Quarterly Revenues Increase 111% over 2001
BEDMINSTER, N.J., Feb. 26 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today reported financial results for the
quarter and nine-month transition period ended December 31, 2002, which is the
Company's new fiscal year end.
For the quarter ended December 31, 2002, Bioject reported revenues of
$2.1 million, a 111% increase over the $1.0 million reported in the comparable
year-ago quarter due largely to increased product sales of approximately
$860,000. The Company reported a quarterly operating loss of $1.8 million and
net loss of $1.7 million, compared to an operating loss and net loss of $2.2
million and $3.8 million, respectively, in the comparable year-ago period.
Basic and diluted net loss per share for the quarter ended December 31,
2002 was $0.16 per share on 10.6 million weighted average shares outstanding
compared to a net loss of $0.38 per share on 10.0 million weighted average
shares outstanding for the same period last year.
For the nine-month transition period ended December 31, 2002, Bioject
reported revenues of $4.3 million, a 59% increase over revenues of
$2.7 million in the comparable year-ago nine-month period. The Company
reported an operating loss and net loss of $6.0 million and $5.5 million,
respectively, compared to an operating loss and net loss of $5.3 million and
$6.7 million, respectively, for the comparable nine-month period ended
December 31, 2001.
Basic and diluted net loss per share for the nine-month period ended
December 31, 2002 was $0.52 per share on 10.6 million weighted average shares
outstanding compared to a net loss of $0.71 per share on 9.5 million weighted
average shares outstanding for the same period last year.
On an unaudited calendar year basis, the Company reported revenues of
$6.8 million for the twelve- months ended December 31, 2002 compared to
$3.2 million for the twelve-months ended December 31, 2001, an increase of
113%. Bioject's net loss allocable to common shareholders for the
twelve-months ended December 31, 2002 was $7.2 million, or $0.68 per share,
compared to a net loss of $8.7 million, or $0.95 per share, for the comparable
twelve-months ended December 31, 2001.
"We are pleased with accomplishing several major goals during the past
year, including developing new partnerships, expanding our research
collaborations, and enhancing our business development and research
capabilities," said Jim O'Shea, Bioject's Chairman, President and CEO. "During
the year, we signed a license and development agreement with Merial, the
world's leading animal healthcare company. We also signed an agreement with
Memorial Sloan-Kettering Cancer Center for use of our Biojector(R) 2000
needle-free injection system in researching DNA vaccines for several forms of
cancers. In addition, the National Institutes of Health, began using our
Biojector(R) 2000 for several trials in researching DNA vaccines for HIV. We
are also seeing increased interest from pharmaceutical companies for our
needle-free vial adapter products which are used in the reconstitution process
for lyophilized drugs. This product will provide us with recurring revenues
in the near-term while we continue to execute our growth strategy."
"As a Company, we remain confident in our ability to add new strategic
partners as we have an active business development pipeline and are continuing
to see increased interest in our needle-free technology and products. We
believe 2003 will be a key year in the execution of our strategy," continued
O'Shea.
For the twelve months ending December 31, 2003, the Company estimates
revenue of $8.0 million to $9.5 million and a net loss in the range of $5.4
million, or $0.50 per share, to $6.2 million, or $0.58 per share. This
compares to revenues of $6.8 million and a net loss of $7.2 million, or $0.68
per share, for the twelve months ended December 31, 2002. The 2003 estimates
are based upon projected revenues from existing customers and anticipated
revenues from potential new partners, which agreements we feel are likely to
close during 2003.
The Company will conduct a conference call to review the results for the
periods ending December 31, 2002 on Thursday, February 27, 2003 at 10:00 a.m.
Eastern Standard Time. The conference call will be webcast and can be
accessed through the Bioject website at http://www.bioject.com.
