Alcon's Second Quarter Earnings Rise 67.9 Percent on 12.3 Percent Sales Growth.HUNENBERG, Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. -- Alcon, Inc. (NYSE NYSE See: New York Stock Exchange :ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) reported global sales of $1,039.2 million for the second quarter of 2004, an increase of 12.3 percent over global sales in the second quarter of 2003, or 9.9 percent excluding the impact of foreign exchange fluctuations. Net earnings for the second quarter of 2004 increased 67.9 percent to $299.2 million, or $0.96 per share on a 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. basis, compared to $178.2 million, or $0.57 per share, for the second quarter of 2003. Reported earnings per diluted share in the second quarter of 2004 included an $0.18 per share favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact related to the filing of amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. federal income tax returns to claim research and experimentation tax credits for prior years and to the resolution of several significant tax audit issues. Excluding this tax benefit, earnings per diluted share for the second quarter of 2004 were $0.78. Tim Sear sear 1 v. seared, sear·ing, sears v.tr. 1. To char, scorch, or burn the surface of with or as if with a hot instrument. See Synonyms at burn1. 2. , Alcon's Chairman, President and Chief Executive Officer commented, "This quarter represents a milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. for Alcon. It is the first quarter in Alcon's history that we have exceeded $1 billion in sales. While this accomplishment is partly due to seasonality and currency factors, it also reflects the tremendous efforts of our entire team of employees at Alcon. Every region of the world and every major product line contributed to this performance. As previously announced, I will be turning over my roles as President and Chief Executive Officer to Cary Car·y A town of east-central North Carolina, an industrial suburb of Raleigh. Population: 98,000. Rayment this October October: see month. . I have the utmost confidence that he will lead our company effectively and inspire our people to continued success in the years to come." Sales Highlights Highlights of sales for the second quarter of 2004 are provided below. Unless otherwise noted, all comparisons are versus the second quarter of 2003. --U.S. sales grew 7.6 percent to $549.9 million, accounting for 52.9 percent of total sales. --International sales grew 18.1 percent to $489.3 million, accounting for 47.1 percent of total sales. International sales growth was aided by a favorable currency environment, although constant currency growth was still 12.7 percent. --Pharmaceutical sales grew 12.3 percent and contributed 42.4 percent of total sales. --Sales of glaucoma glaucoma (glôkō`mə), ocular disorder characterized by pressure within the eyeball caused by an excessive amount of aqueous humor (the fluid substance filling the eyeball). products increased 24.1 percent, led by a 57.1 percent rise in sales of Travatan(R) ophthalmic solution ophthalmic solution n. A sterile solution that is free from foreign particles and is compounded and dispensed for eyedrops. , which gained market share in the U.S. and other key countries. --Sales of allergy allergy, hypersensitive reaction of the body tissues of certain individuals to certain substances that, in similar amounts and circumstances, are innocuous to other persons. Allergens, or allergy-causing substances, can be airborne substances (e.g. products, including Patanol Patanol® Olopatadine Ophthalmology An agent used to relieve eye itching in allergic conjunctivitis (R) ophthalmic solution, rose 0.3 percent due to a less severe allergy season this spring and the impact of changes in wholesaler inventories. In 2003, U.S. wholesaler inventories rose during the second quarter, positively influencing sales, while in 2004 they declined during the quarter, which had a negative influence. --Sales of infection/inflammation products rose 8.9 percent as the growth in sales of Vigamox(TM) ophthalmic solution more than offset declines in Ciloxan(R) ophthalmic solution, which lost patent protection on June June: see month. 