Revenues Increase 36% Over 2002
BEDMINSTER, N.J., July 29 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced financial results for the second quarter of
2003, which ended June 30, 2003.
For the second quarter, Bioject reported revenues of $1.4 million, a 36%
increase over the previous year's second-quarter revenues of $1.0 million, due
to large shipments of cool.click(TM) product to Serono and the shipment of
Biojector(R) 2000 product to the U.S. military. Second-quarter product sales
were $1.2 million compared to $680,000 in the prior year. The Company
reported a second-quarter operating loss of $2.5 million and net loss
allocable to common shareholders of $2.4 million, compared to an operating
loss of $2.0 million and a net loss allocable to common shareholders of
$1.8 million in the comparable year-ago quarter. The higher net loss reflects
an increase of $497,000 for research and development expenses in the quarter
due largely to costs associated with manufacturing scale up for shipment of
the Company's Iject(TM) product to potential customers and additional
sponsored collaborations for DNA-based and commercially available vaccines.
The Company incurred increased sales, general and administrative expenses of
$179,000 in the quarter due in part to increased business development costs.
In addition, non-operating other income decreased by $169,000 from the second
quarter of 2002 due to lower interest rate returns on cash investments as well
as lower cash and investment balances.
Basic and diluted net loss per common share for the quarter were
$0.22 per share on 10.7 million weighted average shares outstanding, compared
to a net loss of $0.17 per share on 10.6 million weighted average shares
outstanding for the same period last year.
For the six months ended June 30, 2003, Bioject reported a net loss
allocable to common shareholders of $4.6 million on revenues of $2.5 million.
This compares to a net loss allocable to common shareholders of $3.6 million
on revenues of $3.6 million for the same period last year.
Basic and diluted net loss per share for the six months ended
June 30, 2003 were $0.43 per share on 10.7 million weighted average shares
outstanding compared to a net loss of $0.34 per share on 10.6 million weighted
average shares outstanding for the comparable period last year.
"We continued to make progress of implementing our business strategy
during the first half of 2003. We formed collaborations and signed agreements
that will help us generate near-term revenues," said Jim O'Shea, Chairman,
President and CEO. "During the second quarter we signed a services and supply
agreement with the National Institutes of Health by signing a subcontract with
the SAIC-Frederick, whereby the federal government will utilize our B-2000
needle-free technology in HIV and Ebola clinical trials and will reimburse
Bioject for the services that we provide. We also received a large purchase
order from the U.S. Navy for our B-2000 products. In addition, in August of
this year, we are anticipating the initial shipment of needle-free vial
adaptors to the undisclosed drug development company under the terms of the
agreement reached in March 2003."
"Our primary focus continues to be the development of additional
partnerships with pharmaceutical and biotechnology companies, and we remain
confident with our ability to execute our growth strategy and develop new
relationships going forward as we are seeing increased interest from several
potential partners," O'Shea concluded.
The Company will conduct a conference call to discuss second quarter
results on Wednesday, July 30, 2003 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, 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 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)
and the SeroJet(TM), 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 Six months ended
June 30, June 30,
2003 2002 2003 2002
Revenue
Net sales of products $1,155 $680 $1,939 $1,802
Licensing/
technology fees 264 366 581 1,752
1,419 1,046 2,520 3,554
Expenses
Manufacturing 1,191 1,070 2,120 2,830
R&D 1,290 793 2,430 1,817
Selling, general
and administrative 1,395 1,216 2,732 2,778
Total operating
expenses 3,876 3,079 7,282 7,425
Operating loss (2,457) (2,033) (4,762) (3,871)
Other income 66 235 156 310
Net loss allocable
to common
shareholders $(2,391) $(1,798) $(4,606) $(3,561)
Basic and diluted
net loss per
common share $(0.22) $(0.17) $(0.43) $(0.34)
Shares used in
per share
calculations 10,708,247 10,588,757 10,654,043 10,560,437
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
June 30, Dec 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $11,148 $8,896
Marketable securities 2,565 8,404
Accounts receivable 682 562
Receivable from related party, current portion 74 74
Inventories, net 1,588 1,303
Other current assets 325 163
Total current assets 16,382 19,402
Long-term marketable securities 3,414 5,077
Receivable from related party 37 74
Property and equipment, net 3,663 2,898
Other assets, net 855 783
Total assets $24,351 $28,234
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,266 $1,022
Deferred Revenue 67 67
Total current liabilities 1,333 1,089
Long-term liabilities:
Long-term lease payable 23 26
Deferred revenue 518 252
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,572 88,356
Accumulated deficit (85,644) (81,038)
22,477 26,867
Total liabilities and shareholders' equity $24,351 $28,234
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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