BEI Medical Systems Reports Fiscal 2001 Third Quarter/Nine Months Results.Business Editors TETERBORO, N.J.--(BUSINESS WIRE)--Aug. 13, 2001 BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. Medical Systems Company, Inc. (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 :BMED BMED British Mediterranean Airways BMed Bachelor of Medicine BMEd Bachelor of Mathematics Education ), reported today that total revenue for the fiscal 2001 third quarter ended June 30, 2001, was $84,000 versus $43,000 in the comparable period of fiscal 2000. Net loss for the fiscal 2001 third quarter was $1,619,000, or $0.21 per share, compared with a net loss of $1,301,000, or $0.17 per share, in the third quarter of last year. "BEI achieved several key milestones in the fiscal 2001 third quarter," stated Richard W. Turner President and Chief Executive Officer. "We immediately began commercializing our Hydro ThermAblator(R) (HTA HTA Health Technology Assessment HTA Hipertension Arterial (Spanish: Hypertension) HTA HTML Application HTA Help the Aged HTA Human Tissue Authority (UK) HTA Hochschule für Technik und Architektur (R)) technology in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. following the 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. approval on April 20, 2001, and we have already signed agreements with 17 sales and marketing specialty organizations. As a result, we now have access to over 60 field sales representatives to promote the HTA to the medical community. By working with these specialty organizations of medical sales professionals, we anticipate establishing a network of representatives qualified to sell the HTA to hospitals, outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. surgical centers and doctors' offices throughout the country. "To maximize our HTA marketing strength, we have initiated a sales representative training program to qualify all of our field sales representatives. We also hired three new zone sales managers sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → and a vice president of sales to support these sales representatives in the field. In addition, we developed a program of workshops that are currently being delivered in a number of major metropolitan areas across the country to facilitate demonstration of the HTA procedure to gynecologists and we are participating with Thomas Jefferson University It began as Jefferson Medical College in 1824. On July 1, 1969 the institution officially became Thomas Jefferson University. The university is made up of three colleges:
Turner continued, "On July 31, 2001, we announced that the company had received approval from the FDA to market a lighter weight, smaller, and more portable version of the HTA Control Unit while at the same time the new design enabled us to reduce component and assembly costs. The new control unit became available for delivery in August. We had avoided building a large inventory of the previous design control unit and as a result, nearly all of our inventory of control units going forward will be of the new design. I would also like to note that we have made progress with our cost-reduction program for the HTA Sterile sterile /ster·ile/ (ster´il) 1. unable to produce offspring. 2. aseptic. ster·ile adj. 1. Not producing or incapable of producing offspring. 2. 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. Procedure Set. "Financial results for the third quarter of fiscal 2001 reflect initial revenue of $70,000 from sales of the HTA in the United States following FDA approval, while international revenue from sales of the HTA were $14,000, compared to $40,000 in the third quarter of fiscal 2000. The higher loss for the fiscal 2001 period reflects increased selling, general and administrative expenses due to our efforts to begin to commercialize the HTA in the United States, plus the absence of a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax adjustment that occurred in the prior fiscal year. Research, development and related expenses declined, reflecting the completion of the FDA clinical trials." NINE-MONTHS RESULTS Revenue for the nine months ended June 30, 2001, were $155,000 versus $1,313,000 in the comparable period of fiscal 2000. Net loss was $4,128,000, or $0.54 per share, compared with a net loss of $2,220,000, or $0.29 per share, in the comparable nine-month period of fiscal 2000. The results in fiscal 2000 included a $1,913,000 gain on the sale of certain product lines to CooperSurgical Acquisition Corp. The sale involved product lines utilized by gynecologists and a product line used by gastroenterologists, combined