Biora AB Report for the First Half Year 2001.Business Editors MALMO, Sweden--(BUSINESS WIRE) Aug. 23, 2001
2nd Qtr 2nd Qtr First Half First Half Full year
2001 2000 Year Year 2000
2001 2000
Sales,
SEK millions 28.8 22.5 55.8 43.6 89.2
Operating loss,
SEK millions - 6.2 -21.8 -15.2 -39.4 -78.7
Net loss,
SEK millions - 6.1 -21.0 -14.8 -37.9 -76.1
-- Sales during the first half year 2001 increased by 28% to SEK 55.8 million
(compared to SEK 43.6 million during the same period in 2000). The increase
occurred primarily in the U.S. (+46%) and German (+43%) markets.
-- Sales during the second quarter 2001 increased by 28% to SEK 28.8 million
(compared to SEK 22.5 million during the second quarter 2000).
-- The net loss for the first half year amounted to SEK 14.8 million, a 61%
improvement compared to the corresponding period in 2000 (loss SEK 37.9
million).
-- During the period Biora entered into an agreement that enables the company
to introduce a new product, EmdogainGel TS, for treatment of wide periodontal
defects.
Report for the first half year of 2001 Biora's sales during the first half year of 2001 equaled SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 55.8 million, compared to SEK 43.6 million during the same period of the previous year. This corresponds to an increase in sales of 28% (15% at fixed exchange rates) compared to the corresponding period 2000. The sales increase occurred primarily in the U.S. and the German markets. No deliveries were made to Japan during the first half year. Sales during the second quarter equaled SEK 28.8 million, compared to SEK 22.5 million during the same period 2000, an increase of 28% ( 15% at fixed exchange-rates). The increase in sales is partially the result of the focus on key markets that was implemented during the most recent half year. MARKET Sales in the U.S. increased by 46% during the first half year The U.S. is Biora's largest single market. Sales for the first half year amounted to SEK 29.7 million compared to SEK 20.4 million during the first half of 2000, an increase of 46% (26% in local currency). Sales during the second quarter 2001 equaled SEK 16.5 million, compared to SEK 11.8 million during the same period of the previous year. Emdogain Gel was introduced during February February: see month. . Sales in the German market increased by 43% during the first half year Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). is Biora's largest European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market. Sales for the first half 2001 amounted to SEK 11.8 million compared to SEK 8.3 million during the corresponding period of the previous year, an increase of 43% (32% in local currency). Sales during the second quarter 2001 equaled SEK 5.5 million, compared to SEK 4.2 million during the second quarter of 2000. In Biora's judgment, the reorganization of Biora's German subsidiary implemented during the autumn last year and the continued focus on key customers are the most important success factors. The registration process for EmdogainGel in Japan is in progress Documentation for registration of EmdogainGel was submitted to the Japanese registration authority in January, and the review process is in progress. The exact timing of registration is difficult to predict, particularly as the Japanese authority has recently decided to conduct a general review of the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. for registration of products with biological origins. RESEARCH AND DEVELOPMENT Biora's research is concentrating on those dental indications that are expected to have the shortest time to market introduction. Two new projects have now been initiated: -- New product for wound healing wound healing Physiology The repair of a wound Steps Inflammation, repair and closure, remodeling, final healing; repair of incisions may be either simple–'clean' wounds with little loss of tissue heal by 'primary intention', or 'dirty' wounds heal by in mechanical debridement Debridement Definition Debridement is the process of removing nonliving tissue from pressure ulcers, burns, and other wounds. Purpose Debridement speeds the healing of pressure ulcers, burns, and other wounds. of periodontal periodontal /peri·odon·tal/ (per?e-o-don´t'l) 1. pertaining to the periodontal ligament or periodontium. 2. near or around a tooth. per·i·o·don·tal adj. 1. pockets. Biora has recently received permission to begin clinical trials in Sweden. A pilot study will begin in September. -- New product for treatment of dental pulp dental pulp n. The soft tissue forming the inner structure of a tooth and containing nerves and blood vessels. Also called tooth pulp. lesions. The project is expected to go into the clinical phase during the third quarter of this year. In addition to these projects, clinical studies initiated earlier are continuing. These involve the use of Emdogain in the treatment of dental trauma Dental Trauma Definition Dental trauma is injury to the mouth, including teeth, lips, gums, tongue, and jawbones. The most common dental trauma is a broken or lost tooth. (treatment of avulsed teeth) and exposed dental roots (recession defects). Results of studies on the use of Emdogain in the treatment of mild periodontitis periodontitis Inflammation of soft tissues around the teeth (see tooth). Poor dental hygiene leads to deposition of bacterial plaque on the teeth below the gum line, irritating