BEDMINSTER, N.J., April 27 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today reported financial results for the quarter ended March
31, 2005.
For the quarter ended March 31, 2005, Bioject reported revenues of $3.25
million, an 8.2% increase over the $3.01 million reported in the comparable
year-ago quarter. Product sales increased $861,000, or 42.9%, from the
first-quarter of 2004 due primarily to sales of the Vetjet(R) to Merial
associated with the launch of their companion animal vaccine using our needle
free system. The Company reported quarterly operating and net losses of $1.9
million and $2.0 million, respectively, compared to operating and net losses
of $1.6 million and $1.5 million, respectively, in the comparable year-ago
period. The higher operating loss reflects one time initial manufacturing
costs associated with the commercial launch of the Vetjet(R) as well as
expected decreased sales of higher margin products compared to the year ago
period resulting from a customer increasing its order flow in the first
quarter of 2004 to build up internal inventory levels.
Basic and diluted net loss per share for the quarter ended March 31, 2005
was $0.15 per share on 13.7 million weighted average shares outstanding
compared to a net loss of $0.12 per share on 12.5 million weighted average
shares outstanding for the same period last year.
"We continue to be pleased with the continuing growth of our product sales
in 2005, due largely to the successful launch of the Vetjet(R) in the
companion animal market," said Jim O'Shea, Bioject's Chairman, President and
CEO. "In addition, during the quarter we entered into a supply agreement with
Chronimed for the sale of our B-2000 system and related accessories for
distribution to patients using Fuzeon, an AIDS drug developed by Roche and
Trimeris. We are happy to report that our needle free technology is
continuing to be well received by Fuzeon patients."
"For the balance of 2005, we are focusing our efforts on decreasing our
operating loss through the combination of improved manufacturing operating
margins and reduced research and development spending. In addition, we remain
optimistic that we'll be successful in finalizing terms with pharmaceutical
companies in our business development pipeline," concluded O'Shea.
The Company will conduct a conference call to review first-quarter results
for the quarter ended March 31, 2005 on Thursday April 28, 2005 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, 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
March 31,
2005 2004
RESULTS OF OPERATIONS:
Revenue
Net sales of products $2,867 $2,006
Licensing and technology fees 386 1,000
3,253 3,006
Operating Expenses
Manufacturing 2,442 1,533
Research and development 1,746 1,766
Selling, general and administrative 987 1,283
Total operating expenses 5,175 4,582
Operating loss (1,922) (1,576)
Other income (expense) (94) 64
Net loss allocable to common shareholders (2,016) (1,512)
Basic and diluted net loss per common share $(0.15) $(0.12)
Shares used in per share calculations 13,740,141 12,488,035
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
March 31, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $1,368 $3,848
Marketable securities 3,825 3,826
Accounts receivable 1,633 1,031
Inventories 2,181 2,127
Other 428 444
9,435 11,276
Property and equipment, net 5,314 5,431
Goodwill 94 94
Other assets, net 1,498 1,569
Total assets $16,341 $18,370
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,000 $1,000
Accounts payable and accrued liabilities 2,464 2,123
Deferred revenue 106 121
3,570 3,244
Long term liabilities:
Long-term lease payable 362 371
Long-term debt 1,667 2,000
Deferred revenue 394 420
Shareholders' equity:
Preferred stock 1,878 1,878
Common stock 109,937 109,908
Accumulated deficit (101,467) (99,451)
10,348 12,335
Total liabilities and shareholders' equity $16,341 $18,370
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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