SANTA CLARA, Calif., Aug. 1 /PRNewswire/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved a
second consecutive quarter of record revenues. This result was achieved
despite the weak economic environment and the continued unfavorable impact of
the strong U.S. dollar. On a comparable exchange rate basis, sales increased
6 percent over last year's second quarter and 16 percent over the first
quarter of this year.
The Company's sales for the quarter and six months ending June 30, 2001
were $4.5 million and $8.5 million, respectively. This represents an increase
of 4 percent over the second quarter of 2000 and 5 percent over the first half
of 2000. The net loss for the quarter was $0.9 million ($0.06 per share)
versus the $0.5 million ($0.04 per share) loss recorded last year, reflecting
increased investment in sales and research in support of the MDS(TM)
multiparameter cellular analysis system.
"We are very pleased by the company's continued strong performance in the
second quarter. Sales growth was consistent with the guidance we provided
earlier this year," commented Carl Hull, Applied Imaging CEO. "Our gross
profit margins continue to improve, reflecting cost reduction efforts and
favorable product mix, and were 60% in the second quarter versus 56% in last
year's second quarter (excluding the effect of one time items). The loss from
operations of $0.9 million in the second quarter was less than half the loss
recorded in the first quarter and keeps us on track to meet our guidance for
the year."
"Our MDS(TM) system continues to be accepted as the gold standard for
automated image analysis with its unique capabilities in brightfield and
fluorescence microscopy," continued Mr. Hull. "Earlier today we announced a
strategic alliance with DAKO for the development and marketing of image
analysis applications for immunohistochemistry (IHC) and genetic probe assays.
In June, we announced the introduction of several new applications for the
MDS(TM) system to assist pathologists in their review of key breast cancer
tests. In May, we were issued a patent for techniques used to analyze and
combine multiple DNA probe results into a single result. The achievement of
these significant milestones strengthens our technology and commercial
position in clinical microscopic imaging."
Applied Imaging markets a range of clinical and research imaging systems
for fluorescence and brightfield microscopy applications, including the
Company's MDS(TM), CytoVision(R), PowerGene(R) and QUIPS(R) product lines
Applied Imaging Second Quarter Earnings Conference Call
A conference call will follow this release at 2:00 p.m. PDT, during which
senior management of Applied Imaging will present an overview of results for
the quarter and guidance for the rest of the year. To listen to the call,
please dial +1-888-467-1742 or +1-703-871-3722 at least five minutes before
the start time. Interested parties will have the opportunity to listen to the
conference call live on the Internet at http://www.streetevents.com or the Investor
Relations portion of Applied Imaging's Website at http://www.aicorp.com. A replay of
the Webcast will be available for 90 days. Additionally, a replay of the call
will be available through August 8, 2001 by dialing +1-703-925-2435, code
#5416157.
About Applied Imaging
Applied Imaging Corp., based in Santa Clara, California, is the leading
supplier of automated imaging systems utilized in genetics and pathology
laboratories for the analysis of chromosomes in cancer and prenatal disorders.
The Company is expanding its efforts in scanning and imaging applications in
the cancer pathology field. Applied Imaging has installed over 2000 systems
in 1000 laboratories in more than 35 countries.
This press release contains forward looking statements as defined in the
Private Securities Litigation Reform Act of 1995, regarding, among other
matters, the Company's future financial performance as well as its product
development and commercial efforts. Forward looking statements address
matters that are subject to a number of risks and uncertainties that could
cause actual results to differ materially, including the uncertainty of
clinical studies and regulatory approvals, the failure of the Company to
successfully integrate the Company's MDS(TM) system with DAKO's cancer assays,
and other such factors as set forth in the Company's form 10-K for the year
ended December 31, 2000 as filed with the Securities and Exchange Commission
For additional information on Applied Imaging via fax, please dial
+1-800-PRO-INFO, (+1-732-544-2850 outside of the U.S.), code AICX, or visit
the Company's web site at http://www.aicorp.com .
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three months
ended Six months ended
June 30, June 30,
2001 2000 2001 2000
Revenues $4,528 $4,343 $8,458 $8,036
Cost of revenues 1,793 1,664 3,736 3,450
Gross profit 2,735 2,679 4,722 4,586
Operating expenses
Research and development 1,029 976 1,964 1,856
Sales and marketing 1,812 1,519 3,838 2,988
General and administrative 692 689 1,451 1,368
Amortization of intangibles 77 63 155 126
Total cost and expenses 3,610 3,247 7,408 6,338
Operating Loss (875) (568) (2,686) (1,752)
Other income (expense), net 7 24 56 (73)
Net loss $(868) $(544) $(2,630) $(1,825)
Net loss per share- basic and diluted $(0.06) $(0.04) $(0.17) $(0.14)
Weighted average shares outstanding 15,184 13,379 15,167 13,261
Condensed Consolidated Balance Sheets
(In thousands)
June 30, December 31,
2001 2000
(Unaudited)
ASSETS
Cash, restricted cash and
marketable securities $4,812 $7,012
Other current assets 7,388 8,598
Property and equipment, net 1,110 1,127
Other assets, net 2,573 2,705
Total Assets $15,883 $19,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,188 $9,105
Other liabilities 773 854
Stockholders' equity 6,922 9,483
Total Liabilities and Stockholders'
Equity $15,883 $19,442
SOURCE Applied Imaging Corp.
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Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., +1-408-562-0250; or investors/media, Liz Saghi, or
general, Pam Roberts, both of Financial Relations Board,
+1-415-986-1591
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