and eroding nearby tissues. without surgery As previously reported, Biora has recently completed two European clinical studies concerning the use of Emdogain to treat tooth supporting tissues affected by mild periodontitis in conjunction with a non-surgical technique. The purpose of the studies was to investigate the possibility of expanding Emdogain's present indications. The patients in these studies had shallow periodontal pockets and surgery was not indicated. The results confirmed Emdogain's good wound healing characteristics, while the effect on regeneration Regeneration (biology) The process by which an animal restores a lost part of its body. Broadly defined, the term can include wound healing, tissue repair, and many kinds of restorative activities. of lost supporting periodontal tissues was not significantly better than traditional treatment. Biora interprets these studies as a confirmation that Emdogain's principal area of use in the treatment of periodontal disease Periodontal Disease Definition Periodontal diseases are a group of diseases that affect the tissues that support and anchor the teeth. Left untreated, periodontal disease results in the destruction of the gums, alveolar bone (the part of the jaws where is in its current indications for patients with moderate to severe defects that are treated surgically. Negotiations in progress concerning divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of BioEx As a step in focusing Biora's activity, the Board of Directors intends to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. or find an alliance partner for BioEx. Biora is currently holding negotiations with potential parties. OTHER INFORMATION Biora Annual General Meeting At Biora's Annual General Meeting, which took place in Malmo on May 3, shareholders approved the Board of Directors' proposal to authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) the Board, if deemed necessary and on market conditions, during the period before the next Annual General Meeting to increase the company's share capital by a new share issue of up to 5,500,000 shares. 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. the proposal, the Board shall have the authority to issue new shares with or without giving existing shareholders priority rights to purchase shares. Biora has entered into an agreement with a Swedish investment bank for its assistance as financial adviser in connection with a potential new issue. The shareholders also approved the Board's proposals concerning the issuance of promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. connected to warrants as well as issuance of warrants to employees of Biora. Biora employees have to date subscribed to 255,500 warrants under this program, which would have a dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. effect of 1.2% assuming exercise of all warrants. Biora has entered into an agreement with US Biomaterials In August Biora entered into an agreement under which Biora can introduce a new product, EmdogainGel TS (Tissue Support). The agreement gives Biora the distribution rights to a product that combines EmdogainGel with PerioGlas PerioGlas® Dentistry A bone grafting material used in ridge augmentation procedures and filling extraction sockets to prevent bone loss and aid regeneration of jaw. See Bone graft. , a synthetic bone graft bone graft Orthopedic surgery Sterilized bony tissue, often of cadaveric origin, used to fill and/or 'sculpt' bone defects Indications Spinal fusion, revision of failed articular prostheses, filling traumatic or malignant bone defects, or periodontal defects. particulate par·tic·u·late adj. Of or occurring in the form of fine particles. n. A particulate substance. particulate composed of separate particles. indicated for the repair of dental intraosseous intraosseous (in´tr  ôs´ē defects. This combination results
in a product that has the same positive effect on the regeneration of
the tooth supporting tissues as Emdogain Gel alone, but with improved
support of the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. soft tissues in the treatment of wide periodontal defects. Emdogain Gel TS gives the periodontist per·i·o·don·tist n. A dentist who specializes in periodontics. periodontist a dentist who specializes in periodontics. an improved tool to treat patients with wide periodontal defects and thereby strengthens Biora's presence in the dental market. The agreement covers the whole world except for North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , France and Spain. The product will be introduced during the current year. FINANCIAL INFORMATION 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 The Group's net sales during the first half 2001 increased to SEK 55.8 million (2000: SEK 43.6 million). This corresponds to an increase of 28% (15% at fixed exchange rates). For the second quarter, net sales equaled SEK 28.8 million (2000: SEK 22.5 million). Results Gross profit during the first half year 2001 amounted to SEK 43.1 million (2000: SEK 33.5 million). The improvement can be explained by the increase in sales. Gross profit for the second quarter equaled SEK 22.4 million (2000: SEK 17.3 million). The 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. for the first half year 2001 amounted to SEK 15.2 million (2000: SEK 39.4 million loss). This is partly explained by the increase in sales and partly by reduced operating costs operating costs npl → gastos mpl operacionales . Selling expenses were reduced by SEK 3.2 million and R&D costs were reduced by SEK 7.3 million, of which SEK 5.3 million is because the Group's development costs were completely amortized in the preceding year. The level of administrative expenses is due to the fact that the company's shares are listed on both Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. and Nasdaq. The decrease of administrative expenses during the second quarter 2001 is mainly due to the severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when compensation to the former 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. charged during the second quarter last year. Other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. is mainly related to the installments for the license agreement for a development project for xerostomia xerostomia /xe·ro·sto·mia/ (zer?o-sto´me-ah) dryness of the mouth due to salivary gland dysfunction. xe·ro·sto·mi·a n. (dry mouth). For the second quarter the operating loss equaled SEK 6.2 million (2000: SEK 21.8 million loss) Net financial items for the first half year 2001 were SEK 0.5 million (2000: SEK 1.5 million). The reduction is mainly because Biora had decreased interest bearing assets, and therefore lower interest income during the first half year compared to the corresponding period 2000. Net loss after tax during the first half 2001 amounted to SEK 14.8 million (2000: SEK 37.9 million loss), corresponding to a loss per share of SEK 0.70 (2000: SEK 1.79 loss) based on the average number of shares outstanding (21,203,800). The loss for the second quarter was SEK 6.1 million (2000: SEK 21.0 million loss), which corresponds to a loss per share of SEK 0.29 (2000: SEK 0.99 loss). Capital expenditures Capital expenditures for tangible long-term assets Long-Term Assets 1. Reported on the balance sheet, it's the value of a company's property, equipment and other capital assets, less depreciation. 2. A stock, bond or other asset that you plan on holding in your portfolio for a lengthy period of time. and patents during the first half were SEK 1.2 million (2000: SEK 2.1 million). Financial position Net change in cash and cash equivalents during the first half year 2001 was negative, in an amount of SEK 18.9 million (2000: neg. SEK 32.3 million). At the end of the reporting period (figures for December 31, 2000, for comparison, are given below in parentheses See parenthesis. parentheses - See left parenthesis, right parenthesis. ) the Group's liquid funds amounted to SEK 34.8 million (SEK 53.8.million), the equity/assets ratio was 53.3 % (55,8 %) and the Group's equity amounted to SEK 41.4 million (SEK 50.9 million). The increase in current receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed is to 50% caused by an increase of account receivables account receivable Any amount owed to a business as the result of a purchase of goods or services from it on a credit basis. Although the firm making the sale receives no written promise of payment, it enters the amount due as a current asset in its books. due from customers , primarily as a result of the increased sales. In view of the uncertain situation for registration for Biora's products in Japan, the company will today refrain from making any estimates of when a positive cash flow can be achieved. In order to strengthen its financial position, the company is working with a Swedish investment bank to investigate the conditions for implementing a new issue. In addition Biora is negotiating the sale of or a partnership for BioEx. Employees As of June 30, 2001, the Group had 79 employees, compared to 75 at December 31, 2000. Parent company Net sales for the first half year 2001 equaled SEK 26.5 million (SEK 26.0 million) and loss before appropriations and income taxes was SEK 18.3 million (SEK 41.7 million loss) Capital expenditures for tangible long-term assets and patents during the first half year were SEK 0.5 million (SEK 1.6 million). Net change in cash and cash equivalents for the first six months was negative, in an amount of SEK 20.5 million (neg. SEK 30.9 million). At the end of the reporting period ( figures for December 31, 2000 for comparison are given below in parenthesis parenthesis: see punctuation. The left parenthesis "(" and right parenthesis ")" are used to delineate one expression from another. For example, in the query list for size="34" and (color = "red" or color ="green") ) the parent company's liquid funds amounted to SEK 26.6 million (SEK 47.1.million), the equity/assets ratio was 65.5% (69.2 %) and the parent company's equity amounted to SEK 52.5 million (SEK 65.5 million). Accounting principles The accounting principles and calculation methods used in this first half year report are the same as those used in the annual report 2000. Coming financial information Biora will publish financial information on the following dates: Interim report for the third quarter 2001 November 7 Year end report for 2001 February 19, 2002 Annual Report End of March,2202 Interim Report for the first quarter 2002 April 29,2002
Malmo, August 23, 2001
Rickard Soderberg
President and CEO
Biora's auditors have not audited this interim report.
Biora AB has registered the trademarks Emdogain(R) and
PrefGel(TM). In this report these registrations are only publicized in
this paragraph.
