Annual Revenues Increase 50% Over 2003
BEDMINSTER, N.J., Feb. 28 /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 year-
ended December 31, 2004.
For the quarter ended December 31, 2004, Bioject reported revenues of
$2.44 million, a 4% increase over the $2.36 million reported in the comparable
year-ago quarter. Product sales decreased 14% from fourth-quarter 2003 due
primarily to higher sales of needle-free vial adapters in the comparable year-
ago quarter associated with Amgen's initial launch and related inventory
stocking in 2003 of a product incorporating Bioject's needle-free technology.
The Company reported quarterly operating and net losses of $2.0 million and
$2.1 million, respectively, compared to operating and net losses of $2.4
million and $2.3 million, respectively, in the comparable year-ago period.
The fourth quarter 2004 and 2003 figures include a reclassification of
$1,274,000 and $1,244,000, respectively, of annual manufacturing overhead
expenses to research and development expenses to more accurately account for
the nature of these costs. In addition, the 2004 fourth quarter results
include $363,000 of initial sterile fill expenses related to the license and
supply agreement the Company entered into in the fourth quarter with an
undisclosed Japanese drug company.
Basic and diluted net loss per share for the quarter ended December 31,
2004 was $0.15 per share on 13.7 million weighted average shares outstanding
compared to a net loss of $0.22 per share on 10.8 million weighted average
shares outstanding for the same period last year.
For the year-ended December 31, 2004, Bioject reported revenues of $9.5
million versus revenues of $6.3 million in 2003, an increase of 50%. The
Company reported operating and net losses of $9.1 million in 2004 compared to
operating and net losses of $9.6 million and $9.3 million, respectively, for
2003. The 2004 net loss includes approximately $500,000 of severance costs
for certain employees terminated during the second quarter of 2004.
Basic and diluted net loss per share for the year-ended December 31, 2004
was $0.68 per share on 13.3 million weighted average shares outstanding
compared to a net loss of $0.87 per share on 10.7 million weighted average
shares outstanding for 2003.
"In 2004, we continued to make significant strides in developing new
partnerships with companies who we believe can utilize our needle-free
technology," said Jim O'Shea, Bioject's Chairman, President and CEO. "In
March of last year, we entered into a license and development agreement with
Merial in the companion animal market. This product was commercialized at the
end of 2004 and we expect to receive recurring product sales and royalties
going forward. In October, we entered into a license and supply agreement
with an undisclosed Japanese pharmaceutical company for our Iject technology.
We are pleased with the annual revenue growth of our products and expect our
revenue growth trend to continue into 2005. In addition, we expect to see a
decrease in operating losses due to anticipated increase in revenues and
decrease in research and development expenses."
"Our continuing focus is to target new customers and markets while
agreeing to terms with pharmaceutical and biotech companies in our existing
business development pipeline," concluded O'Shea.
The Company will conduct a conference call to review fourth-quarter and
year end results for the year ended December 31, 2004 on Tuesday, March 1,
2005 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 Bioject's expectations with respect to future product sales and
royalties, revenue growth, reduction of operating losses and new or additional
agreements with strategic partners. 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 expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors include, without limitation, the risk
that the Company's products, including the cool.click(TM) SeroJet(TM),
Vetjet(R) and Vial Adapter, will not be accepted by the market, the risk that
the Company will be unable to successfully develop and negotiate new strategic
relationships or maintain existing relationships, the risk that Bioject's
current or new strategic relationships will not develop into long-term revenue
producing relationships, the fact that Bioject's business has never been
profitable and may never be profitable, uncertainties related to Bioject's
dependence on the continued performance of strategic partners and technology,
uncertainties related to the time required for the Company to complete
research and development, obtain necessary clinical data and government
clearances, the risk that the Company may be unable to produce our products at
a unit cost necessary for the products to be competitive in the market and the
risk that the Company may be unable to comply with the extensive government
regulations applicable to Bioject's business. 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 the Company's business and
its 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 share and per share data)
Three months ended Year ended
December 31, December 31,
2004 2003 2004 2003
RESULTS OF OPERATIONS:
Revenue
Net sales of products $1,757 $2,040 $7,329 $5,314
Licensing/technology
fees 687 318 2,157 1,005
2,444 2,358 9,486 6,319
Expenses
Manufacturing 485 438 5,894 3,937
Research & development 2,907 2,822 7,453 6,408
Selling, general and
administrative 1,098 1,456 5,273 5,558
Total operating
expenses 4,490 4,716 18,620 15,903
Operating loss (2,046) (2,358) (9,134) (9,584)
Other income(expense),
net (25) 25 54 252
Net loss allocable to
common shareholders $(2,071) $(2,333) $(9,080) $(9,332)
Basic and diluted net
loss per common share $(0.15) $(0.22) $(0.68) $(0.87)
Shares used in per
share calculations 13,666,745 10,780,157 13,342,140 10,719,902
Bioject Medical Technologies Inc.
Selected Consolidated Balance Sheet Data (Unaudited)
(In thousands)
December 31,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $3,849 $2,894
Marketable securities 3,825 6,259
Accounts receivable 1,031 1,300
Receivable from related party, current -- 74
Inventories 2,127 1,388
Other 268 227
11,100 12,142
Long-term marketable securities -- 3,087
Restricted funds -- 1,500
Property and equipment, net 5,431 4,760
Other assets, net 1,124 979
Total assets $17,655 $22,468
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,000 $175
Accounts payable and accrued liabilities 2,081 2,012
Deferred revenue 121 434
3,202 2,621
Long term liabilities:
Long-term lease payable 370 82
Long-term debt 2,000 1,325
Deferred revenue 420 484
Shareholders' equity:
Preferred stock 2,291 19,549
Common stock 108,823 88,777
Accumulated deficit (99,451) (90,370)
11,663 17,956
Total liabilities and shareholders' equity $17,655 $22,468
SOURCE Bioject Medical Technologies, Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer of
Bioject Medical Technologies Inc., +1-908-470-2800, ext. 5102; or
John Baldissera of BPC Financial Marketing, 1-800-368-1217, for
Bioject Medical Technologies Inc.
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