Calypte Reports First Quarter Results; Revenues Increase 22% Over Prior Quarter.Business Editors ALAMEDA, Calif.--(BUSINESS WIRE)--May 10, 2000 Calypte Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Corporation (Nasdaq: CALY) announced today its first quarter results for the period ending March 31, 2000. Revenues for the three months ended March 31, 2000 increased 31.7 percent to $1,098,000 compared to $834,000 for the three months ended March 31, 1999, due to increased sales of Calypte's urine-based screening EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. and supplemental Western Blot tests Western blot test n. A serum electrophoretic analysis used to identify proteins. . Sales of Calypte's urine 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. screening test to insurance company laboratories increased 85 percent compared to the first quarter of 1999. The net loss attributable to common stockholders for the first quarter was $2.2 million, or a net loss attributable to common stockholders of $0.11 per share, compared with a net loss attributable to common stockholders of $3.0 million, or a net loss attributable to common stockholders of $0.18 per share for the first quarter of 1999. On March 3, 2000, Calypte announced the completion of a private placement of 4,096,000 shares of common stock which raised gross proceeds of approximately $8.4 million. Approximately half of the financing was provided by the Trilobite trilobite (trī`ləbīt'), subphylum of the phylum Arthropoda that includes a large group of extinct marine animals that were abundant in the Paleozoic era. They represent more than half of the known fossils from the Cambrian period. Lakes Corp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Claneil Enterprises, Inc., and the balance of the financing came primarily from existing investors. The private placement closed on April 7, 2000 and the proceeds will be reflected in the second quarter's balance sheet and cash flows. Nancy Katz, President, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer of Calypte, said, "Calypte's first quarter justified our growth expectations. Sales increased 22 percent over the last quarter of 1999, the largest quarter-over-quarter sales increase we have seen since our acquisition of the Western Blot Western blot A technique developed in 1979 that is used to confirm ELISA results. HIV antigen is purified by electrophoresis and attached by blotting to a nylon or nitrocellulose filter. supplemental test products. Product sales to the insurance industry have ramped up considerably over the past year, signaling an increase in demand from the laboratories that serve the life insurance market. We see this as a very important indicator to gauge the overall adoption of urine-based HIV testing HIV test Various tests have been used to detect HIV and production of antibodies thereto; some HTs shown below are no longer actively used, but are listed for completeness and context. See HIV, Immunoblot. systems within the medical community. Additionally, we completed an $8.4 million private placement, which we believe is a significant endorsement for a company our size." Ms. Katz added, "Strategically, we made significant progress toward our goal of expanding our urine-based testing beyond HIV testing with the introduction of Sentinel, which tests for the HIV antibody HIV antibody A self antibody specifically directed against one or more proteins or antigens on the surface of HIV, which may be minimally protective against HIV as well as for chlamydia chlamydia (kləmĭd`ēə), genus of microorganisms that cause a variety of diseases in humans and other animals. Psittacosis, or parrot fever, caused by the species Chlamydia psittaci, and gonorrhea gonorrhea (gŏnərē`ə), common infectious disease caused by a bacterium (Neisseria gonorrhoeae), involving chiefly the mucous membranes of the genitourinary tract. . We have introduced the testing service to market and are aggressively marketing it to medical clinics and physicians. We also accelerated our overall corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. and marketing efforts to increase the visibility of our brand and awareness of our products." David E. Collins, 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. of Calypte, said, "Looking ahead, we have a number of objectives we intend to focus on over Calypte's next quarter. We expect the market introduction of the Sentinel service to help to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale sales in the second quarter as we strive to accelerate our revenue growth from product sales over the first quarter's sales figures sales figures npl → cifras fpl de ventas . Earlier this year, we submitted an application to 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. requesting approval to open our Alameda facility and shift our entire screening test manufacturing operation from our existing Berkeley facility to Alameda. We consider this an important step in our program to reduce costs and improve the efficiency of our operations. Finally, on the international front, we continue to push for distribution agreements in Brazil and China." Calypte Biomedical Corporation (NASDAQ: CALY) is a health care company dedicated to the development and commercialization of urine-based diagnostic products and services for Human Immunodeficiency Virus human immunodeficiency virus n. HIV. Human immunodeficiency virus (HIV) A transmissible retrovirus that causes AIDS in humans. Type 1 (HIV-1), sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely and other chronic illnesses. Carter-Wallace (NYSE NYSE See: New York Stock Exchange : CAR) has the exclusive U.S. sales and marketing rights for Calypte's HIV products in the hospital, public health and reference lab markets. Calypte's tests include the screening EIA and supplemental Western blot tests, the only two FDA-licensed HIV-1 antibody tests that can be used on urine samples. The company believes that accurate, non invasive urine-based testing methods for HIV and other chronic diseases may make important contributions to public health by helping to foster an environment in which testing may be done safely, economically, and painlessly. Statements in this press release that are not historical facts are forward-looking statements, including statements regarding market adoption of the HIV-1 urine testing products and the serum Western Blot test and statements regarding marketing and distribution arrangements and plans. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including the Company's ability, directly or through third parties, to successfully manufacture and market the HIV-1 urine testing products and the serum Western Blot test and the ability of the Company to continue to finance its operations and to enter into distribution and marketing arrangements. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events. Factors which may impact the Company's success are more fully discussed in the Company's most recent periodic report 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. .
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
-------------------------
2000 1999
------------- ---------
Revenues:
Product sales.............. $ 1,098 $ 834
----------- -------------
Operating expenses:
Product costs.............. 1,417 997
Research and development
costs................... 544 1,660
Selling, general and
administrative costs.... 1,309 1,130
----------- -------------
Total expenses........... 3,270 3,787
----------- -------------
Loss from operations... (2,172) (2,953)
Interest and other
income (net)................ (3) 29
------------ -------------
Loss before income
taxes............... (2,175) (2,924)
Income taxes.................. (2) (2)
------------ --------------
Net loss............... (2,177) (2,926)
Less dividends on
mandatorily redeemable
Series A
preferred stock............. (30) (30)
----------- -------------
Net loss attributable to
common stockholders......... $ (2,207) $ (2,956)
=========== =============
Net loss per share
attributable to common
stockholders
(basic and diluted)........ $ (0.11) $ (0.18)
=========== =============
Weighted average shares
used to compute net
loss per share
attributable to common
stockholders
(basic and diluted)......... 20,580 16,336
=========== =============
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
(unaudited)
3/31/00 12/31/99
------------- ------------
Cash and cash equivalents...............$ 525 $ 2,652
Securities available for sale........... 509 503
Working capital......................... 173 1,860
Total assets .......................... 6,622 7,821
Current portion of notes payable........ 1,007 844
Long-term portion of note payable....... 211 -
Long-term portion of capital lease
obligations...... 142 50
Mandatorily redeemable Series A
preferred stock..... 2,246 2,216
Total stockholders' (deficit) equity.... (672) 1,330
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