Announces Change in Fiscal Year End to Calendar Year End
BEDMINSTER, N.J., Oct. 24 /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
its fiscal year 2003 which ended September 30, 2002.
For the second quarter, Bioject reported revenues of $1.2 million, a 6.2%
increase over the previous year's second-quarter revenues of $1.1 million due
to an increase in licensing fees. As expected, second-quarter product sales
were lower than the prior year due to increased sales of SeroJet(TM) products
to Serono in the second quarter of last year resulting from their initial
inventory stocking order for the SeroJet(TM) product launch which occurred in
the fourth quarter of our last fiscal year. The Company reported a second-
quarter operating loss of $2.1 million and net loss allocable to common
shareholders of $1.9 million, compared to an operating loss of $1.7 million
and a net loss allocable to common shareholders of $1.6 million in the
comparable year-ago quarter. At September 30, 2002, Bioject reported cash,
cash equivalents and marketable securities of approximately $23.9 million.
Basic and diluted net loss per common share for the quarter were $0.18 per
share on 10.6 million weighted average shares outstanding, compared to a net
loss of $0.16 per share on 9.8 million weighted average shares outstanding for
the same period last year.
For the six months ended September 30, 2002, Bioject reported a net loss
allocable to common shareholders of $3.7 million on revenues of $2.2 million.
This compares to a net loss allocable to common shareholders of $3.0 million
on revenues of $1.7 million for the same period last year.
Basic and diluted net loss per share for the six months ended September
30, 2002 were $0.35 per share on 10.6 million weighted average shares
outstanding compared to a net loss of $0.32 per share on 9.3 million weighted
average shares outstanding for the same period last year.
"During the quarter we advanced toward our goal of signing on additional
partnerships with the recently announced license and supply agreement with
Merial, the world's leading animal health company," said Jim O'Shea, Chairman,
President and CEO. "We are continuing with our primary focus on forming
strategic relationships in the therapeutic and vaccine markets which offer a
very important growth opportunity for Bioject. In addition, we are proceeding
with the development of the next generation of Iject(TM) products."
The Company also announced that its Board of Directors has approved a
resolution changing the Company's fiscal year to a calendar year end effective
on December 31, 2002.
"We've decided to change our fiscal year-end to a calendar-year at this
time in the Company's history in order to be consistent with most publicly-
held drug delivery companies as well as to simplify the reporting periods of
the Company's financial results on a prospective basis," said John Gandolfo,
Bioject's Chief Financial Officer. "Accordingly, the Company's next annual
meeting will most likely be held in the spring of 2003."
The Company will conduct a conference call to discuss second quarter
results on Friday, October 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, Alkermes, and Merial.
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.
(Tables follow)
Bioject Medical Technologies Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
Three months ended Six months ended
September 30, September 30,
2002 2001 2002 2001
Revenue
Net sales of products $872 $1,061 $1,552 $1,552
Licensing/technology fees 291 34 656 163
1,163 1,095 2,208 1,715
Expenses
Manufacturing 975 1,089 2,045 1,685
R&D 999 641 1,792 1,174
Selling, general and
administrative 1,276 1,081 2,491 1,932
Total operating expenses 3,250 2,811 6,328 4,791
Operating loss (2,087) (1,716) (4,120) (3,076)
Other income 165 471 400 727
Loss before income taxes (1,922) (1,245) (3,720) (2,349)
Provision for income taxes -- -- -- --
Net Loss (1,922) (1,245) (3,720) (2,349)
Preferred stock dividend -- (309) -- (615)
Net loss allocable to common
shareholders $(1,922) $(1,554) $(3,720) $(2,964)
Basic and diluted net loss per
common share $(0.18) $(0.16) $(0.35) $(0.32)
Shares used in per share
calculations 10,598,826 9,824,287 10,583,157 9,316,577
Bioject Medical Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
(unaudited)
September 30, March 31,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $1,931 $7,613
Marketable securities 10,294 3,593
Accounts receivable 632 1,667
Receivable from related party, current portion 50 50
Inventories 1,390 1,461
Other 269 225
Total Current Assets 14,566 14,609
Long-term marketable securities 11,687 15,752
Receivable from related party 63 100
Property and equipment, net 2,658 2,314
Other assets, net 753 694
Total assets $29,727 $33,469
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
Deferred Revenue $851 $1,112
76 84
Total Current Liabilities 927 1,196
Long term liabilities:
Long term lease payable 28 5
Deferred revenue 269 302
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,247 87,990
Accumulated deficit (79,293) (75,573)
28,503 31,966
Total liabilities and shareholders' equity $29,727 $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, of Bioject Medical
Technologies Inc., +1-908-470-2800, ext. 5103
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