Revenues Increase 26% and Operating loss decreases 29%
PORTLAND, Ore., May 9 /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, 2007.
For the quarter ended March 31, 2007, Bioject reported revenues of $2.1
million compared to $1.7 million reported in the comparable year-ago
quarter. Product sales for the first quarter of 2007 were $1.6 million
compared to $1.3 million in the year-ago quarter. Product sales increased
by 30% in the first quarter of 2007 compared to the first quarter of 2006.
The increase was primarily due to increased sales of cool.click(TM)
products to Serono SA and sales to Merial Ltd. for companion and production
animal products. License and technology fees remained comparable year over
year.
The Company reported quarterly operating and net loss allocable to
common shareholders of $1.7 million and $2.2 million, respectively, in the
first quarter of 2007 compared to operating and net loss allocable to
common shareholders of $2.5 million and $2.6 million, respectively, in the
comparable year-ago period. The $726,000, or 29%, decrease in operating
loss was due to a 26% increase in revenues and a 7% decrease in operating
expenses, primarily due to $354,000 in savings related to the restructuring
in 2006. Included in 2007 operating expenses is $670,000 in one-time
severance costs incurred in the first quarter. We anticipate cost savings
of approximately $1.3 million in 2007 and approximately $1.9 million in
2008 related to the restructuring activities during this quarter. Total
first quarter 2007 operating expense includes $545,000 of non-cash charges
related to stock expense and depreciation charges. Cash, cash equivalents
and marketable securities at March 31, 2007 totaled $2.5 million.
Basic and diluted net loss per share allocable to common shareholders
for the quarter ended March 31, 2007 was $0.15 per share on 14.7 million
weighted average shares outstanding compared to a net loss allocable to
common shareholders of $0.18 per share on 14.1 million weighted average
shares outstanding for the same period last year.
"In the first quarter of 2007, we announced that we delivered the
initial commercial product of the Derma-Vac(TM) Needle-free Transdermal
Vaccination System to Merial, a world-leading animal health company, for
use with the only USDA approved swine vaccine administered by a needle-free
delivery system," said Jerald S. Cobbs, Chairman and Interim President and
CEO. "We also announced that we developed a modified Vitajet(TM)3
spring-based device for Merial for use with its canine melanoma vaccine for
dogs. Merial has received approval and has launched with our device. A
similar DNA-based vaccine for humans using our Biojector(R) 2000 device is
currently in human clinical trials. Our business development pipeline
remains active and we expect to sign additional agreements in the coming
months," concluded Cobbs.
The Company will conduct a conference call to review first-quarter
results for the quarter ended March 31, 2007 on Thursday, May 10, 2007 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 Tualatin, 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 cost savings
resulting from restructuring charges, 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, uncertainties related to the time required for the
Company to complete research and development, obtain necessary clinical
data and government clearances, 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,
2007 2006
RESULTS OF OPERATIONS:
Revenue
Net sales of products $1,636 $1,259
Licensing and technology fees 492 435
2,128 1,694
Operating Expenses
Manufacturing 1,596 1,436
Research and development 974 1,033
Selling, general and administrative 1,295 1,688
Total operating expenses 3,865 4,157
Operating loss (1,737) (2,463)
Other income (expense), net (377) (133)
Preferred stock dividend (94) -
Net loss allocable to common shareholders $(2,208) $(2,596)
Basic and diluted net loss per common share
allocable to common shareholders $(0.15) $(0.18)
Shares used in per share calculations 14,747,447 14,051,395
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands)
March 31, December 31,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents
Marketable securities
Accounts receivable
Inventories
Other
Property and equipment, net
Goodwill
Other assets, net
Total assets
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term notes payable
Current portion of long-term debt
Accounts payable and accrued liabilities
Derivative liabilities
Deferred revenue
Long term liabilities:
Long-term debt
Deferred revenue
Other long-term liabilities 347 358
Shareholders' equity:
Preferred stock 6,895 6,801
Common stock 112,279 111,653
Accumulated deficit (115,580) (113,372)
3,594 5,082
Total liabilities and shareholders' equity $9,532 $10,624
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com/
CONTACT:
Jerald S. Cobbs, Chairman and Interim
President and CEO, +1-503-692-8001, ext. 4137, or Christine M.
Farrell, Vice President of Finance, +1-503-692-8001, ext. 4132,
both of Bioject Medical Technologies Inc.
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