This report may contain certain 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. that relate to future events or future business and financial performance. Such statements can only be predictions and the actual events or results may differ from those discussed. The Company cautions that these statements are subject to important factors that could cause actual results to differ materially from those expressed or implied in such forward looking statements and are more fully discussed in periodic reports filed with the Securities and Exchange Commission
CONSOLIDATED STATEMENTS OF OPERATIONS
2001 2001 2000
(Swedish GAAP, unaudited) Half 2nd Qtr 2nd Qtr
year
(TUSD) 1)
Net sales 5,501 28,840 22,500
Costs of goods sold -1,254 -6,424 -5,152
Gross profit 4,247 22,416 17,348
Selling expenses -3,537 -17,999 -20,178
Administrative expenses -1,170 -5,717 -8,128
Research and
development costs -1,363 -6,957 -10,815
Other operating
income and expenses 2) 324 2,070 22
Loss from operations -1,498 -6,187 -21,751
Financial net 46 66 738
Loss after
financial items -1,452 -6,121 -21,013
Income tax 3) -2 -22 -
Loss for the period -1,455 -6,143 -21,013
Loss per share 4) -0.07 -0.29 -0.99
Number of shares
outstanding at the
end of the
period (000s) 21,204 21,204 21,204
Average number of shares
outstanding (000s) 21,204 21,204 21,204
2001 2000 2000
Half Half Full year
year year
(TSEK) (TSEK) (TSEK)
Net sales 55,847 43,644 89,160
Costs of goods sold -12,730 -10,137 -21,148
Gross profit 43,117 33,507 68,012
Selling expenses -35,909 -39,116 -78,387
Administrative expenses -11,875 -12,828 -25,437
Research and
development costs -13,834 -21,127 -42,789
Other operating
income and expenses 2) 3,289 126 -110
Loss from operations -15,212 -39,438 -78,711
Financial net 466 1,530 2,730
Loss after
financial items -14,746 -37,908 -75,981
Income tax 3) -22 - -168
Loss for the period -14,768 -37,908 -76,149
Loss per share 4) -0.70 -1.79 -3.59
Number of shares
outstanding at the
end of the
period (000s) 21,204 21,204 21,204
Average number of shares
outstanding (000s) 21,204 21,204 21,204
1) Average exchange rate Jan-Jun, 2001, USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1 = 10.1525 2) Instalments for license agreement regarding a development project for xerostomia are included in other operating income by 1,963 TSEK in the second quarter 2001 and by 3,002 TSEK in the first half year 2001. 3) The Company does not account for any tax income, neither regarding the loss for the period nor regarding accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. losses. Deferred tax assets have been reduced by a valuation allowance to the amount that is "more likely than not" to be realized. The net deferred tax asset is zero. 4) Loss per share has been calculated by dividing the loss for the period by the average number of shares. Since the outstanding warrant programme does not result in any dilution, the loss per share before and after dilution is the same.
CONSOLIDATED BALANCE SHEETS
Jun 30, Jun 30, Jun 30, Dec 31,
(Swedish GAAP, 2001 2001 2000 2000
unaudited) (TUSD) 1) (TSEK) (TSEK) (TSEK)
Intangible long
term assets 714 7,253 12,343 7,112
Tangible long
term assets 497 5,045 8,191 6,442
Financial long
term assets 63 642 2 530 2 553
Total long
term assets 1,275 12,940 23,064 16,107
Inventories 574 5,832 5,366 6,878
Current receivables 2,367 24,035 15,007 14,484
Bank deposits 1,970 20,000 65,000 40,000
Cash and bank 1,462 14,840 15,530 13,755
Total current
assets 6,374 64,707 100,903 75,117
Total assets 7,648 77,647 123,967 91,224
Shareholders'
equity 2) 4,073 41,352 89,318 50,915
Provisions 27 278 264 261
Long term
liabilities 2), 3) 345 3,506 5,506 7,906
Current
liabilities 3) 3,202 32,511 28,879 32,142
Total shareholders'
equity and
liabilities 7,648 77,647 123,967 91,224
1) Average exchange rate Jan-Jun 2001, USD 1 = 10.1525 2) Change 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.
Share Other Accumu- Total
capital restricted lated
equity loss
Balance on
January 1, 2001 848 144,862 -94,795 50,915
Disposition of
loss in the
Parent Company -79,874 79,874 0
Earlier received
option premiums
matured 5,320 5,320
Change in
translation
differences 120 -235 -115
Loss for the period -14,768 -14,768
Balance on
June 30, 2001 848 65,108 -24,604 41,352
3) The interest bearing liabilities amounted to 2,400 on June 30,
2001, and on December 31, 2000 (June 30, 2000 0).
