Biopsys Medical Fourth Quarter Sales Exceed $1.6 Million.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Aug. 7, 1996--Biopsys Medical, 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 : BIOP BIOP Baghdad International Airport BIOP Broadcast Inter-ORB Protocol BIOP Burst Idle Optical Protocol BIOP Basis of Issue Plan BIOP Bureau d'Information et d'Orientation Professionnelles (French) ) today announced that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter ended June June: see month. 30, 1996 totaled $1.67 million. During the fourth quarter of fiscal 1995 the Company generated net sales of $80,000. The net loss for the fourth quarter was $922,000, or $0.10 per share as compared to a net loss of $853,000 or $0.19 for the comparable period of the prior year. For the year ended June 30, 1996, net sales totaled $3,475,000 versus $80,000 for fiscal 1995. The net loss for the year was $3,467,000, or $0.43 per share, compared to a net loss of $2,473,000, or $0.55 per share in the fiscal year ended June 30, 1995. Weighted average common shares outstanding for the fiscal year ended June 30, 1996 were 8,029,000 and reflect the issuance of 2,587,500 shares in the Company's initial public offering on May 1, 1996. The net loss per share for the quarter and fiscal year ended June 30, 1995 are computed on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis assuming conversion of the then outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . "We continue to experience strong market acceptance of our Mammotome Mammotome A method for removing breast biopsies using suction to draw tissue into an opening in the side of a cylinder inserted into the breast tissue. A rotating knife then cuts tissue samples from the rest of the breast; also known as a vacuum-assisted biopsy Biopsy biopsy (bīäp`sē), examination of cells or tissues removed from a living organism. Excised material may be studied in order to diagnose disease or to confirm findings of normality. System," stated Steven L. Gex, president and chief executive officer. "As of June 30, 1996, the Mammotome System had been installed in approximately 220 sites, which include physicians' offices, hospitals and breast imaging centers, and had been used in more than 13,000 procedures. The level of installations and procedures reflect substantial increases from 130 sites and 6,000 procedures as of March 31, 1996. This sales growth was a contributing factor to our successful initial public offering in May of this year which allowed us to raise over $35 million. "As the number of installations grow, we expect to see a corresponding increase in 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. sales," Gex added. "For the year, sales of the 14 gauge probe and other disposable products Disposable products are items that are not intended by the manufacturer to be reused more than once or a few times as compared to more permanent serviceable and reusable items. Some products that have disposable versions are:
1. having the quality of invasiveness. 2. involving puncture of the skin or insertion of an instrument or foreign material into the body; said of diagnostic techniques. diagnosis of breast cancer in the U.S. with the Mammotome System. On June 18, 1996, we received notification of issuance for a patent covering certain aspects of the Mammotome technology." Except for the historical information contained herein, this press release contains forward looking statements that involve risks and uncertainties that could cause actual results to differ materially. These factors include the rate and extent of market acceptance of the Mammotome Biopsy System, competitive factors including the risk of price competition, and the ability of the company to manufacture the Mammotome Biopsy System in sufficient quantities and on a cost effective basis. Biopsys Medical, Inc. is a leading developer, manufacturer and marketer of products for the diagnosis and management of breast cancer. Through its principal product, the Mammotome Biopsy System, the Company offers a less-invasive, cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. alternative to open surgical biopsy. -0-
Biopsys Medical, Inc.
Selected Financial Data
Quarter Ended Year Ended
Statement of
Operations Data:
June 30, June 30, June 30, June 30,
1996 1995 1996 1995
Net Sales $1,670,000 $80,000 $3,475,000 $80,000 Cost of Sales 848,000 34,000 1,899,000 34,000 Gross Profit 822,000 46,000 1,576,000 46,000 Operating expenses 2,055,000 822,000 5,521,000 2,487,000 Other income (expense), net 311,000 (77,000) 478,000 (32,000) Net loss ($922,000) ($853,000) ($3,467,000) ($2,473,000) Net loss per share (1) ($0.10) ($0.19) ($0.43) ($0.55) Weighted average shares outstanding (1) 9,284,000 4,507,000 8,029,000 4,504,000 Balance Sheet Data: June 30, 1996 June 30, 1995 Current assets and long term marketable securities $40,093,000 $243,000 Total assets 40,914,000 416,000 Total liabilities 1,831,000 2,829,000 Total stockholders' equity (deficit) 39,083,000 (2,413,000) (1) Net loss per share and weighted average shares outstanding at June 30, 1995 are computed on a pro forma basis assuming conversion of the then outstanding preferred stock. CONTACT: Biopsys Medical, Inc. Steve Naber, 714/460-7800 or Morgen-Walke Associates, Inc. Doug Sherk/Jenifer Kirtland/Jon Squire, 415/296-7383 Elissa Grabowski/Emily Dupree, 212/850-5600 |
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