BEDMINSTER, N.J., April 23 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced financial results for the
first quarter of its fiscal year 2003, which ended March 31, 2003.
For the first quarter, Bioject reported revenues of $1.1 million, compared
to first-quarter 2002 revenues of $2.5 million. The Company reported a
first-quarter 2003 operating loss of $2.3 million and net loss of $2.2
million, compared to an operating and net loss of $1.8 million in the
comparable year-ago quarter. As expected, revenues in the quarter were lower
than the comparable year-ago period due to the recognition of approximately
$1.0 million in license fees in 2002 from Amgen associated with their decision
not to pursue commercialization with Bioject's products. In addition,
first-quarter 2002 revenues included approximately $706,000 of product sales
to Serono associated with the launch of their SeroJet(TM) product.
Basic and diluted net loss per common share for the quarter were $0.21 per
share on 10.6 million weighted average shares outstanding, compared to a net
loss of $0.17 per share on 10.5 million weighted average shares outstanding
for the same period last year.
"During the first quarter, we signed on another partnership with a drug
development company for the sale of our needle-free Vial Adapters. This
collaboration is expected to yield significant recurring revenues beginning in
the third quarter of 2003," said Jim O'Shea, Chairman, President and CEO. "As
we mentioned on our year end conference call, we expect these recurring
revenues combined with our existing product sales and license fees, to reduce
the variability of our revenues and operating results on a quarter-to-quarter
basis beginning later this year. Accordingly, we anticipate improvements in
our results and remain comfortable with the prior revenue and earnings
guidance for 2003."
"Going forward, we will continue with our value creation strategy and
focus on the high cost therapeutic, vaccine and veterinary markets. We are
actively focusing on expanding our existing relationships, securing new
licensing partnerships and developing innovative new products as we move
closer to our goal of being the leading supplier of drug delivery systems to
the pharmaceutical and biotech industries. Based upon our current agreements
and expected partnerships that we should add going forward, we continue to be
optimistic about reaching break-even in 2004," noted O'Shea.
The Company will conduct a conference call to discuss first-quarter
results on Thursday, April 24, 2003 at 10:00 a.m. Eastern Daylight 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, and
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 and biotechnology 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 revenues and earnings
and 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)
and the SeroJet(TM), 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 on 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
March 31,
2003 2002
RESULTS OF OPERATIONS:
Revenue
Net sales of products $783 $1,122
Licensing and technology fees 317 1,386
1,100 2,508
Operating Expenses
Manufacturing 929 1,760
Research and development 1,140 1,024
Selling, general and administrative 1,336 1,562
Total operating expenses 3,405 4,346
Operating loss (2,305) (1,838)
Other income 90 74
Net loss allocable to common shareholders $(2,215) $(1,764)
Basic and diluted net loss per common share $(0.21) $(0.17)
Shares used in per share calculations 10,648,355 10,532,116
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
March 31, December 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $13,272 $8,896
Marketable securities 3,437 8,404
Accounts receivable 410 562
Receivable from related party,
current portion 74 74
Inventories 1,693 1,303
Other 178 163
19,064 19,402
Long-term marketable securities 3,486 5,077
Receivable from related party 55 74
Property and equipment, net 3,120 2,898
Other assets, net 821 783
Total assets $26,546 $28,234
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,176 $1,022
Deferred revenue 67 67
1,243 1,089
Long term liabilities:
Long term lease payable 24 26
Deferred revenue 535 252
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,448 88,356
Accumulated deficit (83,253) (81,038)
24,744 26,867
Total liabilities and shareholders' equity $26,546 $28,234
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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