Revenues Increase 69% Versus First-Quarter FY 2002
BEDMINSTER, N.J., July 25 /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 June 30, 2002.
For the first quarter, Bioject reported revenues of $1.0 million, a 69%
increase over first-quarter 2002 revenues of $620,000 due to a 38% increase in
product sales and 184% increase in license fees. The Company reported a
first-quarter 2003 operating loss of $2.0 million and net loss of
$1.8 million, compared to an operating and net loss of $1.4 million in the
comparable year-ago quarter.
Basic and diluted net loss per common share for the quarter were $0.17 per
share on 10.6 million weighted average shares outstanding, compared to a net
loss of $0.16 per share on 8.8 million weighted average shares outstanding for
the same period last year.
"We are pleased with our revenue increase over the prior year,
particularly the increased product sales from our Serono partnership," said
Jim O'Shea, Chairman, President and CEO. "During the quarter, we expanded our
research and business development capabilities with the hiring of a Chief
Scientific Officer and an additional Vice President of Business Development
which will enable us to increase our ongoing focus on strategic relationships
in the therapeutic and vaccine markets."
"In connection with our goal of being a leading needle-free drug delivery
company, we advanced our discussions with prospective new customers in our
pipeline and remain optimistic about achieving our goal of signing on
additional partners in this fiscal year. We are continuing our on-going
strategy of developing partnership agreements with leading pharmaceutical,
biotech and research organizations which will result in recurring product
sales and license fees across multiple disease and vaccine areas," noted
O'Shea.
The Company will conduct a conference call to discuss first-quarter
results on Thursday, July 25, 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 Company will be unable to successfully develop
and negotiate new strategic relationships, the risk that the current or new
strategic relationships will not develop into long-term revenue producing
relationships, uncertainties related to Bioject's dependence on the continued
performance of strategic partners and technology, and 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 share and per share data)
Three Months Ended
June 30,
2002 2001
RESULTS OF OPERATIONS:
Revenue
Net sales of products $680 $491
Licensing/technology fees 366 129
1,046 620
Operating Expenses
Manufacturing 1,070 600
Research & development 793 529
Selling, general and administrative 1,216 851
Total operating expenses 3,079 1,980
Operating loss (2,033) (1,360)
Other income 235 255
Loss from operations before taxes (1,798) (1,105)
Provision for income taxes -- --
Loss from operations before preferred
stock dividend -- (1,105)
Preferred stock dividend -- (305)
Net loss allocable to common shareholders $(1,798) $(1,410)
Basic and diluted net loss per common share $(0.17) $(0.16)
Shares used in per share calculation 10,588,757 8,803,181
Bioject Medical Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
(unaudited) (unaudited)
June 30, March 31,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $7,310 $7,613
Marketable securities 3,824 3,593
Accounts receivable 805 1,667
Receivable from related party,
current portion 50 50
Inventories 1,289 1,461
Other 338 225
13,616 14,609
Long-term marketable securities 14,480 15,752
Receivable from related party 75 100
Property and equipment, net 2,590 2,314
Other assets, net 728 694
Total assets $31,489 $33,469
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $768 $1,112
Deferred Revenue 67 84
835 1,196
Long term liabilities:
Long term lease payable 3 5
Deferred revenue 285 302
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,187 87,990
Accumulated deficit (77,370) (75,573)
30,366 31,966
Total liabilities and shareholders' equity $31,489 $33,469
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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