Bio-Plexus Announces Second Quarter Results.Business Editors/Health & Medical Writers VERNON Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. , Conn.--(BW HealthWire)--Aug. 10, 2000 Bio-Plexus today announced its financial results for the second quarter and for the six months ended June June: see month. 30, 2000. Total revenues for the quarter were $776,000 and $2,318,000 for the six-month period, compared to $1,433,000 and $3,747,000 for the same periods a year ago. The Company incurred a net loss for the quarter of $2,941,000 or $0.20 per share on 14,711,509 shares compared with a net loss of $1,039,000 or $0.08 per share on 13,505,302 shares for the same period a year ago. Contributing to the overall net loss for the quarter were financing expenses of $1,125,000 compared with $305,000 for the same quarter in 1999. The increase in financing expenses is attributable to the Appaloosa Appaloosa Colour breed of horse popular in the U.S. It is said to have descended in the Nez Percé Indian territory of North America from wild mustangs, which in turn descended from the horses of Spanish explorers. transactions which closed on April 28, 2000. As reported August 1, 2000, the decrease in sales for the second quarter is attributable to inventory adjustments by distributors and a reduction in international shipments. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bio-Plexus president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John S. Metz Metz (Eng. and Ger. mĕts, Fr. mĕs), city (1990 pop. 123,920), capital of Moselle dept., NE France, on the Moselle River. It is a cultural, commercial, and transportation center of Lorraine and an industrial city producing metals, machinery, , "Distributors have been supplying (users) from their excess inventory associated with Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 concerns and a first quarter sales promotion." Because of increases in end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. consumption, it is believed the decline in sales revenue is transitory TRANSITORY. That which lasts but a short time, as transitory facts that which may be laid in different places, as a transitory action. in nature. Revenues in the first half of the year decreased due to excess distributor inventory, a reduction in international sales, and the completion of two design and development projects in the first half of 1999. These design and development projects were associated with safety devices using the internal blunting, Punctur-Guard technology. The companies involved are Johnson & Johnson Medical, Inc., a business unit of Johnson & Johnson (NYSE NYSE See: New York Stock Exchange :JNJ JNJ Johnson and Johnson (stock symbol) JNJ Journal of Nursing Jocularity ) and Teleflex Medical (NYSE:TFX TFX Tactical Fighter Experimental TFX Toxic Effects TFX Tactical Field Exercise (also abbreviated TFE) TFX Thin Form Factor TFX Transitions and Effects ). Teleflex is supplying C.R. Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. (NYSE:BCR BCR B Cell Receptor BCR Business Communications Review (magazine) BCR Banca Comerciala Romana (Romanian bank) BCR Breakpoint Cluster Region BCR Benefit/Cost Ratio BCR Bay City Rollers ) with a PICC PICC Peripherally-inserted central catheter Critical care An IV catheter inserted in the superior vena cava for long-term infusion of bolus or continuous delivery of therapeutics or TPN–drugs, fluids, nutrients, chemotherapy. Cf Catheter. introducer device. These relationships will next move to the commercial launch phase, which will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Bio-Plexus to receive royalty revenues based on product sales. The August 1 announcement also reported sales of the Company's 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. medical devices by its distributors to hospital, laboratory and clinical end users increased 52% to $1,230,000 for the second quarter from $808,000 for the same period in 1999. Underlying end user sales of Bio-Plexus disposable medical devices for the first half of 2000 were $2,456,000, up 51% over the same period in 1999. Gross margins of the Company's safety medical devices for the quarter were 56% versus 50% for the same period in 1999. Gross margins for the first half of 2000 were 50% versus 39% for the same period in 1999. The improvement in gross margin is due to increases in selling prices, improved manufacturing performance, and product sales mix sales mix See product mix. . Selling, general and administrative expense (SG&A) increased 74% for the quarter compared to the same quarter in 1999. The majority of the increase in SG&A is due to the expansion of the field sales force to capture opportunity associated with the market's conversion to safety devices for blood collection. SG&A expense for the second half increased 59%. The differential rate differential rate n. 1. A difference in wage rate paid for the same work performed under differing conditions. 