sales of which accounted for 90.2% of the company's revenue in the first nine months of fiscal 2000. About BEI Medical Systems BEI Medical Systems Company, Inc. is a company focused on gynecology gynecology (gīn'əkŏl`əjē), branch of medicine specializing in the disorders of the female reproductive system. Modern gynecology deals with menstrual disorders, menopause, infectious disease and maldevelopment of the . The company received approval from the FDA to market in the United States its sole product, the Hydro ThermAblator, or HTA, a proprietary system that is intended to treat menorrhagia menorrhagia /men·or·rha·gia/ (men?ah-ra´jah) hypermenorrhea. men·or·rha·gia n. See hypermenorrhea. , or dysfunctional uterine bleeding Dysfunctional Uterine Bleeding Definition Dysfunctional uterine bleeding is irregular, abnormal uterine bleeding that is not caused by a tumor, infection, or pregnancy. . BEI Medical Systems(R), Hydro ThermAblator(R) and HTA(R) are registered trademarks of BEI Medical Systems Company, Inc. in the United States and certain foreign countries. 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 that involve risks and uncertainties. Such forward-looking statements may be deemed to include information that is not historical, including without limitation, statements based on our current expectations, assumptions, estimates and projections about our company and our industry, including statements with respect to the timely acceptance, commercialization and pricing of our Hydro ThermAblator or HTA, the establishment of a qualified sales representative network, the impact of our cost reduction programs on the cost of the HTA procedure set, the impact of competitive products and pricing, the ability of the Company to satisfy the conditions of the FDA approval and on-going regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and general economic conditions as they affect our customers. Readers are cautioned that the forward-looking statements reflect management's analysis only as of 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" , and we assume no obligation to update these statements. Actual events or results may differ materially from the results discussed in or implied by the forward-looking statements. In addition to the factors set forth elsewhere in this press release, factors that might cause such a difference include, but are not limited to, risks related to the Company's ability to raise additional capital, and those risks and uncertainties discussed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended September 30, 2000 and the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ended June 30, 2001.
BEI MEDICAL SYSTEMS COMPANY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Amounts in thousands except per share amounts)
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, July 1, June 30, July 1,
2001 2000 2001 2000
(Unaudited) (Unaudited)
Revenues $84 $43 $155 $1,313
Cost of revenues 183 226 493 1,274
-------- -------- -------- --------
Gross profit (loss) (99) (183) (338) 39
Selling, general and
administrative expenses 1,212 951 2,778 3,238
Research, development and
related expenses 361 553 1,183 1,280
Gain on asset sale -- -- -- (1,913)
-------- -------- -------- --------
1,573 1,504 3,961 2,605
-------- -------- -------- --------
Loss from operations (1,672) (1,687) (4,299) (2,566)
Interest income 55 87 174 227
Interest expense (2) -- (3) (50)
-------- -------- -------- --------
Loss before income taxes
and extraordinary item (1,619) (1,600) (4,128) (2,389)
Income taxes -- (299) -- (299)
-------- -------- -------- --------
Net loss before
extraordinary item (1,619) (1,301) (4,128) (2,090)
Extraordinary loss on
extinguishment of debt -- -- -- (130)
-------- -------- -------- --------
Net loss ($1,619) ($1,301) ($4,128) ($2,220)
======== ======== ======== ========
Loss per common share
Loss before extraordinary
loss per common share,
basic and diluted ($0.21) ($0.17) ($0.54) ($0.27)
======== ======== ======== ========
Extraordinary loss per
common share,
basic and diluted -- -- -- ($0.02)
======== ======== ======== ========
Net loss per
common share,
basic and diluted ($0.21) ($0.17) ($0.54) ($0.29)
======== ======== ======== ========
Weighted average
shares outstanding 7,677 7,622 7,658 7,611
======== ======== ======== ========
BALANCE SHEET HIGHLIGHTS
(Dollars in thousands)
June 30, September 30,
2001 2000
(Unaudited) (Audited)
Cash and cash equivalents $ 4,329 $ 4,228
Working capital 4,075 4,285
Total assets 6,172 6,138
Stockholders' equity 4,485 4,771
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion