Revenues increase 173% Over Prior Year
BEDMINSTER, N.J., April 28 /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
2004, which ended March 31, 2004.
For the first quarter, Bioject reported revenues of $3.0 million, an
increase of 173% over first-quarter 2003 revenues of $1.1 million. The
Company reported a first-quarter 2004 operating loss of $1.6 million and net
loss of $1.5 million, compared to an operating and net loss of $2.3 million
and $2.2 million, respectively, in the comparable year-ago quarter.
Basic and diluted net loss per common share for the first-quarter 2004
were $0.12 per share on 12.5 million weighted average shares outstanding,
compared to a net loss of $0.21 per share on 10.6 million weighted average
shares outstanding for the same period last year.
"During the quarter, we expanded our relationship with Merial by signing
an additional license and supply agreement for a modified version of the
Vitajet(R) for use in veterinary clinics to administer vaccines for the
companion animal market. This product is expected to be commercialized in
early 2005 and contribute between $2.0 and $3.0 million in recurring revenues
per year to Bioject for the initial vaccine. The transaction is a positive
affirmation of our core strategy to expand existing relationships," said Jim
O'Shea, Chairman, President, and CEO.
"We are pleased with our record first-quarter revenues as the Company
significantly increased product sales of needle-free vial adapters and
cool.click(TM) products as well as license and development fees from different
partners including Merial. In addition, we remain highly focused on our
objective of adding new corporate partners," concluded O'Shea.
The Company will conduct a conference call to discuss first-quarter
results on Thursday, April 29, 2004 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), the SeroJet(TM) and the Vitajet(R), 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,
2004 2003
RESULTS OF OPERATIONS:
Revenue
Net sales of products $2,006 $783
Licensing and technology fees 1,000 317
3,006 1,100
Operating Expenses
Manufacturing 1,802 929
Research and development 1,497 1,140
Selling, general and administrative 1,283 1,336
Total operating expenses 4,582 3,405
Operating loss (1,576) (2,305)
Other income 64 90
Net loss allocable to common shareholders (1,512) (2,215)
Basic and diluted net loss per common share $(0.12) $(0.21)
Shares used in per share calculations 12,488,035 10,648,355
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
March 31, December 31,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $7,382 $6,894
Marketable securities 2,259 2,259
Accounts receivable 1,698 1,300
Receivable from related party, current portion 55 74
Inventories 1,666 1,388
Other 294 227
13,354 12,142
Long-term marketable securities -- 3,087
Restricted funds 1,500 1,500
Property and equipment, net 4,873 4,760
Other assets, net 1,021 979
Total assets $20,748 $22,468
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $273 $175
Accounts payable and accrued liabilities 2,098 2,012
Deferred revenue 67 434
2,438 2,621
Long term liabilities:
Long term lease payable 74 82
Long-term debt 1,227 1,325
Deferred revenue 468 484
Shareholders' equity:
Preferred stock -- 19,549
Common stock 108,423 88,777
Accumulated deficit (91,882) (90,370)
16,541 17,956
Total liabilities and shareholders' equity $20,748 $22,468
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, Director, Investor Relations, both of Bioject
Medical Technologies Inc., +1-908-470-2800, ext. 5103
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