2005 Product Sales Increase 55% over 2004
BEDMINSTER, N.J., March 15 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today reported financial results for the year and
quarter-ended December 31, 2005.
For the year-ended December 31, 2005, Bioject reported revenues of $12.3
million compared to revenues of $9.5 million in 2004, an increase of 30%. 2005
product sales of $11.3 million represented an increase of 55% over 2004
levels. This increase was primarily due to increased sales of Vetjet(TM) to
Merial and increased Biojector(R) 2000 device and accessory sales for Fuzeon
patients. The Company reported operating and net losses of $6.1 million and
$6.6 million, respectively, in 2005 compared to operating and net losses of
$9.1 million for 2004. The decreased operating loss of $3.0 million
represented an improvement of 33% from 2004 figures.
Basic and diluted net loss per share for the year-ended December 31, 2005
was $0.48 per share on 13.8 million weighted average shares outstanding
compared to a net loss of $0.68 per share on 13.3 million weighted average
shares outstanding for 2004.
For the quarter ended December 31, 2005, Bioject reported revenues of $2.1
million, compared to revenues of $2.4 million reported in the comparable
year-ago quarter. Product sales of $2.0 million represented a 17% increase
over fourth quarter 2004 product sales of $1.8 million. Fourth quarter
license and development fees of $87,000 were lower than anticipated due to
unexpected delays on the commencement of new product development activities
from the fourth quarter until early 2006. The Company reported quarterly
operating and net losses of $2.0 million and $2.1 million, respectively,
compared to operating and net losses of $2.0 million and $2.1 million,
respectively, in the comparable year-ago period.
Basic and diluted net loss per share for the quarter ended December 31,
2005 was $0.15 per share on 13.9 million weighted average shares outstanding
compared to a net loss of $0.15 per share on 13.7 million weighted average
shares outstanding for the same period last year.
"In 2005, we continued to make significant strides in the operations and
business development areas. Our product sales increased 55% over 2004 levels
and we reduced our operating loss from $9.1 million in 2004 to $6.1 million in
2005, an improvement of 33%," said Jim O'Shea, Bioject's Chairman, President
and CEO. "In addition, we were successful in closing six license and
development agreements in 2005. We anticipate recognizing significant
development fees from these collaborations over the next several quarters."
"On March 8, 2006, we announced that we entered into agreements with
respect to a $4.5 million financing, $1.5 million of which the Company has
already received as a loan, and the execution of a non-binding term sheet with
respect to an additional $1.25 million convertible debt financing, each of
which is subject to shareholder approval. We also announced a corporate
restructuring which will consolidate our operations and reduce our expenses
going forward by approximately $1.8 million per year. These two events,
coupled with our anticipated success on commercializing new products over the
next 18 months, we believe, will allow the Company to reach operating
profitability," concluded Jim O'Shea.
The Company will conduct a conference call to review fourth-quarter and
year end results for the twelve months ended December 31, 2005 and provide
guidance for 2006 on Thursday, March 16, 2006 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 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, commercialization of
new products, operating profitability 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, the
risk that the Company may be unable to comply with the extensive government
regulations applicable to Bioject's business, the risk that the Company and
its proposed lender will not be able to agree to definitive terms with respect
to the $1.25 million convertible debt financing, the risk that the closing
conditions to the financings will not be satisfied, the risk that products
will not be commercialized on the anticipated time-frame or at all and the
risk that the restructuring will not result in the anticipated level of cost
savings. 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,
2005 2004 2005 2004
RESULTS OF OPERATIONS:
Revenue
Net sales of products $2,048 $1,757 $11,343 $7,329
Licensing/technology fees 87 687 945 2,157
2,135 2,444 12,288 9,486
Expenses
Manufacturing 2,074 485 9,096 5,894
Research and development 1,005 2,907 4,922 7,453
Selling, general and
administrative 1,058 1,098 4,389 5,273
Total operating expenses 4,137 4,490 18,407 18,620
Operating loss (2,002) (2,046) (6,119) (9,134)
Other income(expense), net (123) (25) (470) 54
Net loss allocable to common
shareholders $(2,125) $(2,071) $(6,589) $(9,080)
Basic and diluted net loss
per common share $(0.15) $(0.15) $(0.48) $(0.68)
Shares used in per share
calculations 13,915,381 13,666,745 13,825,294 13,342,140
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands)
December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $1,046 $3,849
Marketable securities 1,500 3,825
Accounts receivable 2,390 1,031
Inventories 1,498 2,127
Assets held for sale 1,104 --
Other 426 444
7,964 11,276
Property and equipment, net 4,559 5,431
Goodwill 94 94
Other assets, net 1,329 1,569
Total assets $13,946 $18,370
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term note payable $961 --
Current portion of long-term debt 1,083 1,000
Accounts payable and accrued liabilities 1,866 2,123
Deferred revenue 1,908 121
5,818 3,244
Long term liabilities:
Long-term lease payable 350 371
Long-term debt 917 2,000
Deferred revenue 318 420
Shareholders' equity:
Preferred stock 1,879 1,879
Common stock 110,704 109,907
Accumulated deficit (106,040) (99,451)
6,543 12,335
Total liabilities and shareholders' equity $13,946 $18,370
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer,
+1-908-470-2800, ext. 5102, or John Baldissera of BPC Financial
Marketing, 800-368-1217, both of Bioject Medical Technologies
Inc.
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