Revenues Increase 24% Over 2002
BEDMINSTER, N.J., Oct 27 /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
2003, which ended September 30, 2003.
For the third quarter, Bioject reported revenues of $1.4 million, a 24%
increase in revenues over the previous year's third-quarter revenues of $1.2
million. The increased revenues were primarily due to the sale of Vial
Adapter products to Amgen which, as expected, commenced shipments in August.
Third-quarter product sales were $1.3 million compared to $872,000 in the
prior year. The Company reported a third-quarter operating loss of $2.5
million and net loss allocable to common shareholders of $2.4 million,
compared to an operating loss of $2.1 million and a net loss allocable to
common shareholders of $1.9 million in the comparable year-ago quarter. The
higher net loss reflects an increase of $0.4 million in manufacturing expense
primarily due to increased product sales volume and expenses related to the
start-up and validation of the Vial Adapter line. Research and development
expenses increased $158,000 in the quarter due largely to costs associated
with the shipments of the Company's Iject(TM) product to potential customers
and clinical studies for the Iject(TM) product. Selling, general and
administrative expenses of $1.4 million were relatively flat in the quarter
compared to the prior year quarter. Non-operating other income decreased by
$94,000 from the third 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 $0.18 per share on 10.6 million weighted average shares outstanding
for the same period last year.
For the nine months ended September 30, 2003, Bioject reported a net loss
allocable to common shareholders of $7.0 million on revenues of $4.0 million.
This compares to a net loss allocable to common shareholders of $5.5 million
on revenues of $4.7 million for the same period last year.
Basic and diluted net loss per share for the nine months ended September
30, 2003 were $0.65 per share on 10.7 million weighted average shares
outstanding compared to a net loss of $0.52 per share on 10.6 million weighted
average shares outstanding for the comparable period last year.
"During the quarter, we started shipping vial adapter products to Amgen
under our previously announced March 11, 2003 agreement. In addition, in
September, we began recognizing some revenues from our NIH collaboration for
the clinical trials associated with their internally developed HIV vaccine.
We've continued to see positive results from our Merial collaboration which
will provide Bioject with milestone payments and recurring product sales as we
look forward to the future," stated Jim O'Shea, Chairman, President and CEO.
"On the business development side, we are making significant strides with
potential partners, although we are disappointed with continuing unanticipated
delays in the timing of the closing of these transactions. These delays are
primarily the result of increased testing and analysis of potential partners
before entering into formal agreements. To date, our products have performed
well and we are encouraged with our continuing progress. We've improved our
business development process and are generating more interest in our products
than ever before and remain confident we will be successful in our efforts,"
concluded O'Shea.
The Company believes it will be successful in its business development
efforts, however, due to the difficulties in determining the timing of closing
of new business development transactions, the Company believes it is prudent
to provide financial guidance on existing partners only, without the financial
impact of potential new business development transactions. Accordingly, the
Company anticipates 2003 revenues of $6.0 million to $7.0 million from
existing collaborations and a loss per share of $0.78 to $0.85. For 2004, the
Company anticipates revenues from existing partners of $8.5 million to $10.0
million and a loss per share of $0.60 to $0.70. The Company is committed to
developing a successful, profitable business model and believes the execution
of its business development strategy will have a positive impact on the above
figures.
The Company will conduct a conference call to discuss third-quarter
results on Tuesday, October 28, 2003 at 10:00 a.m. Eastern Standard 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)
SeroJet(TM) 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 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,
2003 2002 2003 2002
Revenue
Net sales of products $1,336 $872 $3,275 $2,674
Licensing/technology
fees 106 290 687 2,042
1,442 1,162 3,962 4,716
Expenses
Manufacturing 1,378 975 3,498 3,805
R&D 1,157 999 3,587 2,816
Selling, general
and administrative 1,371 1,275 4,103 4,054
Total operating
expenses 3,906 3,249 11,188 10,675
Operating loss (2,464) (2,087) (7,226) (5,959)
Other income 71 165 227 475
Net loss allocable to
common shareholders $(2,393) $(1,922) $(6,999) $(5,484)
Basic and diluted
net loss per
common share $(0.22) $(0.18) $(0.65) $(0.52)
Shares used in per
share calculations 10,741,168 10,598,826 10,685,807 10,583,157
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
September 30, December 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $8,498 $8,896
Marketable securities 2,590 8,404
Accounts receivable 1,027 562
Receivable from related party,
current portion 74 74
Inventories, net 1,463 1,303
Other current assets 519 163
Total current assets 14,171 19,402
Long-term marketable securities 3,102 5,077
Receivable from related party 18 74
Property and equipment, net 4,198 2,898
Other assets, net 949 783
Total assets $22,438 $28,234
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $1,644 $1,022
Deferred Revenue 67 67
Total current liabilities 1,711 1,089
Long-term liabilities:
Long-term lease payable 89 26
Deferred revenue 503 252
Shareholders' equity:
Preferred stock 19,549 19,549
Common stock 88,623 88,356
Accumulated deficit (88,037) (81,038)
Total shareholders' equity 20,135 26,867
Total liabilities and shareholders' equity $22,438 $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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