SUNNYVALE, Calif., April 22 /PRNewswire/ -- Biocircuits Corporation
(Nasdaq: BIOC) announced today its financial results for the quarter ended
March 31, 1998. The company reported a net loss of approximately
$1.8 million, or $0.26 per share compared to a net loss of $3.5 million, or
$1.03 per share recorded in the first quarter of 1997.
"Revenues in the first quarter include the shipment to Becton Dickinson of
most of the last IOS(R) instruments in inventory at Biocircuits as well as
test cartridges," stated John Kaiser, President and CEO. Mr. Kaiser further
stated, "We expect revenues to decline somewhat in the second quarter of 1998,
compared to the first quarter, since revenues will be primarily cartridge
sales and royalties on Becton Dickinson-produced instruments whereas
instrument revenues have historically represented a significant portion of
revenues."
Biocircuits' IOS system is the first easy-to-use and economical system for
performing immunoassays in the physician's office. Although approximately
36,000 sites currently have the requisite moderate complex license for
perfoming such tests, most send the testing out to large laboratories since an
appropriate system performing such tests has not been available. Currently,
four cartridges are available for use on the system, a T4/T Uptake
combination, TSH, T4/TSH combination and Quantitative hCG. In addition, a
Free T4 cartridge recently received clearance from the FDA.
Actual results may differ materially from the above forward-looking
statements due to a number of important factors, and will be dependent upon
Becton Dickinson successfully manufacturing the IOS instrument and marketing
the existing and proposed products, as well as the timely development and
regulatory approval of additional products by Biocircuits. These factors are
more fully discussed in the Company's most recent report on Form 10-K for the
year ended December 31, 1997.
BIOCIRCUITS CORPORATION
STATEMENTS OF OPERATIONS
(in thousands except per share data)
Three Months Ended
March 31,
1998 1997
Revenues:
Product Sales $354 $234
Operating costs and expenses:
Cost of sales 615 1,034
Research and development 1,022 1,480
Sales, general and administrative 566 1,316
2,203 3,830
Loss from operations (1,849) (3,596)
Other income and expense 14 48
Net loss $(1,835) $(3,548)
Basic and diluted net loss per share $(0.26) $(1.03)
Shares used in computing basic and
diluted net loss per share 6,984 3,437
Pro forma net loss per share $(0.23) $(0.76)
Shares used in computing pro forma
basic and diluted net loss per share (A) 8,105 4,682
(A) Including outstanding convertible preferred stock on an if converted
basis.
BIOCIRCUITS CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)
March 31, Dec. 31,
Assets 1998 1997
Current assets:
Cash, cash equivalents and
short-term investments $303 $ 1,421
Other current assets 1,723 2,150
Total current assets 2,026 3,571
Property and equipment, net 1,111 1,208
Restricted cash 138 263
Other assets 39 39
$3,314 $5,081
Liabilities and stockholders' equity
Current liabilities $825 $728
Long-term obligations 13 21
Total liabilities 838 749
Stockholders' equity 2,476 4,332
$3,314 $5,081
SOURCE Biocircuits Corporation
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fax, 800-758-5804, ext. 113540
CONTACT:
John Kaiser, President & CEO, 408-752-8706,
or James Welch, VP and CFO, 408-752-8728, both of of Biocircuits
Corporation
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