Revenues Increase 157% Over Fiscal 2001
BEDMINSTER, N.J., May 23 /PRNewswire-FirstCall/ --
Bioject Medical Technologies Inc. (Nasdaq: BJCT), a leading developer of
needle-free drug delivery systems, today announced financial results for the
fourth quarter and fiscal year ended March 31, 2002.
For the fiscal year ended March 31, 2002, Bioject reported revenues of
$5.2 million, a 157% increase over fiscal 2001 revenues of $2.0 million. The
Company reported a fiscal 2002 operating loss and net loss of $7.1 million and
$8.5 million, respectively, compared to an operating loss and net loss of
$5.7 million and $6.0 million, respectively, in fiscal 2001.
Basic and diluted net loss per share for the fiscal year ended
March 31, 2002 were $0.87 per share on 9.78 million weighted average shares
outstanding compared to a net loss of $0.82 per share on 7.34 million weighted
average shares outstanding for the same period last year.
For the fourth quarter ended March 31, 2002, Bioject reported revenues of
$2.5 million, a 397% increase over fiscal 2001 revenues of $505,000. Excluding
revenues of $1.0 million from the Amgen relationship, which was terminated
during the quarter, the Company reported fourth-quarter fiscal 2002 revenues
of $1.5 million, an increase of 199%. The Company reported a fourth-quarter
operating loss of $1.8 million and net loss of $1.8 million, compared to an
operating loss and net loss of $1.9 million and $2.0 million, respectively, in
the comparable year-ago period.
Basic and diluted net loss per share were $0.17 on 10.53 million weighted
average shares outstanding for the quarter ended March 31, 2002, compared to a
net loss per share of $0.25 on 7.91 million weighted average shares
outstanding for the quarter ended March 31, 2001.
"Fiscal 2002 was a challenging year for Bioject and we are pleased with
the revenue increases we reported. We have a strong pipeline of potential
biotech and pharmaceutical partners interested in our products, and we will
continue to focus on developing new relationships and expanding our research
collaborations," said Jim O'Shea, Bioject's Chairman, President and CEO.
"During fiscal 2002, we signed a license and development agreement with
Alkermes, Inc. to develop up to three undisclosed drug compounds using the
Iject needle-free drug delivery system; signed an agreement with
Memorial-Sloan Kettering for use of our B2000 needle-free injection system in
DNA vaccine research; and the National Institutes of Health began its DNA AIDS
vaccine study using our needle free injection system."
"In addition, the Company improved its capital structure and completed two
private equity transactions which enabled us to end the year with
approximately $27 million in cash, cash equivalents and marketable securities.
We also eliminated the payment of preferred stock dividends on a prospective
basis," said O'Shea.
The Company will conduct a conference call to discuss fourth-quarter and
year-end results on May 23, 2002 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.
Bioject's partners include Serono and Alkermes.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding 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 current strategic relationships will not develop
into long-term revenue producing relationships and uncertainties related to
Bioject's dependence on the continued performance of strategic partners and
technology, product development and regulatory risks involved in developing
marketable products. 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 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 per share data)
Fiscal year ended Three months ended
March 31, March 31,
2002 2001 2002 2001
RESULTS OF OPERATIONS:
Revenue
Net sales of products $3,235 $1,375 $1,122 $435
Licensing/technology fees 1,984 658 1,386 70
5,219 2,033 2,508 505
Expenses
Manufacturing 4,718 2,769 1,756 1,024
R&D 2,831 2,083 1,028 661
Selling, general
and administrative 4,760 2,902 1,562 733
Total operating expenses 12,309 7,754 4,346 2,418
Operating loss (7,090) (5,721) (1,838) (1,913)
Other income, net 1,118 844 74 211
Loss before taxes (5,972) (4,877) (1,764) (1,702)
Provision for income taxes -- -- -- --
Loss before preferred
stock dividend (5,972) (4,877) (1,764) (1,702)
Preferred stock dividend (2,519) (1,148) -- (289)
Net loss allocable
to common shareholders $(8,491) $(6,025) $(1,764) $(1,991)
Basic and diluted
net loss per common share $(0.87) $(0.82) $(0.17) $(0.25)
Shares used in
per share calculations 9,777,801 7,338,832 10,532,116 7,913,260
Bioject Medical Technologies Inc.
Selected Consolidated Balance Sheet Data
(In thousands)
March 31, March 31,
2002 2001
ASSETS
Current assets:
Cash and cash equivalents $7,613 $6,254
Marketable securities 3,593 5,934
Accounts receivable 1,667 440
Inventories 1,461 1,020
Other 275 155
14,609 13,803
Long-term marketable securities 15,752 2,869
Non-current receivable 100 11
Property and equipment, net 2,314 683
Other assets, net 694 623
Total assets $33,469 $17,989
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,111 $830
Deferred revenue 84 102
1,195 932
Long term liabilities:
Long term lease payable 6 16
Deferred revenue 302 367
Shareholders' equity:
Preferred stock 19,549 15,853
Common stock 87,990 67,903
Accumulated deficit (75,573) (67,082)
31,966 16,674
Total liabilities and shareholders' equity $33,469 $17,989
Tell Us What You Think -- Click Here
SOURCE Bioject Medical Technologies Inc.
 back to top
Related links:
http://www.bioject.com
Company News On-Call:
http://www.prnewswire.com/comp/101750.html
CONTACT:
John Gandolfo, Chief Financial Officer, or
Cecelia C. Heer, Investor Relations Manager of Bioject Medical
Technologies Inc., +1-908-470-2800, ext. 5103
|
