Revenues Increase 52% Over 2004
BEDMINSTER, N.J., Oct. 26 /PRNewswire-FirstCall/ -- Bioject Medical
Technologies Inc. (Nasdaq: BJCT), a leading developer of needle-free drug
delivery systems, today announced financial results for the third quarter of
2005.
For the third quarter, Bioject reported revenues of $3.1 million, a 52%
increase over the $2.1 million reported in the comparable year ago quarter.
Third-quarter product sales were $2.7 million compared to $1.6 million in the
prior year, an increase of 70%, due primarily to increased sales of the Vetjet
product to Merial. The Company reported a third-quarter operating loss of
$1.0 million and a net loss allocable to common shareholders of $1.2 million,
compared to an operating loss and net loss allocable to common shareholders of
$2.2 million in the comparable year-ago quarter. The reduced operating loss
reflects an improvement in manufacturing margin of 8% and a decrease in
research and development expenses of $624,000 and sales, general and
administrative expenses of $221,000. At September 30, 2005, the Company
reported cash, cash equivalents and marketable securities of $4.3 million
compared to $3.8 million on June 30, 2005.
Basic and diluted net loss per common share for the quarter were $0.08 per
share on 13.8 million weighted average shares outstanding, compared to a net
loss of $0.16 per share on 13.6 million weighted average shares outstanding
for the same period last year.
For the nine months ended September 30, 2005, Bioject reported a net loss
allocable to common shareholders of $4.5 million on revenues of $10.2 million.
This compares to a net loss allocable to common shareholders of $7.0 million
on revenues of $7.0 million for the same period last year.
Basic and diluted net loss per share for the nine months ended September
30, 2005 were $0.32 per share on 13.8 million weighted average shares
outstanding compared to a net loss of $0.53 per share on 13.2 million weighted
average shares outstanding for the comparable period last year.
"We continue to be pleased with the progress we're making in improving our
operating efficiencies and reducing our quarterly operating losses," said Jim
O'Shea, Bioject's Chairman, President and CEO. "We are also pleased with our
product sales growth compared to 2004, and anticipate future revenues to
continue to grow on an annual basis."
"We recently announced the execution of a product development agreement
with a leading European biotechnology company which we currently anticipate
will generate product development and regulatory milestone payments of $3.5 to
$4.0 million over the next two years. We are actively seeking to finalize
terms with other companies in our business development pipeline which will
assist us in achieving our corporate objectives," concluded Jim O'Shea.
The Company will conduct a conference call to discuss third-quarter
results on Thursday, October 27, 2005 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. 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 risk that the Company may not
achieve the objectives necessary for it to receive the milestone payments
under the recently entered development agreement, 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 Nine months ended
September 30, September 30,
2005 2004 2005 2004
Revenue
Net sales of products $2,739 $1,608 $9,295 $5,572
License and technology
fees 407 453 858 1,470
3,146 2,061 10,153 7,042
Expenses
Manufacturing 2,145 1,377 7,022 4,544
Research and development 1,022 1,646 3,918 5,410
Selling, general and
administrative 999 1,220 3,331 4,176
Total operating expenses 4,166 4,243 14,271 14,130
Operating loss (1,020) (2,182) (4,118) (7,088)
Interest income 28 30 91 139
Interest expense (170) (22) (438) (60)
(142) 8 (347) 79
Net loss allocable to
common shareholders $(1,162) $(2,174) $(4,465) $(7,009)
Basic and diluted net loss
per common share $(0.08) $(0.16) $(0.32) $(0.53)
Shares used in per share
calculations 13,786,099 13,637,312 13,792,693 13,233,149
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
September 30, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $2,554 $3,848
Marketable securities 1,720 3,826
Accounts receivable 1,336 1,031
Inventories 1,663 2,127
Assets held for sale 1,104 --
Other 362 444
8,739 11,276
Property and equipment, net 4,490 5,431
Goodwill 94 94
Other assets, net 1,425 1,569
Total assets $14,748 $18,370
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term note payable $1,100 $--
Current portion of long-term debt 1,000 1,000
Accounts payable and accrued liabilities 1,544 2,123
Deferred revenue 104 121
3,748 3,244
Long term liabilities:
Long-term lease payable 357 371
Long-term debt 1,167 2,000
Deferred revenue 1,070 420
Shareholders' equity:
Preferred stock 1,878 1,878
Common stock 110,443 109,908
Accumulated deficit (103,915) (99,451)
8,406 12,335
Total liabilities and shareholders' equity $14,748 $18,370
SOURCE Bioject Medical Technologies Inc.
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Related links:
http://www.bioject.com
CONTACT:
John Gandolfo, Chief Financial Officer of
Bioject Medical Technologies Inc., +1-908-470-2800, ext. 5102, or
jgandolfo@bioject.com; or John Baldissera of BPC Financial
Marketing, 1-800-368-1217, for Bioject Medical Technologies Inc.
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