Adeza Announces First Quarter 2005 Financial Results; Reports 11th Consecutive Quarter of Profitability on Record Product Sales.SUNNYVALE, Calif. -- Adeza (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADZA) today announced financial results for the three months ended March 31, 2005. For the three months ended March 31, 2005, Adeza posted its 11th consecutive profitable quarter. The company reported that net income for the first quarter of 2005 doubled to $1.5 million, compared with net income of $726,000 for the first quarter of 2004. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share for the first quarter of 2005 was $0.08 based on 17.8 million shares outstanding, compared with diluted net income per share of $0.05 based on 13.2 million shares outstanding for the first quarter of 2004. The change in share count is primarily the result of the completion of the company's initial public offering of 4.3 million common shares in December 2004. Adeza reported record quarterly product sales of $9.6 million for the first quarter of 2005, an increase of $2.4 million or 33%, from product sales of $7.2 million for the first quarter of 2004. The increase in the 2005 first quarter is primarily attributed to higher sales volume of Full Term(TM), The Fetal Fibronectin Fetal fibronectin (fFN) is a protein produced by fetal cells and a type of fibronectin. fFN is found at the interface of the chorion and the decidua (between the fetal sack and the uterine lining). Test. For the three months ended March 31, 2005, selling and marketing expenses were $4.7 million, compared with $3.7 million for the comparable period in 2004, due mainly to expansion of the direct sales force and marketing programs. General and administrative expenses for the first quarter of 2005 were $1.5 million, compared with $626,000 in the prior-year first quarter, due primarily to costs related to being a public company. Research and development expenses increased to $864,000 for the first quarter of 2005, compared with $516,000 for the first quarter of 2004, due primarily to costs related to clinical studies. As of March 31, 2005, Adeza had cash and cash equivalents of $80.0 million, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $83.5 million and working capital of $83.0 million. "We believe that our Full Term, The Fetal Fibronectin Test is fundamentally changing how healthcare providers treat women at risk for preterm preterm /pre·term/ (-term´) before completion of the full term; said of pregnancy or of an infant. pre·term adj. birth and are delighted to report yet another quarter of profitability based on record product sales," said Emory V. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , president and chief executive officer of Adeza. "Our plan this year is to increase penetration in the market for women with 'signs and symptoms' of preterm birth and expand usage with women who are at 'high-risk' for preterm birth. To achieve these objectives, our plan includes increasing our sales force and marketing programs. We are continuing to expand our research and development efforts to bring additional products in our development pipeline to market." About Adeza Adeza designs, manufactures and markets innovative products for women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. . Adeza's initial focus is on reproductive re·pro·duc·tive adj. 1. Of or relating to reproduction. 2. Tending to reproduce. reproductive subserving or pertaining to reproduction. healthcare, using its proprietary technologies to predict preterm birth and assess infertility infertility, inability to conceive or carry a child to delivery. The term is usually limited to situations where the couple has had intercourse regularly for one year without using birth control. . Adeza's principal product is a patented diagnostic test, Full Term, The Fetal Fibronectin Test, which utilizes a single-use, disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. cassette A removable magnetic tape storage module that contains supply and takeup reels (hubs) in the same housing. Most audio tapes and videotapes use cassettes as well as backup tape technologies such as DAT, 8mm and Magstar MP (see below). and is analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. on Adeza's patented TLiIQ(R) System. This product is approved by the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) for broad use in assessing the risk of preterm birth. Adeza also markets and sells the E-tegrity(R) Test, an infertility-related test to assess receptivity receptivity, n the state of being open to the action of a drug or homeopathic remedy. See also reactivity. of the uterus to embryo embryo (ĕm`brēō), name for the developing young of an animal or plant. In its widest definition, the embryo is the young from the moment of fertilization until it has become structurally complete and able to survive as a separate organism. implantation implantation /im·plan·ta·tion/ (im?plan-ta´shun) 1. attachment of the blastocyst to the epithelial lining of the uterus, its penetration through the epithelium, and, in humans, its embedding in the stratum compactum of the in women with unexplained unexplained Adjective strange or unclear because the reason for it is not known Adj. 1. unexplained - not explained; "accomplished by some unexplained process" infertility. Adeza cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The inclusion of forward-looking statements should not be regarded as a representation by Adeza that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Adeza's business including, without limitation, statements about the expansion of products, markets and offerings and additional product indications. All forward-looking statements are qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by this cautionary statement and Adeza undertakes no obligation to revise or update this news release to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
Adeza Biomedical Corporation
Condensed Statements of Operations
(in thousands, except share and per share information)
(unaudited)
Three Months Ended
March 31,
2005 2004
----------- -----------
Product sales $9,610 $7,242
Cost of product sales 1,427 1,627
----------- -----------
Gross profit 8,183 5,615
Operating costs and expenses:
Selling and marketing 4,725 3,673
General and administrative 1,537 626
Research and development 864 516
----------- -----------
Total operating costs and expenses 7,126 4,815
----------- -----------
Income from operations 1,057 800
Interest income 482 26
Other expenses, net (2) --
----------- -----------
Income before income taxes 1,537 826
Provision for income taxes 81 100
----------- -----------
Net income $1,456 $726
=========== ===========
Basic net income per share $0.09 $3.98
=========== ===========
Diluted net income per share $0.08 $0.05
=========== ===========
Shares used to compute basic net income per
share 16,527,243 182,160
=========== ===========
Shares used to compute diluted net income per
share 17,773,972 13,234,371
=========== ===========
Adeza Biomedical Corporation
Condensed Balance Sheets
(in thousands, except share and per share information)
March 31, December 31,
2005 2004
----------- ------------
(unaudited) (note 1)
Assets
Current assets:
Cash and cash equivalents $79,979 $80,118
Accounts receivable, net 7,335 6,628
Inventories 698 667
Prepaid and other current assets 370 271
----------- ------------
Total current assets 88,382 87,684
Property and equipment, net 341 268
Intangible assets, net 164 176
----------- ------------
Total assets $88,887 $88,128
=========== ============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $2,972 $2,750
Accrued compensation 995 1,863
Accrued royalties 593 1,007
Other accrued liabilities 786 752
Deferred revenue 44 45
----------- ------------
Total current liabilities 5,390 6,417
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 100,000,000
shares authorized; 16,606,924 and 16,461,390
shares issued and outstanding at March 31,
2005 and December 31, 2004, respectively 17 16
Additional paid-in capital 129,798 129,695
Deferred compensation (3,006) (3,232)
Accumulated deficit (43,312) (44,768)
----------- ------------
Total stockholders' equity 83,497 81,711
=========== ============
Total liabilities and stockholders' equity $88,887 $88,128
=========== ============
Note 1 - Derived from audited financial statements at that date.
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