9, 2004. Vigamox(TM) accounted for 63 percent of fluoroquinolone fluoroquinolone /flu·o·ro·quin·o·lone/ (-kwin´o-lon) any of a subgroup of fluorine-substituted quinolones, having a broader spectrum of activity than nalidixic acid. fluor·o·quin·o·lone n. prescriptions in the U.S. in May, 2004. As a result of increasing physician preference for fourth generation fluoroquinolones Fluoroquinolones Definition Fluoroquinolones are medicines that kill bacteria or prevent their growth. Purpose Fluoroquinolones are antimicrobials, medicines used to treat infections caused by microorganisms. for the treatment and prevention of eye infections, as well as declines in wholesaler inventories, sales of Tobradex TobraDex is a popular prescription medication marketed in the United States by Alcon Labs. The active ingredients are tobramycin 0.3% (an antibiotic) and dexamethasone 0.1% (a corticosteroid). TobraDex is a trademark of Alcon Labs. (R) ophthalmic solution and ointment ointment /oint·ment/ (oint´ment) a semisolid preparation for external application to the skin or mucous membranes, usually containing a medicinal substance. oint·ment n. declined slightly. --The addition of Ciprodex Cip·ro·dex A trademark for a combination of the drugs ciprofloxacin and dexamethasone. (R) otic solution resulted in increased market share for Alcon's otic products, which led to a 24.5 percent increase in sales of otic products. --Surgical sales rose 14.2 percent to $459.1 million, accounting for 44.2 percent of total sales. --The AcrySof(R) Natural intraocular lens Intraocular lens Lens made of silicone or plastic placed within the eye; can be corrective. Mentioned in: Cataract Surgery continued to gain physician acceptance, as sales of intraocular lenses increased 17.1 percent to $148.1 million. AcrySof(R) Natural accounted for 33 percent of intraocular lenses sold in the U.S. in June, 2004. --Sales of cataract cataract, in medicine, opacity of the lens of the eye, which impairs vision. In the young, cataracts are generally congenital or hereditary; later they are usually the result of degenerative changes brought on by aging or systemic disease (diabetes). and vitrectomy Vitrectomy Definition Vitrectomy is the surgical removal of the vitreous (transparent gel that fills the eye from the iris to the retina). Purpose products rose 15.1 percent, with shipments of the Infiniti This article is about Nissan's automobile brand. For the brand of recordable optical media by Medea, see Infiniti (Medea). Infiniti is a luxury brand of Japanese automaker Nissan Motor Co., Ltd. (TM) vision system a key driver of growth in this sector. --Refractive revenue declined 16.8 percent because of a decline in global equipment sales. However, increased demand for LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. procedures and a significant shift toward higher-priced custom procedures caused U.S. technology fees to rise. --Consumer eye care sales increased 6.3 percent, accounting for 13.4 percent of total sales. --The continuing success of the Company's new dry eye treatment, Systane(R) lubricant Lubricant A gas, liquid, or solid used to prevent contact of parts in relative motion, and thereby reduce friction and wear. In many machines, cooling by the lubricant is equally important. eye drops eye drops eye npl → gouttes fpl pour les yeux eye drops eye npl → Augentropfen pl , helped grow sales of artificial tears artificial tears A solution containing 0.5% carboxymethyl cellulose or 5% polyvinyl alcohol, used to treat dry eye–xerophthalmia, often associated with Sjögren syndrome, which may also be due to sarcoidosis, senile lacrimal gland atrophy, acute or products, which increased 13.8 percent. Earnings Highlights Highlights of earnings for the second quarter of 2004 are provided below. Unless otherwise noted, all comparisons are versus the second quarter of 2003. --Gross profit margin increased 2.5 percentage points to 73.6 percent of sales, due to favorable currency factors, product mix, manufacturing efficiencies, higher production volumes and the transfer of contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. care manufacturing from Madrid Madrid (mədrĭd`, Span. mäthhrēth`), city (1990 pop. 3,120,732), capital of Spain and of Madrid prov., central Spain, and the focus of its own autonomous region, on the Manzanares River. , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. to Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. . --Selling, general and administrative expenses rose only 7.3 percent, as the company continued to exercise cost control and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its existing global infrastructure. --Research and development expenses were flat because the second quarter of 2003 had relatively large expense levels for clinical trials, especially those associated with the company's investigational new drugs, RETAANE(R) 15mg Depot depot /de·pot/ (de´po) (dep´o) a body area in which a substance, e.g., a drug, can be accumulated, deposited, or stored and from which it can be distributed. and EXTRAVAN(TM) ophthalmic solution. --The combination of the factors noted above led to a 33.3 percent increase in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. to $347.7 million. --Net interest expense declined 73.1 