BIOMATRIX REPORTS FIRST QUARTER 1995 FINANCIAL RESULTS.RIDGEFIELD Ridgefield. 1 Residential town (1990 pop. 20,919), Fairfield co., SE Conn.; inc. 1709. Industries include nurseries, pharmaceuticals, and electronic research. The battle of Ridgefield (Apr. , N.J.--(BUSINESS WIRE)-- May 12, 1995 -- Biomatrix, Inc. (Nasdaq:BIOX) today reported a net loss for the quarter ended March 31, 1995, of $1,964,446, or $0.21 per common share, on revenues of $1,096,796. This compares with a net loss of $2,084,817, or $0.23 per common share, on revenues of $977,742 for the same period of 1994. Biomatrix ended the 1995 first quarter with $8,635,711 in cash and investments and $10,205,125 in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . "Biomatrix continued to make significant progress during the first quarter," said Dr. Endre A. Balazs, chief executive officer. "In Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , sales of Synvisc Synvisc® Rheumatology A viscosupplementation that lubricates and protects the knee in Pts with osteoarthritis. See Osteoarthritis. ., our product for the treatment of osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. , grew by 36.0 percent compared to the fourth quarter of 1994 and 96.3 percent compared to the first quarter of 1994. During the quarter, we finalized See finalization. a distribution agreement with Recordati Industria Industria can refer to:
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with this agreement, Recordati acquired 250,000 shares of Biomatrix' common stock for $2.0 million." Dr. Balazs continued, "Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , we received approval to begin selling Synvisc in Sweden. Commercialization efforts in Sweden will be handled by our distribution partner, Roche. Sweden is the first country in Europe for which Biomatrix has received marketing approval for Synvisc." The increase in revenues for the first quarter ended March 31, 1995, of $119,054 was principally due to higher Synvisc sales in Canada and an up-front payment of $75,000 from Recordati related to the distribution agreement in Italy. Costs and expenses for the first quarter of 1995 increased by $46,863, or 10.3 percent as compared to the same period of 1994. Such increase was primarily due to higher costs of sales as a result of increased sales volumes. Research and development and selling, general and administrative expenses decreased $12,967 and $4,474, respectively, from the same period of 1994. Biomatrix, Inc., headquartered in Ridgefield, New Jersey Ridgefield is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 10,830. Ridgefield was incorporated as a borough by an Act of the New Jersey Legislature on May 26, 1892, from portions of Ridgefield , is an international biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. company that develops, manufactures and commercializes products made from a series of proprietary biological polymers, or hylans, used in therapeutic medical applications and skin care products. Editor's note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Synvisc is a registered trademark of Biomatrix, Inc.
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BIOMATRIX, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1995 1994
Revenues:
Net sales $666,029 $654,792
Income from R&D contracts,
royalties, licenses and grants 430,767 322,950
Total revenues 1,096,796 977,742
Costs and expenses:
Cost of sales 519,208 454,904
R&D expense 1,347,465 1,360,432
S,G&A expense 1,307,278 1,311,752
Total costs and expenses 3,173,951 3,127,088 Loss from operations (2,077,155) (2,149,346) Other income, net 112,709 64,529 Net loss (1,964,446) (2,084,817)
Net loss per common
and common equivalent share ($0.21) ($0.23)
Shares used in computing net loss
per share amounts 9,507,469 8,945,354
BIOMATRIX, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
March 31, December 31,
1995 1994
ASSETS
Cash and investments $8,635,711 $9,219,512
Other current assets 1,401,231 1,397,282
Total current assets 10,036,942 10,616,794
Property, plant & equipment, net 4,732,866 4,810,302
Other assets 126,776 127,545
Total assets $14,896,584 $15,554,641
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of notes payable $94,703 $94,709
Accounts payable, accrued expenses
and deferred income 2,057,015 2,729,998
Total current liabilities 2,151,718 2,824,707
Notes payable less current maturities 1,509,741 1,515,465
Deferred income 1,030,000 1,030,000
Shareholders' equity 10,205,125 10,184,469
Total liabilities and
shareholders' equity $14,896,584 $15,554,641
CONTACT: Biomatrix, Inc. Endre A. Balazs, 201-945-9550 |
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