Bone Care International Announces First Quarter 2002 Results.Business Editors MIDDLETON, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Oct. 22, 2001 Bone Care International, 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 : BCII BCII Battle Command and Intelligence Integration ) today announced total revenues for the first quarter ended September 30, 2001 increased to $2,652,000 from $1,363,000 in the quarter ended September 30, 2000. The increase was primarily the result of increased sales of Hectorol Hectorol™ Endocrinology An agent for managing 2º hyperparathyroidism linked to ESRD, which may used in predialysis Pts (R) Capsules, which benefited from the continuing commercial shortage on Rocaltrol Rocaltrol® Calcitriol Endocrinology An agent used to manage 2º hyperparathyroidism and resultant metabolic bone disease in Pts with renal failure who are not yet undergoing dialysis. See Hyperparathyroidism. (R), a competitive product from Roche Pharmaceuticals. Bone Care reported a net loss of $2,136,000, or $0.15 per share for the quarter ended September 30, 2001, compared to a net loss of $1,728,000, or $0.15 per share for the quarter ended September 30, 2000. Gross margins for the quarter ended September 30, 2001, were $2,059,000, or 78% of revenues compared to $1,022,000, or 75% of revenues in the quarter ended September 30, 2000. Current quarter margins improved because the cost of inventory previously written off is being recovered since the 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. agreed to extend the shelf life of Hectorol Capsules from three to four years. Sales and marketing expenses increased to $2,250,000 for the quarter ended September 30, 2001 from $1,453,000 for the quarter ended September 30, 2000. Dr. Richard Mazess, President, noted that Bone Care has aggressively increased its sales force and related marketing expenses in anticipation of the issuance of a national J-Code by January 2002. "The lack of a national reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. code has delayed widespread use of Hectorol Injection because dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. services are generally administered by large nationwide providers," explained Dr. Mazess. "We expect the announcement of a national billing code before year end will lead to increased utilization among both Medicare and private-pay patients." Bone Care will hold its 2001 Annual Meeting of Shareholders in Middleton, Wisconsin Middleton is a city in Dane County, Wisconsin, United States. Middleton is a western suburb of the state capital Madison. Middleton's motto is "The Good Neighbor City." In July of 2007, CNN/Money and Money , on November 15, 2001. Shareholders and other interested parties are welcome to attend. Bone Care is a pharmaceutical company engaged in discovering, developing and commercializing improved vitamin D-hormone therapies to treat secondary hyperparathyroidism secondary hyperparathyroidism Endocrinology ↑ Parathyroid activity with overproduction of PTH due to parathyroid hyperplasia in response to an extraparathyroid defect that results in ↓ Ca2+ Etiology Rickets, vitamin D deficiency, chronic renal failure in patients with kidney, or renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg , and osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia , and other diseases including psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the and cancers of the prostate prostate /pros·tate/ (pros´tat) a gland surrounding the bladder neck and urethra in the male; it contributes a secretion to the semen.prostat´ic pros·tate n. The prostate gland. adj. , breast and colon colon, in anatomy colon, in anatomy: see intestine. colon, in punctuation colon, in writing: see punctuation. colon Segment that makes up most of the large intestine. . 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. . Statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future 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 , costs of sales, other expenses, profitability, financial resources, or products and production schedules, or statements that predict or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's beliefs as well as assumptions made by and information currently available to management. Accordingly, the Company's actual results may differ materially from those expressed or implied in such forward-looking statements due to known and unknown risks and uncertainties that exist in the Company's operations and business environment, including, among other factors, technical risks associated with the development of new products, regulatory policies 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 other countries, reimbursement policies of public and private health care payors, introduction and acceptance of new drug therapies, competition from existing products and from new products or technologies, the failure by the Company to produce anticipated cost savings or improve productivity, the timing and magnitude of capital expenditures and acquisitions, currency exchange risks, economic and market conditions in the United States, Europe and the rest of the world, and other risks associated with the Company's operations. The Company disclaims any obligation to update any such factors or to publicly announce any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
BONE CARE INTERNATIONAL, INC.
Statements of Operations
Three Months Ended
--------------------------------
September 30, September 30,
2001 2000
(unaudited) (unaudited)
--------------------------------
Revenues $ 2,652,140 $ 1,362,833
Operating expenses
Cost of sales 592,906 341,216
Research and development 1,391,717 981,266
Sales and marketing 2,249,835 1,452,917
General and administrative 914,934 453,219
---------- ----------
5,149,392 3,228,618
---------- ----------
Loss from operations (2,497,252) (1,865,785)
Interest income 361,053 137,292
---------- ----------
Loss before income tax (2,136,199) (1,728,493)
Income tax expense -- --
---------- ----------
Net loss $(2,136,199) $(1,728,493)
========== ==========
Net loss per common share
- basic $ (0.15) $ (0.15)
========== ==========
and diluted
Weighted average number of
common shares 13,987,575 11,456,668
========== ==========
BONE CARE INTERNATIONAL, INC.
Balance Sheets
September 30, June 30,
2001 2001
(Unaudited) (Audited)
--------------------------------
Assets
Current assets:
Cash and cash equivalents $ 1,373,218 $ 1,842,838
Marketable securities 18,842,995 15,079,575
Accounts receivable, net of
allowance for doubtful
accounts of $125,000 at
September 30, 2001 and
$100,000 at June 30, 2001 3,711,219 3,347,300
Inventory 2,922,594 1,810,574
Other current assets 1,016,908 1,085,103
---------- ----------
Total current assets 27,866,934 23,165,390
Long-term securities 7,939,636 14,424,490
Property, plant and equipment
- at cost
Leasehold improvements 588,632 587,632
Furniture and fixtures 474,651 466,200
Machinery and other equipment 1,604,155 1,419,293
---------- ----------
2,667,438 2,473,125
Less accumulated depreciation
and amortization 1,106,765 970,120
1,560,673 1,503,005
Intangible assets, net 1,373,207 1,384,485
---------- ----------
Total assets $ 38,740,450 $ 40,477,370
========== ==========
Liabilities and
Shareholders' Equity
Current liabilities:
Accounts payable $ 1,861,623 $ 1,612,543
Accrued liabilities
Clinical study and
research costs 231,523 147,635
Compensation 250,708 208,930
Other 205,000 410,157
---------- ----------
Total current liabilities 2,548,854 2,379,265
Shareholders' equity 36,191,596 38,098,105
---------- ----------
Total Liabilities and
Shareholders' Equity $ 38,740,450 $ 40,477,370
========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion