Bioject Reports First Quarter 2009 Financial Results.Net Loss Allocable al·lo·ca·ble adj. Capable of being allocated. Adj. 1. allocable - capable of being distributed allocatable, apportionable distributive - serving to distribute or allot or disperse to Common Shareholders Decreases by 69% over First Quarter 2008 Results PORTLAND, Ore. -- Bioject Medical Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BJCT), a leading developer of needle-free drug delivery systems, today reported financial results for the quarter ended March 31, 2009. For the quarter ended March 31, 2009, Bioject reported revenues of $2.0 million compared to $1.8 million reported in the comparable year-ago quarter. Product sales for the first quarter of 2009 were $1.9 million compared to $1.7 million in the year-ago quarter. License and technology fees for the first quarter of 2009 were $128,000 compared to $132,000 in the comparable year ago period. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the first quarter of 2009 were $2.2 million compared to $2.5 million in the comparable 2008 first quarter, a 14% decrease. The Company reported a first quarter 2009 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $176,000 compared to an operating loss of $702,000 in the prior year comparable period, a 75% decrease. Included in the current quarter operating loss of $176,000 is $271,000 of non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. comprised of $107,000 in non-cash compensation expense related to the fair value of stock-based awards, warrants and stock funding and $164,000 of depreciation and amortization. The Company reported a first quarter 2009 net loss allocable to common shareholders of $237,000 compared to net loss allocable to common shareholders of $764,000 in the comparable year-ago quarter, a 69% decrease. Cash and cash equivalents at March 31, 2009 totaled $1.0 million. Basic and 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. net loss per share allocable to common shareholders for the quarter ended March 31, 2009 was $0.01 per share on 16.6 million weighted average shares outstanding compared to a net loss allocable to common shareholders of $0.05 per share on 15.5 million weighted average shares outstanding for the same period last year. "Our first quarter results demonstrate our determination to continue to move the organization forward in today's difficult economic climate. We are pleased to report that product sales were up 10% and that operating loss declined by 75% in the first quarter of 2009 as compared to the same period in the prior year and our net loss decreased 69% over the year-ago quarter. We continue to focus on improving our financial outlook and work on securing additional financing, and the holders of our convertible debt due in May 2009 have agreed to extend the maturity date of the debt until July 2009," said Ralph Makar mak·ar n. Chiefly Scots A poet. [Middle English, variant of maker, maker, poet.] , 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. . "Our first quarter focus on advancing our next generation spring-powered device technology with auto-disable syringes has resulted in our successfully meeting a significant milestone of delivering working prototypes for a new companion animal device to Merial Limited and also in gaining 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. 510(k) clearance for our new ZetaJet(TM) device, which provides unique competitive differentiation for a wide range of human injectables. Our challenge now is to identify and maximize the strategic partnership opportunities going forward," commented Ralph Makar. The Company will conduct a conference call to review first-quarter results for the quarter ended March 31, 2009 on Thursday, May 7, 2009 at 10:00 a.m. Eastern Daylight Time. Live audio of the conference call will be available to investors, members of the news media and the general public. To participate in the call via telephone, please dial 1-877-407-8037. Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS provide an empowering technology and work by forcing medication at high speed through a tiny orifice orifice /or·i·fice/ (or´i-fis) 1. the entrance or outlet of any body cavity. 2. any opening or meatus.orific´ial aortic orifice held against the skin. This creates a fine stream of high-pressure fluid penetrating the skin and depositing medication in the tissue beneath. The Company is focused on developing mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" agreements with leading pharmaceutical, biotechnology, and veterinary companies. This press release contains 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, including statements regarding Bioject's expectations with respect to obtaining financing. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, without limitation, the risk that financing will not be available to the company on acceptable terms or at all. Readers of this press release are referred to the Company's filings with the Securities and Exchange Commission, including the Company's reports 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. and Forms 10-Q for further discussions of factors that could affect the Company's business and its future results. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. The Company assumes no obligation to update forward-looking statements if conditions or management's estimates or opinions should change. For more information about Bioject, visit www.bioject.com. [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion