Revenues Increase 43% Over 2003
BEDMINSTER, NJ, 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
2004, which ended September 30, 2004.
For the third quarter, Bioject reported revenues of $2.1 million, a
43% increase over the previous year's third-quarter revenues of $1.4 million.
Third-quarter product sales were $1.6 million compared to $1.3 million in the
prior year, due to increased sales of the cool.click(TM) to Serono. The
Company reported a third-quarter operating loss and net loss allocable to
common shareholders of $2.2 million, compared to an operating loss of
$2.5 million and a net loss allocable to common shareholders of $2.4 million
in the comparable year-ago quarter.
Basic and diluted net loss per common share for the quarter were $0.16 per
share on 13.6 million weighted average shares outstanding, compared to a net
loss of $0.22 per share on 10.7 million weighted average shares outstanding
for the same period last year.
For the nine months ended September 30, 2004, Bioject reported a net loss
allocable to common shareholders of $7.0 million on revenues of $7.0 million.
This compares to a net loss allocable to common shareholders of $7.0 million
on revenues of $4.0 million for the same period last year.
Basic and diluted net loss per share for the nine months ended September
30, 2004 were $0.53 per share on 13.2 million weighted average shares
outstanding compared to a net loss of $0.65 per share on 10.7 million weighted
average shares outstanding for the comparable period last year.
"We are pleased with the continuing revenue growth during 2004 compared to
2003 resulting from increases in our product sales and license and development
fee revenues," said Jim O'Shea, President and CEO.
"In addition, in July, we signed a supply agreement for our needle free
vial adapters and announced last week that we executed a license agreement
with a leading Japanese pharmaceutical company for our Iject technology. This
agreement will generate license and development fees to Bioject over the next
two years and product sales and royalties upon commercialization of the
therapeutic protein for humans in 2006. We are continuing to make significant
progress in our business development efforts and remain confident in our
ability to finalize these potential agreements in the future," O'Shea
concluded.
The Company will conduct a conference call to discuss third-quarter
results on Thursday, October 28, 2004 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, the risk that the Company will be
unable to obtain needed debt or equity financing on satisfactory terms, or at
all, uncertainties related to Bioject's dependence on the continued
performance of strategic partners and technology, uncertainties related to
the time required for the Company or its strategic partners to complete
research and development and, obtain necessary clinical data and government
clearances, the risk that the Company may be unable to produce its 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,
2004 2003 2004 2003
Revenue
Net sales of products $1,608 $1,336 $5,572 $3,275
License and technology fees 453 106 1,470 687
2,061 1,442 7,042 3,962
Expenses
Manufacturing 1,624 1,378 5,408 3,498
Research and development 1,398 1,157 4,546 3,587
Selling, general and
administrative 1,221 1,371 4,176 4,103
Total operating expenses 4,243 3,906 14,130 11,188
Operating loss (2,182) (2,464) (7,088) (7,226)
Interest income 30 73 139 230
Interest expense (22) (2) (60) (3)
8 71 79 227
Net loss allocable
to common shareholders $(2,174) $(2,393) $(7,009) $(6,999)
Basic and diluted net
loss per common share $(0.16) $(0.22) $(0.53) $(0.65)
Shares used in per share
calculations 13,637,312 10,741,168 13,233,149 10,685,807
Bioject Medical Technologies Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
September 30, December 31,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $3,517 $6,894
Short-term marketable securities 858 2,259
Accounts receivable, net 1,122 1,300
Receivable from related party,
current portion 18 74
Inventories, net 1,444 1,388
Other current assets 188 227
Total current assets 7,147 12,142
Long-term marketable securities -- 3,087
Restricted funds 1,500 1,500
Property and equipment, net 5,384 4,760
Other assets, net 1,081 979
Total assets $15,112 $22,468
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $280 $175
Accounts payable and accrued liabilities 2,124 2,012
Deferred revenue 113 434
Total current liabilities 2,517 2,621
Long-term liabilities:
Long-term lease payable 138 82
Long-term debt 1,086 1,325
Deferred revenue 134 484
Shareholders' equity:
Preferred stock -- 19,549
Common stock 108,617 88,777
Accumulated deficit (97,380) (90,370)
11,237 17,956
Total liabilities and
shareholders' equity $15,112 $22,468
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
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