percent to $1.8 million because of lower debt levels and higher investment balances. Research and Development Update Summarized below are updates on key research and development activities. --The company filed a Pre-Marketing Application (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ) for the AcrySof(R) ReSTOR(R) intraocular lens with 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. ). --The company filed a PMA for DISCOVISC(TM) viscoelastic Adj. 1. viscoelastic - having viscous as well as elastic properties natural philosophy, physics - the science of matter and energy and their interactions; "his favorite subject was physics" solution in June. DISCOVISC(TM) is being developed for use during eye surgery to protect tissue and maintain ocular ocular /oc·u·lar/ (ok´u-lar) 1. of, pertaining to, or affecting the eye. 2. eyepiece. oc·u·lar adj. 1. Of or relating to the eye or the sense of sight. integrity. --Also in June, the FDA accepted the company's 505(b)2 filing for brimonodine tartrate tartrate /tar·trate/ (tahr´trat) a salt of tartaric acid. tar·trate n. A salt or ester of tartaric acid. tartrate a salt of tartaric acid. 0.15% with Polyquad(R) preservative preservative Any of numerous chemical additives used to prevent or slow food spoilage caused by chemical changes (e.g., oxidation, mold growth) and maintain a fresh appearance and consistency. Antimycotics (e.g. as a treatment for glaucoma. --Alcon released for market introduction Systane(R) Lubricant Eye Drops Unit Dose, an over-the-counter, preservative-free treatment for dry eye. --Alcon received an approvable letter from the FDA for its once-a-day version of its eye allergy drug, Patanol(R) ophthalmic solution. The company is in discussions with the FDA to determine the steps necessary to gain final approval and labeling. --The ongoing Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the for RETAANE(R) 15mg Depot is on track for its 12 month readout (1) A small display device that typically shows only a few digits or a couple of lines of data. (2) Any display screen or panel. of data in September September: see month. . Patient retention has been consistent with statistical expectations. The company plans to report the data in October at the American Academy The American Academy in Berlin is a non-partisan academic institution in Berlin. It was founded in September 1994 by a group of prominent Americans and Germans, among them Richard Holbrooke, Henry Kissinger, Richard von Weizsäcker, Fritz Stern and Otto Graf Lambsdorff and opened in of Ophthalmology's annual meeting and expects to file a New Drug Application for the drug in the fourth quarter of 2004. --Over 450 patients have been enrolled in the two risk reduction clinical trials on RETAANE(R). The company expects to enroll TO ENROLL. To register; to enter on the rolls of chancery, or other court's; to make a record. the full complement of 2,500 patients for the trials in the next 12 to 15 months. Once fully enrolled, these studies are expected to last four years. Financial Guidance Financial guidance for the full year 2004 is provided below. --Sales are expected to be between $3,800 million and $3,850 million. --Diluted earnings per share are expected to be between $2.43 and $2.46. This range excludes the impact of the tax benefit realized in the second quarter of 2004. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of including the impact of the tax benefits realized in the second quarter of 2004 are expected to be between $2.62 and $2.65. Company Description Alcon, Inc. (NYSE:ACL) is the world's leading eye care company. Alcon, which has been dedicated to the ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. industry for more than 50 years, develops, manufactures and markets pharmaceuticals, surgical equipment and devices, contact lens care solutions and other vision care products that treat diseases, disorders and other conditions of the eye. Alcon's majority shareholder is Nestle, S.A., the world's largest food company. All trademarks noted in this release are the property of Alcon, Inc., with the exception of Ciprodex(R), which is the property of Bayer, AG and licensed to Alcon.
ALCON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (Unaudited)
(USD in millions, except share and per share data)
Three months ended Six months ended
June 30, June 30,
--------------------------- ---------------------------
2004 2003 2004 2003
------------- ------------- ------------- -------------
Sales $ 1,039.2 $ 925.4 $ 2,002.8 $ 1,732.5
Cost of goods
sold 274.2 267.1 564.0 520.4
------------- ------------- ------------- -------------
Gross profit 765.0 658.3 1,438.8 1,212.1
Selling,
general and
administrative 312.3 291.1 603.1 555.3
Research and
development 89.3 89.3 180.2 167.5
Amortization of
intangibles 15.7 17.0 31.2 34.0
------------- ------------- ------------- -------------
Operating
income 347.7 260.9 624.3 455.3
Other income
(expense):
Gain (loss)
from foreign
currency, net (4.8) 1.7 (3.2) 1.6
Interest
income 4.5 4.6 10.2 9.1
Interest
expense (6.3) (11.3) (13.3) (23.0)
Other - 0.1 - 0.1
------------- ------------- ------------- -------------
Earnings
before
income taxes 341.1 256.0 618.0 443.1
Income taxes 41.9 77.8 127.8 134.7
------------- ------------- ------------- -------------
Net earnings $ 299.2 $ 178.2 $ 490.2 $ 308.4
============= ============= ============= =============
Basic earnings
per common
share $ 0.98 $ 0.58 $ 1.60 $ 1.00
============= ============= ============= =============
Diluted
earnings per
common share $ 0.96 $ 0.57 $ 1.58 $ 1.00
============= ============= ============= =============
Basic weighted
average common
shares 305,357,938 307,934,550 306,107,207 307,921,008
Diluted
weighted
average common
shares 310,678,556 310,353,567 310,902,151 309,867,981
ALCON, INC. AND SUBSIDIARIES
Global Sales
(USD in millions)
Three months ended Change
June 30, Foreign in
------------------ Currency Constant
2004 2003 Change Change Currency
---------- ------- ------ -------- --------
GEOGRAPHIC SALES
United States:
Pharmaceutical $ 284.0 $263.5 7.8% -% 7.8%
Surgical 196.8 178.7 10.1 - 10.1
Consumer eye care 69.1 69.0 0.1 - 0.1
---------- -------
Total United States
Sales 549.9 511.2 7.6 - 7.6
---------- -------
International:
Pharmaceutical 156.5 128.7 21.6 4.7 16.9
Surgical 262.3 223.2 17.5 6.0 11.5
Consumer eye care 70.5 62.3 13.2 4.5 8.7
---------- -------
Total International
Sales 489.3 414.2 18.1 5.4 12.7
---------- -------
Total Global Sales $1,039.2 $925.4 12.3 2.4 9.9
========== =======
PRODUCT SALES
Infection/inflammation
products $ 152.6 $140.1 8.9%
Glaucoma products 131.9 106.3 24.1
Allergy products 119.7 119.4 0.3
Otic products 50.3 40.4 24.5
Other
pharmaceuticals/rebates (14.0) (14.0) N/M
---------- -------
Total Pharmaceutical 440.5 392.2 12.3 1.5% 10.8%
---------- -------
Intraocular lenses 148.1 126.5 17.1
Cataract/vitreoretinal
products 295.1 256.3 15.1
Refractive products 15.9 19.1 (16.8)
---------- -------
Total Surgical 459.1 401.9 14.2 3.3 10.9
---------- -------
Contact lens
disinfectants 75.1 72.4 3.7
Artificial tears 33.9 29.8 13.8
Other 30.6 29.1 5.2
---------- -------
Total Consumer Eye Care 139.6 131.3 6.3 2.1 4.2
---------- -------
Total Global Sales $1,039.2 $925.4 12.3 2.4 9.9
========== =======
N/M - Not Meaningful
(a) Change in constant currency calculates sales growth without the
impact of foreign exchange fluctuations. Management believes
constant currency sales growth is an important measure of the
Company's operations because it provides investors with a clearer
picture of the core rate of sales growth due to changes in unit
volumes and local currency prices.
ALCON, INC. AND SUBSIDIARIES
Global Sales
(USD in millions)
Six months ended Change
June 30, Foreign in
------------------- Currency Constant
2004 2003 Change Change Currency
------------------- ------ -------- --------
GEOGRAPHIC SALES
United States:
Pharmaceutical $ 519.6 $ 456.4 13.8% -% 13.8%
Surgical 377.4 345.4 9.3 - 9.3
Consumer eye care 137.6 135.9 1.3 - 1.3
-------------------
Total United States
Sales 1,034.6 937.7 10.3 - 10.3
-------------------
International:
Pharmaceutical 300.0 238.4 25.8 8.6 17.2
Surgical 525.6 433.4 21.3 10.0 11.3
Consumer eye care 142.6 123.0 15.9 8.3 7.6
-------------------
Total International
Sales 968.2 794.8 21.8 9.3 12.5
-------------------
Total Global Sales $ 2,002.8 $1,732.5 15.6 4.3 11.3
===================
PRODUCT SALES
Infection/inflammation
products $ 302.1 $ 266.2 13.5%
Glaucoma products 259.7 207.9 24.9
Allergy products 198.0 176.0 12.5
Otic products 84.7 62.3 36.0
Other
pharmaceuticals/rebates (24.9) (17.6) N/M
--------- ---------
Total Pharmaceutical 819.6 694.8 18.0 3.0% 15.0%
--------- ---------
Intraocular lenses 290.1 244.1 18.8
Cataract/vitreoretinal
products 581.2 497.1 16.9
Refractive products 31.7 37.6 (15.7)
--------- ---------
Total Surgical 903.0 778.8 15.9 5.5 10.4
--------- ---------
Contact lens
disinfectants 150.4 142.5 5.5
Artificial tears 68.4 58.2 17.5
Other 61.4 58.2 5.5
--------- ---------
Total Consumer Eye Care 280.2 258.9 8.2 3.9 4.3
--------- ---------
Total Global Sales $2,002.8 $1,732.5 15.6 4.3 11.3
========= =========
N/M - Not Meaningful
(a) Change in constant currency calculates sales growth without the
impact of foreign exchange fluctuations. Management believes
constant currency sales growth is an important measure of the
Company's operations because it provides investors with a clearer
picture of the core rate of sales growth due to changes in unit
volumes and local currency prices.