2. a. of increase for SG&A is due to timing in hiring new sales representatives. Financing expenses for the quarter increased $820,000 to $1,125,000. For the first half, financing expenses increased $2,471,000 to $2,832,000. Increases are attributable primarily to interest expense associated with increased debt obligations. The Company's primary focus during the first half has been in securing new financing, expansion of its sales force, and accelerated product development for new product technology associated with blood collection. "Despite the sales reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its , we are encouraged by the progress the Company made in the second quarter. Our end user sales increased. We secured $17.5 million in new financing. We completed our sales force expansion. We made considerable progress in the building of a new, fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. , assembly line incorporating our latest technology innovations. Additionally, facilities improvements were made to accommodate the new assembly line and future manufacturing expansion," said Mr. Metz. A conference call to discuss the financial results is scheduled for Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , August 11, at 11:30 am eastern time. The call will be hosted by John Metz and is slated to last for 30 minutes. Bio-Plexus, 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 :BPLX), designs, develops, manufactures and holds U.S. and international patents on safety medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-GUARD REVOLUTION(TM) brand names. In studies by the Centers for Disease Control (MMWR MMWR Morbidity & Mortality Weekly Report Epidemiology A news bulletin published by the CDC, which provides epidemiologic data–eg, statistics on the incidence of AIDS, rabies, rubella, STDs and other communicable diseases, causes of mortality–eg, , January January: see month. 1997) and ECRI ECRI European Commission against Racism and Intolerance ECRI Emergency Care Research Institute ECRI Economic Cycle Research Institute (Health Devices, June 1998 and October October: see month. 1999) PUNCTUR-GUARD(R) needles ranked highest of all devices studied. Accidental accidental /ac·ci·den·tal/ (ak?si-den´t'l) 1. occurring by chance, unexpectedly, or unintentionally. 2. nonessential; not innate or intrinsic. needlesticks number about one million per year 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. and can result in the transmission of deadly diseases including HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and Hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic and C. NOTE: THIS PRESS RELEASE MAY CONTAIN 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. 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. FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF SUCH TERMINOLOGY AS "BELIEVES," "EXPECTS," "MAY," "WILL," "SHOULD," "ANTICIPATES," "PLANS," "EXPECTS," "ESTIMATES," AND "INTENDS" OR DERIVATIONS OR NEGATIVES THEREOF OR COMPARABLE TERMINOLOGY, OR DISCUSSIONS OF STRATEGY THAT INVOLVES RISKS (KNOWN AND UNKNOWN) AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF, AMONG OTHER FACTORS, GENERAL ECONOMIC CONDITIONS AND GROWTH IN THE SAFETY MEDICAL PRODUCTS INDUSTRY, COMPETITIVE FACTORS AND PRICING PRESSURES, CHANGES IN PRODUCT MIX, PRODUCT DEMAND, RISK OF DEPENDENCE ON THIRD PARTY SUPPLIERS AND FINANCIERS, ABILITY TO OBTAIN FINANCING, AS WELL AS OTHER FACTORS DESCRIBED FROM TIME TO TIME IN THE COMPANY'S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION OR DISCUSSED IN OTHER PRESS RELEASES ISSUED BY THE COMPANY. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR ADVISE UPON ANY SUCH FORWARD-LOOKING STATEMENT.
BIO-PLEXUS, INC
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended
June 30,
2000 1999
Revenue:
Product $ 2,184,000 $ 2,570,000
Services 34,000 1,177,000
Licensing fees 100,000 --
Total revenue 2,318,000 3,747,000
Operating costs and expenses:
Product 1,090,000 1,535,000
Services 29,000 28,000
Research and development 557,000 598,000
Selling, general and administrative 3,590,000 2,261,000
Total operating costs and expenses 5,266,000 4,422,000
Operating loss (2,948,000) (675,000)
Financing expenses:
Amortization of deferred debt financing 189,000 26,000
Interest expense 2,782,000 385,000
Other income (139,000) (50,000)
Total financing expenses 2,832,000 361,000
Net loss $ (5,780,000) $ (1,036,000)
Net loss per share of common stock:
Basic and diluted $ (0.40) $ (0.08)
Weighted average common shares outstanding 14,463,595 13,397,928
BIO-PLEXUS, INC
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
June 30,
2000 1999
Revenue:
Product $ 776,000 $ 1,401,000
Services -- 32,000
Total revenue 776,000 1,433,000
Operating costs and expenses:
Product 342,000 705,000
Services -- 11,000
Research and development 235,000 294,000
Selling, general and administrative 2,015,000 1,157,000
Total operating costs and expenses 2,592,000 2,167,000
Operating loss (1,816,000) (734,000)
Financing expenses:
Amortization of deferred debt financing 129,000 24,000
Interest expense 1,099,000 297,000
Other income (103,000) (16,000)
Total financing expenses 1,125,000 305,000
Net loss $ (2,941,000) $ (1,039,000)
Net loss per share of common stock:
Basic and diluted $ (0.20) $ (0.08)
Weighted average common shares outstanding 14,711,509 13,505,302
BIO-PLEXUS, INC.
