic accounting, audit, consulting and legal fees related to the Audit Committee’s investigation and the ongoing formal investigation by and settlement discussion with the Securities and Exchange Commission (SEC), together with accruals based on settlement discussion with the SEC. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are one-time in nature and not reflective of our ongoing operations.

Other charges. We provided non-GAAP measures excluding the effect of certain charges and income that are not reflective of our ongoing operations.

In addition, Logitech presents percentage sales growth in constant currency, a non-GAAP measure, to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Sales for the three months ended December 31, 2015 compared to sales for the three months ended December 31, 2014 grew 8 percent in constant currency and grew 3 percent in U.S. Dollars. Retail sales for the three months ended December 31, 2015 compared to retail sales for the three months ended December 31, 2014 grew 9 percent in constant currency and grew 4 percent in U.S. Dollars. Sales for the combined Gaming, Mobile Speakers and Video Collaboration categories for the three months ended December 31, 2015 compared to sales for those combined categories for the three months ended December 31, 2014 grew 34 percent in constant currency and grew 27 percent in U.S. Dollars.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

(LOGIIR)

Contact information

Logitech International
Joe Greenhalgh
Vice President, Investor Relations – USA
510-713-4430
or
Krista Todd
Vice President, External Communications – USA
510-713-5834
or
Ben Starkie
Corporate Communications – Europe
+41-(0) 79-292-3499

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On BizWireTV, catch some Quick Biz Hits and see the latest in Star Power. Also see what’s happening in the startup world with the Accelerator Report, featuring the VC Watch and this week’s Startup Standout. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005305/en/ BizWireTV is hosted by Jordyn Rolling (Photo: Business Wire Now you can watch BizWireTV, and the latest breakthroughs in tech from the biggest brands, on any screen you want by downloading the new app through the Apple TV and iPhone App Store and Google Play for Android devices. Top of the Wire Introducing FrontRow: the camera re-invented. Watch BizWireTV to see more disruptors as well as the top 5 trending stories of the week! A core c

PsiOxus Therapeutics Announce Two New Board Appointments: New Board Appointments Strengthen Company’s US Presence17.8.2017 07:00Pressemelding

PsiOxus Therapeutics, Ltd. (PsiOxus) today announced the appointment of Charles Rowland and Duncan Higgons to the Board of Directors as part of an ongoing drive to expand in the US. Charles Rowland was most recently the President and Chief Executive Officer (CEO) of Aurinia Pharmaceuticals, a clinical stage pharmaceutical company focused on the global lupus nephritis market. Prior to this, he served as the Vice President and Chief Financial Officer (CFO) of ViroPharma, during which time the company grew into a global biopharmaceutical business with $500 million in annual revenues until it was acquired by Shire plc for $4.2 billion. Before joining ViroPharma, Mr. Rowland was executive Vice President, CFO, and interim co-CEO, for Endo Pharmaceuticals. In his earlier career, Charles held finance and operational positions at Biovail Pharmaceuticals, Breakaway Technologies, Pharmacia

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