ALCON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(USD in millions)
June 30, December 31,
2004 2003
------------- ---------------
Assets
Current assets:
Cash and cash equivalents $ 844.2 $ 1,086.0
Investments 146.5 100.5
Trade receivables, net 801.0 622.8
Inventories 413.7 446.5
Deferred income tax assets 157.4 157.4
Other current assets 66.6 57.0
------------- ---------------
Total current assets 2,429.4 2,470.2
Property, plant and equipment, net 788.9 788.8
Intangible assets, net 300.1 331.5
Goodwill 550.6 552.1
Long term deferred income tax assets 144.7 118.8
Other assets 42.1 39.2
------------- ---------------
Total assets $ 4,255.8 $ 4,300.6
============= ===============
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 129.3 $ 146.1
Short term borrowings 1,092.4 1,326.8
Current maturities of long term debt 4.6 8.5
Other current liabilities 843.7 751.6
------------- ---------------
Total current liabilities 2,070.0 2,233.0
------------- ---------------
Long term debt, net of current
maturities 68.9 75.0
Long term deferred income tax
liabilities 99.6 108.4
Other long term liabilities 303.9 292.7
Contingencies
Shareholders' equity:
Common shares 42.6 42.5
Additional paid-in capital 529.6 512.0
Accumulated other comprehensive income 90.0 135.8
Deferred compensation (5.0) (7.5)
Retained earnings 1,272.0 951.2
Treasury shares, at cost (215.8) (42.5)
------------- ---------------
Total shareholders' equity 1,713.4 1,591.5
------------- ---------------
Total liabilities and
shareholders' equity $ 4,255.8 $ 4,300.6
============= ===============
ALCON, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Disclosures
Three months ended Six months ended
June 30, June 30,
------------------------- ----------------
2004 2003 2004 2003
------------- ----------- --------- ------
Diluted earnings per common
share as reported $ 0.96 $ 0.57 $ 1.58 $ 1.00
Less:
Tax benefits related to
resolution of significant
tax audit issues and
amended returns (1) 0.18 - 0.19 -
------------- ----------- --------- ------
Diluted earnings per common
share, excluding tax
benefits above (2) $ 0.78 $ 0.57 $ 1.39 $ 1.00
============= =========== ========= ======
2004 Financial Guidance
-------------------------
Lower Higher
Estimate Estimate
------------- -----------
Expected diluted earnings
per common share on same
basis as reported $ 2.62 $ 2.65
Less:
Tax benefits related to
resolution of significant
tax audit issues and
amended returns (1) 0.19 0.19
------------- -----------
Expected diluted earnings
per common share, excluding
tax benefits above (2) $ 2.43 $ 2.46
============= ===========
(1) GAAP requires interim and annual earnings per common share
computations to stand on their own and use the weighted average
number of common shares outstanding during the applicable period.
As a result, the impact on earnings per share of the tax benefits
noted above are different for the quarter vs. six months ended
June 30, 2004 and the 2004 financial guidance.
(2) Diluted earning per common share excluding tax benefits and
expected diluted earnings per common share excluding tax benefits
are non-GAAP financial measures as defined by Regulation G
promulgated by the U.S. Securities and Exchange Commission. Alcon
presents these non-GAAP measures to improve the comparability and
consistency of financial results of Alcon's core business
activities and to enhance the overall understanding of Alcon's
performance and future prospects.
Caution Concerning 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. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements principally relate to statements regarding the expectations of our management with respect to the future performance of various aspects of our business. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by our forward-looking statements. Words such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "hope," "intend," "estimate," "project," "predict," "potential" and similar expressions are intended to identify forward-looking statements. These statements reflect the views of our management as of the date of this press release with respect to future events and are based on assumptions and subject to risks and uncertainties and are not intended to give any assurance as to future results. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Factors that might cause future results to differ include, but are not limited to, the following: the development of commercially viable products may take longer and cost more than expected; changes in reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. procedures by third party payers may affect our sales and profits; competition may lead to worse than expected financial condition and results of operations; currency exchange rate fluctuations may negatively affect our financial condition and results of operations; pending or future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. may negatively impact our financial condition and results of operations; litigation settlements may adversely impact our financial condition; product recalls or withdrawals may negatively impact our financial condition or results of operations; government regulation or legislation may negatively impact our financial condition or results of operations; changes in tax laws or regulations in the jurisdictions in which we and our subsidiaries are subject to taxation may adversely impact our financial performance; supply and manufacturing disruptions could negatively impact our financial condition or results of operations. You should read this press release with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except to the extent required under the federal securities laws and the rules and regulations promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. by the Securities and Exchange Commission, we undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future 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 or otherwise. |
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