SANTA CLARA, Calif., Feb. 10 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) announced record results for the fourth quarter and year ended
December 31, 1999.
For the quarter ended December 31, 1999 total revenues were $5.2 million,
an increase of 70% compared to revenues of $3.1 million for the fourth quarter
of 1998. Revenues for the year were $14.1 million versus $11.7 million for
1998. These significant increases in revenues reflect increased sales from
the acquisition of the cytogenetic instrument business of Vysis, as well as
sales of new products, the MDS(TM) (Micrometastasis Detection System) for the
detection of cancer cells indicative of metastatic disease and the Genus(TM)
System for chromosome analysis of plants and animals.
For the fourth quarter 1999, the Company's net operating loss was
$1.1 million or $.09 per share, including a restructuring charge of
$0.6 million or $0.05 per share, versus a loss of $1.8 million, or $0.15 per
share for the fourth quarter of 1998. Losses for the year 1999 were
$6.0 million or $0.50 per share compared to a loss of $8.5 million or
$0.86 per share for 1998.
"We are extremely pleased with our results for 1999," said Jack Goldstein,
Chairman and CEO, "which reflect the execution of our strategy to lead
consolidation in the cytogenetics industry, expand into animal and plant
genetic analysis and, most importantly, to launch the MDS(TM) (Micrometastasis
Detection System) to the cancer pathology and oncology markets."
"In November", continued Goldstein, "the Company signed an agreement with
Nexell Therapeutics, Inc. to distribute their Cytonex(TM) staining kit in
conjunction with the MDS for the detection of cytokeratin-containing cells in
blood and bone marrow specimens from patients with a wide range of
malignancies such as breast cancer and prostate cancer. The MDS, in
conjunction with the Cytonex stain, is our first offering to detect cancer
cells in bone marrow, lymph nodes or blood that may be indicative of
metastatic disease."
The Company announced the signing of two additional distribution
agreements during the fourth quarter. The first agreement which includes the
MDS is with Technicas Medicas MAB, S. A. in Spain. In conjunction with this
expanded distribution agreement, Technicas Medicas MAB and two other qualified
investors made a $2 million investment in the Company. The second
distribution agreement was with Olympus in Italy for cytogenetic products.
"During the fourth quarter," said Goldstein, "we took a $0.6 million
restructuring charge, bringing these charges to $0.8 million for the year.
These charges reflect changes in management that we have made throughout the
year to focus on execution of our sales and marketing strategy and to
transition the Company from working in fetal cell research to work in cancer
metastasis."
Applied Imaging Corp., based in Santa Clara, California, is the leading
supplier of automated imaging systems utilized in cytogenetic and pathology
laboratories for the analysis of chromosomes in cancer and prenatal disorders.
the Company is expanding its efforts in scanning and imaging applications, as
well as providing key reagents, in the cancer pathology field. Applied
Imaging has over 1600 systems in 800 laboratories in more than 35 countries.
Applied Imaging is a publicly traded company listed on the Nasdaq Stock Market
under the Symbol AICX.
This press release contains forward looking statements as defined in the
Private Securities Litigation Reform Act of 1995, regarding, among other
matters, the Company's future financial performance as well as its research
and development and product development efforts. Forward looking statements
address matters that are subject to a number of risks and uncertainties,
including the uncertainty of clinical studies and regulatory approvals.
Actual results could differ materially from those projected in the
forward-looking statement as a result of a number of factors including the
failure of the Company to successfully develop and commercialize its
micrometastasis or cytogenetic instrument business, and other such factors as
set forth in the Company's form 10k for the year ended December 31, 1998 as
filed with the Securities and Exchange Commission.
For additional information on Applied Imaging via fax, please
dial 1-800-PRO-INFO, (732-544-2850 outside of the U.S.), code AICX.
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
1999 1998 1999 1998
Revenues $5,226 $3,076 $14,130 $11,684
Cost of revenues 2,477 1,793 6,686 6,010
Gross profit 2,749 1,283 7,444 5,674
Operating expenses
Research and development 867 1,503 4,299 6,662
Sales and marketing 1,537 1,184 5,232 4,950
General and administrative 753 531 2,876 2,721
Amortization of intangibles 63 -- 124 --
Restructuring costs 594 -- 818 353
Total cost and expenses 3,814 3,218 13,349 14,686
Other income (expense), net (68) 170 (104) 541
Net loss $(1,133) $(1,765) $(6,009) $(8,471)
Net loss per share
-- basic and diluted $(0.09) $(0.15) $(0.50) $(0.86)
Weighted average shares
outstanding 12,694 11,527 11,930 9,850
Condensed Consolidated Balance Sheets
(In thousands)
Dec. 31, Dec. 31,
1999 1998
ASSETS (Unaudited)
Cash and marketable securities $8,406 $11,728
Other current assets 7,886 5,426
Property and equipment, net 1,014 1,569
Intangibles 2,358 --
Other assets, net 80 85
Total Assets $19,744 $18,808
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $9,160 $6,401
Other long term liabilities 1,972 64
Stockholders' equity 8,612 12,343
Total Liabilities and Stockholders' Equity $19,744 $18,808
SOURCE Applied Imaging Corp.
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CONTACT:
Mike Braden, Corporate Controller, of Applied
Imaging Corp., 408-562-0250; or General, Lise Needham, or
Investors, Janet Nelson, both of The Financial Relations Board,
415-986-1591
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