STATEMENTS OF CASH FLOWS
Consolidated
(TSEK)
(Swedish GAAP, 2001 2000 2001 2000 2000
unaudited) 2nd 2nd Half Half Full year
Qtr Qtr year year
Loss
for the
period -6,143 -21,013 -14,768 -37,908 -76,149
Depreciation
and
amortization 1,362 2,412 2,608 3,777 8,852
Change in
capitalized
research and
development
costs - 2,629 - 5,257 10,514
Other
adjustments
to reconcile
net loss
to net
cash flows
from/used in
operating
activites 952 15 977 -155 220
Change in
assets
and
liabilities -2,932 1,343 -9,021 -1,116 105
Net cash
used in
operating
activities -6,761 -14,614 -20,204 -30,145 -56,458
Capital
expenditures
(tangible
assets
and patents) -776 -559 -1,186 -2,146 -5,498
Payments
concerning
other
long-term
receivables - - 1,920 - 6
Net used
in/from
investing
activities -776 -559 734 -2,146 -5,492
Net cash
from
financing
activities - - - - 2,400
Effect of
exchange rate
changes on
cash and
cash
equivalents 144 91 555 17 501
Net change
in cash
and cash
equivalents -7,393 -15,082 -18,915 -32,274 -59,049
KEY RATIOS
Consolidated 2001 2000 2000 1999 1998
(Swedish GAAP, Half Half Full Full Full
unaudited) year year year year year 2)
Net
sales (TSEK) 55,847 43,644 89,160 73,556 50,119
Gross
margin, % 3) 77.2 76.8 76.3 79.0 78.3
R & D
costs (TSEK) 4) 13,834 21,127 42,789 41,597 39,980
Return on
capital
employed, % 1), 5) -59.2 -69.7 -83.7 -50.7 -40.0
Return on
equity,% 1), 6) -64.0 -70.0 -85.4 -50.8 -40.0
Equity /
assets ratio, % 7) 53.3 72.0 55.8 78.3 86.6
Net debt /
equity ratio, % 8) -78.4 -90.2 -100.9 -88.5 -87.4
Total
equity (TSEK) 41,352 89,318 50,915 127,406 213,970
Average number
of shares
outstanding,
(000s) 9) 21,204 21,204 21,204 21,204 21,204
Equity per
share, SEK 9) 1.95 4.21 2.40 6.01 10.09
Loss per
share, SEK 9) -0.70 -1.79 -3.59 -4.09 -2.83
Cash flow per
share, SEK 10) -0.89 -1.52 -2.78 -3.50 -4.68
1) Return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). and return on equity have been calculated by multiplying mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. the six months operating loss and net loss by 2 to obtain comparability to the other presented twelve months key ratios. 2) Return on capital employed and return on equity have been adjusted for the effect of the nonrecurring revenue from Seikagaku. 3) Gross profit divided by net sales. 4) R&D-costs are shown gross, including capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. costs. During 2001, as well as during 1998, 1999 and 2000, no costs have been capitalized under the caption Capitalized R&D costs, which explains why the net and gross costs were equal, 13,834. (2.5% royalty to Astra on sales of Emdogain has been reclassified to cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 5) Operating loss plus financial income divided by average total assets (total assets less non-interest- bearing operating liabilities including deferred taxes). 6) Net loss divided by average equity. 7) Shareholders' equity divided by total assets. 8) Interest-bearing liabilities less cash and bank deposits divided by shareholders' equity. 9) The dilution effects of outstanding options have not been considered when calculating equity, loss and cash flow per share for the years 1998-2001 as this would reduce the loss per share. 10) Net change in cash and cash equivalents divided by the average number of shares in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with note 9). Biora AB develops, manufactures and sells pharmaceutical products to dentists Dentists can refer to one of the following:
n. A person trained and licensed to provide preventive dental services, such as cleaning the teeth, usually in conjunction with a dentist. . The principal product, Emdogain(R), which is approved for sale in Europe, North America and Japan, naturally regenerates the supporting structure lost by the tooth due to periodontal disease. Biora's American Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Shares are listed on the Nasdaq National Market in the US and Biora's ordinary shares are listed on the "O-list" of the Stockholm Stock Exchange in Sweden. |
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