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BIOJECT ANNOUNCES FIRST QUARTER FISCAL 1994 RESULTS; PRODUCT SALES

 PORTLAND, Ore., July 29 /PRNewswire/ -- Bioject Medical Technologies Inc. (NASDAQ: BJCT), today announced product sales revenues of $328,346, total revenues of $509,946 and an operating loss of $1,359,616 ($.14 per share) for the first quarter of its new fiscal year (quarter ended June 30).
 These results compare to product revenues of $4,243, total rev of $551,243 (including a one-time $500,000 licensing fee) and an operating loss of $574,021 ($.06 per share) for the quarter ended June 30, 1992.
 "Although the company continues to report operating losses, this should be considered normal in this phase of the company's development and reflects the company's planned investment in establishing expanded manufacturing, sales and distribution of its Biojector(R) 2000 needle- free injection system," stated Carl E. Wilcox, president and CEO. "Achieving product sales and reporting these quarterly sales revenues after long years of product development represents an important milestone for Bioject," he added. "As with any new technology, we expect variability in the level of sales until the Biojector is firmly established and accepted by the marketplace."
 The company noted that it's first quarter sales efforts were on target and that early market interest in the Biojector was extremely positive with product evaluations successfully scheduled at targeted institutions during the period. Many of these evaluations have been completed with positive results and others are underway.
 The increase in product revenues consists primarily of stocking sales of the company's Biojector needle-free injection device and disposable syringes, introduced in Jan. 1993, to Bioject's network of specialty medical distributors marketing the company's products, and also reflects sales to hospitals and clinics, including those conducting product evaluations during the first quarter. Product revenues in the prior quarter related to older test market versions of the company's products. Total revenues declined in the current quarter compared to the prior year's quarter due to one time technology licensing revenues totaling $500,000 received in the prior quarter. Overall expenses were up 66 percent as a direct result of the cost of product sold and an overall increase in personnel and activity in research and development, and sales and marketing.
 Other recent developments include the Biojector's receiving a Gold Industrial Design Excellence Award for overall design quality as announced in the June 7 issue of Business Week, and the current changeover and partial automation of its syringe packaging.
 Bioject is an Oregon corporation dedicated to developing and marketing advanced drug delivery systems using needle-free jet injection technology. It's products dramatically reduce or eliminate the risk of life threatening needlestick injuries to healthcare workers and their patients that could result in the transmission of bloodborne pathogens (including hepatitis B and AIDS).
 A tabulation of results follows (in thousands, except per share data):
 Three months ended 6/30/93 6/30/92
 Operating highlights:
 Revenues $ 510 $ 551
 Net loss (1,360) (574)
 Net loss per share (.14) (.06)
 6/30/93 3/31/93
 Selected balance sheet data:
 Working capital $ 3,265 $ 4,264
 Assets 5,108 5,727
 Shareholders' equity 3,834 4,752
 -0- 7/29/93
 /CONTACT: Dan Zenka, APR, or Tim Justice of Bioject, 503-639-7221/
 (BJCT)


CO: Bioject Medical Technologies Inc. ST: Oregon IN: MTC SU: ERN

RA-DF -- AT003 -- 7172 07/29/93 09:50 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:546
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