Revenues Increase 90% Over 2004
BEDMINSTER, N.J., July 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 June
30, 2005.
For the quarter ended June 30, 2005, Bioject reported revenues of $3.8
million, a 90% increase over the $2.0 million reported in the comparable year
ago quarter. Product sales of $3.7 million represented an increase of $1.7
million, or 88%, from the second-quarter of 2004 due primarily to sales of the
Vetjet (R) to Merial associated with the continuing launch of their companion
animal vaccine, as well as increased product sales to Serono, Amgen and
Chronimed. The Company reported an operating loss of $1.2 million, an
improvement of $2.1 million compared to the second quarter 2004 operating loss
of $3.3 million. The reduced operating loss reflects an improved manufacturing
product margin of 17.5% and a decrease of $850,000 in research and development
expenses compared to the same period last year. In addition, selling, general
and administrative expenses decreased $326,000 compared to the same period
last year due primarily to approximately $500,000 of severance expenses
recognized in the second quarter of 2004 in connection with the termination of
certain key employees. Second quarter 2005 sales, general and administrative
expenses included a non cash charge of approximately $245,000 to reflect the
write down of the Company's New Jersey building held for sale to its estimated
fair market value.
Basic and diluted net loss per share for the quarter ended June 30, 2005
was $.09 per share on 13.8 million weighted average shares outstanding
compared to a net loss of $.24 per share on 13.6 million weighted average
shares outstanding for the same period last year.
For the six months ended June 30, 2005, Bioject reported revenues of $7.0
million, an increase of 41% over the $5.0 million reported in the comparable
year ago period. The six month 2005 net loss of $3.3 million, or $.24 per
share, compared to a net loss of $4.8 million, or $.37 per share, in the year
ago period.
"During the second quarter, we made good progress across a number of key
operating areas. In addition to reporting record quarterly revenues, we were
successful in gaining operating efficiencies and reducing our research and
development expenses," said Jim O'Shea, Bioject's Chairman, President and CEO.
"These achievements contributed to a significant decrease in our quarterly
operating loss."
"With respect to our business development efforts, we continue to make
steady progress with our potential partners and continue to be optimistic that
we will be successful in finalizing terms with those companies in our
pipeline. In addition, Roche and Trimeris recently announced that the United
States Food and Drug Administration (FDA) has accepted the filing of their
sNDA to include our B2000 system in the labeling for FUZEON(R), as well as the
start of a new trial utilizing our B2000 system. These activities represent
significant strides in reaching our objective of a commercial supply agreement
for the needle free delivery of FUZEON(R),"concluded Jim O'Shea.
The Company will conduct a conference call to review second-quarter
results for the quarter ended June 30, 2005 on Thursday, July 28, 2005 at
10:00 a.m. Eastern Daylight Time.
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
development 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 the
statements regarding Bioject's expectations with respect to a commercial
supply agreement for the needle free delivery of FUZEON (R). 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
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 Six months ended
June 30, June 30,
2005 2004 2005 2004
Revenue
Net sales of
products $3,689 $1,958 $6,556 $3,965
Licensing/technology
fees 65 17 451 1,016
3,754 1,975 7,007 4,981
Expenses
Manufacturing 2,435 1,634 4,877 3,436
Research and
development 1,149 1,999 2,895 3,495
Selling, general and
administrative 1,346 1,672 2,332 2,956
Total operating
expenses 4,930 5,305 10,104 9,887
Operating loss (1,176) (3,330) (3,097) (4,906)
Other income (expense) (110) 6 (205) 70
Net loss allocable
to common
shareholders $(1,286) $(3,324) $(3,302) $(4,836)
Basic and diluted net
loss per common
share $(0.09) $(0.24) $(0.24) $(0.37)
Shares used in
per share
calculations 13,786,099 13,569,658 13,763,247 13,028,847
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
June 30, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $1,797 $3,848
Marketable securities 2,000 3,826
Accounts receivable 2,559 1,031
Inventories 2,055 2,127
Assets held for sale 1,104 --
Other 422 444
LIABILITIES AND
SHAREHOLDERS' EQUITY
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