Revenues Up 17% for Quarter
SANTA CLARA, Calif., Nov. 10 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) announced today that total revenues for the third quarter of
1999 were $3.1 million compared to revenues of $2.6 million for the third
quarter of 1998. Year to date revenues were $8.9 million versus revenues of
$8.6 million for 1998. Total revenues were up 17% for the quarter and 3% year
to date over the prior year periods. When adjusted for discontinued products
and grant revenues, sales of cytogenetic instruments, services and new
products, such as our MDS(TM) (Micrometastasis Detection System) were up
29% and 14% for the quarter and year to date, respectively.
For the third quarter, the Company's net operating loss was $2.0 million
or $0.17 per share compared with a loss of $2.1 million or $0.18 per share
during the third quarter of 1998. For the first nine months of the year the
net loss was $4.9 million or $0.42 per share versus a loss of $6.7 million or
$0.72 per share for the same period of 1998.
"I am extremely pleased with our progress this quarter and it is beginning
to reflect the consolidation of sales from the recently acquired cytogenetic
instrument business of Vysis as well as the sales of new products such as our
MDS (Micrometastasis Detection System)," said Jack Goldstein, Chairman and
C.E.O. "We are continuing to create demand for the MDS and have set up a new
website that provides information to both patients and physicians on
micrometastasis, along with a description of the MDS. The web site can be
found at http://www.micrometastasis.org ."
"In addition," continued Goldstein, "during the quarter, we received
$2 million in debt financing from Silicon Valley Bank which strengthened our
financial position. As previously reported, we signed an agreement for our
cytogenic products with a new Japanese distributor, Aloka Ltd., who has agreed
to specifically dedicate resources to market and support Applied Imaging
products in Japan. We also entered the fourth quarter by signing an exclusive
distribution agreement in Spain for our cytogenetic and MDS products with
Technicas Medicas who in conjunction with two other investors have purchased
1 million shares of Applied Imaging Common Stock for $2.0 million. Lastly, in
terms of sales, we have begun to focus more on marketing and sales in order to
execute the consolidation of sales from the Vysis cytogenetic instrument
business and sales of the MDS to cancer pathology laboratories."
Goldstein continued, "As far as our R&D efforts this quarter, all
resources continued to be focused on the Micrometastasis Detection System and
ancillary reagent development for both the detection and genetic
characterization of cancer cells detected with this system. An expanded
research agreement was signed with Norwegian Radium Hospital allowing us to
participate with the MDS in the largest prospective study in the world in
micrometastasis detection in bone marrow for the initial staging and diagnosis
of breast cancer patients. Finally, progress was made in feasibility
experiments in the enrichment and detection of micrometastatic cells from
peripheral blood samples. Further research is continuing in this area of
cancer."
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. Forward looking
statements address matters that are subject to a number of risks and
uncertainties. Actual results could differ materially from those projected in
the forward-looking statement as a result of a number of factors including the
failure of the Company to successfully develop and commercialize its
micrometastasis or cytogenetic instrument businesses, and other such factors
as set forth in the Company's form 10K for the year ended December 31, 1998 as
filed with the Securities and Exchange Commission.
Applied Imaging Corporation, based in Santa Clara, California, develops,
manufactures, and markets automated clinical analysis systems used by
laboratories for cancer and prenatal genetics. The Company markets its
products worldwide and has more than 1600 instruments at 800 customer sites in
over 35 countries. Applied Imaging is a publicly traded company listed on the
Nasdaq Stock Market under the Symbol AICX.
For additional information on Applied Imaging via fax, please dial
1-800-PRO-INFO, (732-544-2850 outside of the U.S.), code AICX.
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
Revenues $3,098 $2,639 $8,904 $8,608
Cost of revenues 1,506 1,340 4,209 4,216
Gross profit 1,592 1,299 4,695 4,392
Operating expenses
Research and development 1,211 1,707 3,432 5,158
Sales and marketing 1,500 1,171 3,695 3,767
General and administrative 706 736 2,123 2,191
Amortization 61 -- 61 --
Restructuring costs -- -- 224 353
Total cost and expenses 3,478 3,614 9,535 11,469
Other income (expense), net (93) 213 (36) 371
Net loss $(1,979) $(2,102) $(4,876) $(6,706)
Net loss per share -
basic and diluted $(0.17) $(0.18) $(0.42) $(0.72)
Weighted average shares
outstanding 11,952 11,448 11,673 9,277
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
1999 1998
(Unaudited)
ASSETS
Cash and marketable securities $7,722 $11,728
Other current assets 5,900 5,426
Property and equipment, net 1,079 1,569
Intangibles 2,421 --
Other assets, net 80 85
Total Assets $17,202 $18,808
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,199 $6,401
Other long term liabilities 1,628 64
Stockholders' equity 8,375 12,343
Total Liabilities and Stockholders' Equity $17,202 $18,808
SOURCE Applied Imaging Corp.
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Related links:
http://www.micrometastasis.org
CONTACT:
Mike Braden, Corporate Controller of Applied
Imaging Corp., 408-562-0250; or General, Traci McCarty, or
Investors, Janet Nelson, 415-986-1591, both of The Financial
Relations Board for Applied Imaging Corp.
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