CONDENSED BALANCE SHEETS
June 30, December 31,
2000 1999
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,672,000 $ 867,000
Accounts receivable 559,000 908,000
Inventories:
Raw materials 1,083,000 621,000
Work-in-process 1,502,000 474,000
Finished goods 1,053,000 1,167,000
3,638,000 2,262,000
Other current assets 110,000 173,000
Total current assets 13,979,000 4,210,000
Fixed assets, net 4,989,000 4,384,000
Deferred debt financing expenses 1,147,000 465,000
Patents, net of amortization 376,000 335,000
Other assets 253,000 253,000
$ 20,744,000 $ 9,647,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 526,000 $ 899,000
Note payable -- 1,340,000
Accounts payable and accrued expenses 953,000 786,000
Accrued interest payable 9,000 55,000
Accrued vacation 271,000 202,000
Other accrued employee costs 292,000 226,000
Total current liabilities 2,051,000 3,508,000
Long-term debt, net 16,382,000 2,262,000
Redeemable common stock warrants 149,000 149,000
Commitments and contingencies -- --
Shareholders' equity:
Convertible preferred stock,
no par value, 3,000,000 authorized,
no shares issued and outstanding -- --
Common stock, no par value, 40,000,000
authorized, 14,851,168 and 14,083,807
shares issued and outstanding 76,045,000 71,833,000
Accumulated deficit (73,883,000) (68,105,000)
Total shareholders' equity 2,162,000 3,728,000
$ 20,744,000 $ 9,647,000
BIO-PLEXUS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
2000 1999
Cash Flows from Operating Activities
Net loss $ (5,780,000) $ (1,036,000)
Adjustments to reconcile net loss to
cash used by operating activities:
Depreciation and amortization 261,000 282,000
Amortization of deferred debt
financing expenses 189,000 26,000
Amortization of debt discount 2,095,000 193,000
Decrease (increase) in assets:
Accounts receivable 349,000 (159,000)
Inventories (1,376,000) (134,000)
Other current assets 63,000 --
Increase (decrease) in liabilities:
Accounts payable and accrued expenses 157,000 (67,000)
Accrued interest payable (46,000) 11,000
Accrued vacation and other
accrued employee costs 135,000 (31,000)
Accrued product replacement costs -- (222,000)
Decrease in deferred revenue -- (875,000)
Other 28,000 90,000
Net cash used in operating activities (3,925,000) (1,922,000)
Cash Flows from Investing Activities
Additions to fixed assets (853,000) (104,000)
Long-term investments -- 627,000
Cost of patents (54,000) (44,000)
Net cash (used in) provided by
investing activities (907,000) 479,000
Cash Flows from Financing Activities
Proceeds from sale of common stock 750,000 1,100,000
Proceeds from exercise of
common stock options 83,000 87,000
Accretion of interest payable 336,000
Payments of deferred financing costs (871,000) --
Increase (Decrease) in notes payable 3,850,000 (250,000)
Proceeds from issuance of long-term debt 9,900,000 2,154,000
Repayments of long-term debt (411,000) (1,350,000)
Net cash provided by
financing activities 13,637,000 1,741,000
Net increase (decrease) in
cash and cash equivalents 8,805,000 298,000
Cash and cash equivalents,
beginning of period 867,000 535,000
Cash and cash equivalents,
end of period $ 9,672,000 $ 833,000
Supplemental cash flow disclosures:
Cash payments of interest $ 397,000 $ 181,000
Cash payments of income taxes $ -- $ 4,000
Surrender of debt upon
conversion to equity $ 1,169,000 $ --
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion