SANTA CLARA, Calif., Feb. 13 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) announced today it had achieved record revenues of
$16.7 million in 2000, an increase of $2.5 million (18 percent) compared to
$14.2 million in 1999. These results were achieved despite the unfavorable
impact of the strong U.S. dollar throughout the year. On a comparable
exchange rate basis, sales growth was 20 percent versus the prior year. The
net loss for the year was cut to $4.2 million ($0.31 per share) from the
$6.0 million ($0.50 per share) loss recorded last year, a reduction of
38 percent on a per share basis.
Revenues for the fourth quarter of 2000 were $4.6 million, an increase of
17 percent over the third quarter, but down from $5.2 million in the 1999
fourth quarter. This decrease versus the 1999 fourth quarter was due to
weaker sales performance outside of North America, which offset continued very
strong sales growth in the U.S. and Canada. Growth in North American
operations was 43 percent for the fourth quarter versus the 1999 fourth
quarter. The net loss for the quarter was $1.4 million ($0.10 per share)
compared to $1.1 million ($0.09 per share) in last year's fourth quarter.
This reflects increased investment in sales and research in support of the
MDS(TM) multiparameter cellular analysis system.
Applied Imaging CEO Carl Hull stated, "We were very pleased by the
Company's performance in North America, with sales growth of 43 percent in the
quarter and 62 percent for the year versus 1999. We were disappointed,
however, by our international results in the last half of 2000 and have
already taken steps to enhance our effectiveness internationally. A
particular focus for the entire Company remains on increasing sales of new
products, particularly our MDS(TM) system. Market acceptance of the MDS(TM)
system is accelerating with sales of $0.5 million in the fourth quarter of
2000 compared to $0.4 million in the first nine months of the year."
"We also received clearance from the U.S. Food and Drug Administration
(FDA) in the third quarter last year to market our MDS(TM) system for
detecting micrometastatic cells associated with the spread of cancer. The
MDS(TM) was cleared for in vitro diagnostic use as an aid to pathologists in
the detection and classification of specific rare cancer cells in bone marrow
specimens," concluded Mr. Hull.
Applied Imaging Fourth Quarter Earnings Conference Call
A conference call will follow this release at 2:00 P.M. PST, during which
senior management of Applied Imaging will present an overview of results for
the quarter and guidance for the year 2001. Interested parties have the
opportunity to listen to the conference call live on the Internet at
http://www.streetevents.com . A replay of the webcast will be available for
90 days. Additionally, a replay of the call will be available through
February 20, 2001 by dialing 703-925-2435, code #4889660.
About Applied Imaging
Applied Imaging Corp., based in Santa Clara, California, is the leading
supplier of automated imaging systems utilized in genetics and pathology
laboratories for the analysis of chromosomes in cancer and prenatal disorders.
The Company is expanding its efforts in scanning and imaging applications in
the cancer pathology field. Applied Imaging has installed over 2000 systems
in 1000 laboratories in more than 35 countries.
About the MDS(TM) System
The MDS(TM) System is an advanced scanning microscopy system that uses
brightfield techniques to detect targeted cancer cells in concentrations as
low as one cell among one million other cells. Once detected, the MDS(TM)
utilizes proprietary fluorescence analysis software for the analysis of
multiple genetic markers within individual cells or in tissue sections taken
from primary tumors. The ability to detect and analyze multiple genetic
markers simultaneously allows researchers to develop panels of genetic tests
that may be used in the future to select treatments and monitor individual
patient responses to therapy.
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
genetic instrument business, and other such factors as set forth in the
Company's form 10-K for the year ended December 31, 1999 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, or visit the
Company's web site at http://www.aicorp.com .
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Twelve months
Three months ended ended
December 31, December 31,
2000 1999 2000 1999
Revenues $4,647 $5,242 $16,689 $14,188
Cost of revenues 2,334 2,493 7,564 6,744
Gross profit 2,313 2,749 9,125 7,444
Operating expenses
Research and development 926 867 3,525 4,299
Sales and marketing 1,853 1,537 6,409 5,232
General and administrative 819 1,015 2,964 3,138
Amortization of intangibles 77 63 280 -
Restructuring costs - 594 - 942
Total cost and expenses 3,675 4,076 13,178 13,611
Operating Loss (1,362) (1,327) (4,053) (6,167)
Other income (expense), net (60) 194 (140) 158
Net loss $(1,422) $(1,133) $(4,193) $(6,009)
Net loss per share- basic and
diluted $(0.10) $(0.09) $(0.31) $(0.50)
Weighted average shares outstanding 14,086 12,694 13,594 11,930
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2000 1999
(Unaudited)
ASSETS
Cash and marketable securities $7,012 $8,406
Other current assets 8,598 7,886
Property and equipment, net 1,127 1,014
Other assets, net 2,705 2,438
Total Assets $19,442 $19,744
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $9,105 $9,160
Other liabilities 854 1,972
Stockholders' equity 9,483 8,612
Total Liabilities and Stockholders'
Equity $19,442 $19,744
SOURCE Applied Imaging Corp.
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Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., 408-562-0250; or General, Pam Roberts, or Investors, James
Hoyne, 415-986-1591, both of The Financial Relations Board
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