Bioject Medical Technologies Inc., based in Bedminster, New Jersey, with
operations in Portland, Oregon, is an innovative developer and manufacturer of
needle-free drug delivery systems. Needle-free injection works by forcing
medication at high speed through a tiny orifice held against the skin. This
creates a fine stream of high-pressure fluid penetrating the skin and
depositing medication in the tissue beneath. The Company is focused on
developing mutually beneficial agreements with leading pharmaceutical,
biotechnology, and veterinary companies.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding additional agreements with strategic partners and the statement
regarding estimated revenue and net loss for 2003. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company,
or industry results, to be materially different from any future results,
performance, or achievements predicted or implied by such forward-looking
statements. Such risks, uncertainties and other factors include, without
limitation, the risk that Bioject will not be successful in developing
additional strategic partnerships, that the current strategic relationships
will not develop into long-term revenue producing relationships and
uncertainties related to Bioject's dependence on the continued performance of
strategic partners and technology, product development and regulatory risks
involved in developing marketable products. Readers of this press release are
referred to the Company's filings with the Securities and Exchange Commission,
including the Company's reports on Form 10-K and Forms 10-Q for further
discussions of factors that could affect future results. Forward-looking
statements are based on the estimates and opinions of management on the date
the statements are made. The Company assumes no obligation to update
forward-looking statements if conditions or management's estimates or opinions
should change.
For more information about Bioject, visit http://www.bioject.com.
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations(Unaudited)
(In thousands, except per share data)
Nine-month transition
Three months ended period ended
December 31, December 31,
2002 2001 2002 2001
RESULTS OF OPERATIONS:
Revenue
Net sales of products $1,420 $560 $2,972 $2,113
Licensing/technology
fees 675 435 1,332 597
2,095 995 4,304 2,710
Expenses
Manufacturing 1,514 1,272 3,559 2,958
R&D 1,050 633 2,842 1,807
Selling, general and
administrative 1,379 1,265 3,871 3,197
Total operating
expenses 3,943 3,170 10,272 7,962
Operating loss (1,848) (2,175) (5,968) (5,252)
Other income, net 102 318 503 1,044
Loss before taxes (1,746) (1,857) (5,465) (4,208)
Provision for income
taxes -- -- -- --
Loss before preferred
stock dividend (1,746) (1,857) (5,465) (4,208)
Preferred stock
dividend -- (1,905) -- (2,519)
Net loss allocable to
common shareholders $(1,746) $(3,762) $(5,465) $(6,727)
Basic and diluted
net loss per common
share $(0.16) $(0.38) $(0.52) $(0.71)
Shares used in per
share calculations 10,621,857 9,961,320 10,595,613 9,532,913
Bioject Medical Technologies Inc.
Selected Consolidated Balance Sheet Data
(In thousands)
December 31, March 31,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $8,896 $7,613
Marketable securities 8,404 3,593
Accounts receivable 562 1,667
Receivable from related party, current 74 50
Inventories 1,303 1,461
Other 163 225
19,402 14,609
Long-term marketable securities 5,077 15,752
Non-current receivable 74 100
Property and equipment, net 2,898 2,314
Other assets, net 783 694
Total assets $28,234 $ 33,469
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,022 $1,111
Deferred revenue 67 84
1,089 1,195
Long term liabilities:
Long term lease payable 26 6
Deferred revenue 252 302
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,356 87,990
Accumulated deficit (81,038) (75,573)
26,867 31,966
Total liabilities and shareholders' equity $28,234 $33,469
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations(Unaudited)
(In thousands, except per share data)
Twelve Months Ended December 31,
2002 2001
RESULTS OF OPERATIONS:
Revenue
Net sales of products $4,094 $2,526
Licensing/technology fees 2,718 668
6,812 3,194
Expenses
Manufacturing 5,367 3,925
R&D 3,828 2,493
Selling, general and administrative 5,423 3,941
Total operating expenses 14,618 10,359
Operating loss (7,806) (7,165)
Other income, net 577 1,256
Loss before taxes (7,229) (5,909)
Provision for income taxes -- --
Loss before preferred stock dividend (7,229) (5,909)
Preferred stock dividend -- (2,809)
Net loss allocable to common shareholders $(7,229) $(8,718)
Basic and diluted net loss per common share $(0.68) $(0.95)
Shares used in per share calculations 10,585,672 9,132,056
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer, or
Cecelia C. Heer, Investor Relations Manager, +1-908-470-2800,
ext. 5103, both of Bioject Medical Technologies Inc.
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