Calypte Reports Second Quarter 2001 Results.Business Editors ALAMEDA Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. , Calif.--(BUSINESS WIRE)--July 19, 2001 Company Achieves Record Revenues for Second Consecutive Quarter Calypte Calypte is a genus of hummingbirds. It consists of two small species. They are:
"National Geographic" 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 (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CALY) announced today its second quarter financial results for the period ending June 30, 2001. Revenues for the three months ended June 30, 2001 increased 105% to a record $1.6 million as compared to $0.8 million for the three months ended June 30, 2000. Revenues for the six months ended June 30, 2001 were $3.0 million, compared to $1.9 million for the six months ended June 30, 2000. The increase in Calypte's revenues for the second quarter of 2001 resulted from significantly stronger domestic sales of its HIV-1 urine-based screening test and of its HIV-1 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. serum assay. On a sequential basis, Calypte's second quarter 2001 revenues increased by 15% over the previous record of $1.4 million in revenues achieved in the first quarter of 2001. Revenues from the sale of the Company's HIV-1 urine urine, clear, amber-colored fluid formed by the kidneys that carries metabolic wastes out of the body (see urinary system). As the blood circulates it collects excretory products from the tissues and these substances are separated from the blood by the kidneys and screening test and its supplemental Western Blot serum and urine tests all increased as compared to the prior quarter. Nancy Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , President, Chief Executive Officer, and Chief Financial Officer of Calypte said, "We are extremely pleased with our second quarter results. Revenues for the first half of 2001 have already reached 91% of last year's total revenues. This performance is tracking quite favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. against the revenue milestones we established earlier in the year and we affirm our revenue guidance of $7 million to $8 million for the full year 2001. "We continue the expansion of our presence in urine-based 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. diagnostic screening in numerous domestic and international markets. The domestic sales force, in the field since last quarter, is now very active. Their focus on the traditional insurance company and reference laboratory markets as well as on new markets, including public health clinics and laboratories, community based advocacy groups and agencies, and corrections agencies, is part of our expected growth in the coming quarters. We also expect that a significant portion of our revenue growth beginning in the fall of 2001 will be diagnostic test sales in international markets, beginning with China and Malaysia, where we have approval. We continue to actively pursue regulatory approval of our products in a number of other international venues, including Brazil, Mexico, South Korea, France, Thailand, and the Philippines, and we expect international sales to reach 15% of revenues in 2002. "Revenues from the sale of Calypte's HIV-1 serum and urine supplemental assays represented over 40% of total revenues this quarter and continue strong. The agreement we entered with Organon-Teknika in the first quarter of 2001 to purchase our serum assay continues to operate as expected, and confirms our position as one of the largest HIV-1 supplemental blood test manufacturers in the nation. Based on our growth plans for both screening and supplemental tests, we currently expect 2002 revenues to double from their 2001 levels. "Calypte took aggressive cost cutting measures, including salary reductions and selective lay-offs, during the second quarter to reduce its discretionary expenses and cash requirements. Coupled with our increased revenues, those measures resulted in improved margins at our Alameda, California Alameda is a city in Alameda County, California, United States. It is located on a small island of the same name next to Oakland, California in the San Francisco Bay. An additional part of the city is Bay Farm Island, which is adjacent to the Oakland International Airport. and Rockville, Maryland Rockville is the county seat of Montgomery County, Maryland, United States. According to the 2006 census update, the city had a total population of 59,114, making it the second largest city in Maryland. manufacturing facilities. Operating results for the second quarter improved by almost $700,000 from a year ago. We also sold our equity interest in Pepgen Corporation to generate cash for operations. The net loss attributable to common stockholders for the second quarter of 2001 was $2.8 million, or $0.10 per share, compared with a net loss attributable to common stockholders of $3.2 million, or $0.13 per share, for the second quarter of 2000. The net loss attributable to common stockholders for the first half of 2001 was $6.4 million, or $0.23 per share, compared with a net loss attributable to common stockholders of $5.4 million, or $0.24 per share, for the first half of 2000. "While Calypte's business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point have been meeting our operational objectives and we are pleased with two consecutive record revenue quarters, we continue to deal with cash flow concerns," Ms. Katz continued. "The Company's cash on-hand as of June 30, 2001 was $172,000 and we have negative working capital of $3.6 million. We have exhausted the cash availability under the equity line of financing we entered into earlier this year. We will not be able to continue our current level of operations through the third quarter of 2001 nor meet our revenue and profit guidance without additional financing. Although the Company does not have any financing agreements Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. in place, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we may enter into an agreement during the third quarter that enables us to continue to execute on our objectives and achieve our milestones. There can, however, be no assurance that additional capital will be available to the Company on acceptable terms, or at all," Ms. Katz concluded. Announcement of Annual Stockholders' Meeting The Company has scheduled its annual Stockholders' meeting for Thursday, August 30, 2001 at its headquarters offices in Alameda, California at 9:00 AM PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . It plans to distribute its annual report and proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other , including information about any financing proposals, in early August. Mr. Boeger Not to Stand for Re-election as Director Mr. William A. Boeger, a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. member of the Company's Board of Directors and former Chairman of the Board, has advised the Company that he will not stand for re-election to the Board of Directors at its annual stockholders' meeting. Mr. Boeger has accepted a position to manage a new venture capital fund on behalf of the State of Idaho and will be devoting his full-time efforts to that engagement. Ms. Katz said, "We are sorry to lose Bill as a member of the Board and we thank him for his many contributions to Calypte. We wish him well in his new pursuits." Dr. Gottfried Appointed Chief Science Officer Toby D. Gottfried, Ph. D. a thirteen-year employee of Calypte was promoted to the position of Chief Science Officer effective June 1, 2001. Dr. Gottfried had previously served as the Company's Director of Product Development. Ms. Katz said, "I am very pleased to announce Toby's appointment to this key position on the Calypte management team. We are fortunate to have someone of Toby's caliber to guide our new product efforts and are grateful for her many contributions during her past service with the Company." Calypte Biomedical Corporation (OTC Bulletin Board: CALY) headquartered in Alameda, California, is a public healthcare 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 infectious diseases infectious diseases: see communicable diseases. . Calypte's tests include the 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. , the only two FDA-approved HIV-1 antibody tests that can be used on urine samples. The company believes that accurate, non-invasive Non-invasive A procedure that does not penetrate the body. Mentioned in: Multiple-Gated Acquisition Scan non-invasive 1. not penetrating the skin, e.g. a non-invasive test. 2. urine-based testing methods for HIV and other infectious diseases may make important contributions to public health by helping to foster an environment in which testing may be done safely, economically, and painlessly pain·less adj. Free from complication or pain: a painless operation. pain  less·ly adv. . Calypte markets its products in over 40 countries worldwide
through international distributors and strategic partners.
Statements in this press release that are not historical facts are 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. , including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. 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, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our product in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that occur after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual 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. for the year ended December 31, 2000 and its subsequent filings with the SEC. Calypte Biomedical has scheduled a conference call to discuss financial results for the second quarter at 11:00 AM (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) on Friday, July 20, 2001. All interested parties are invited to listen to this call. To listen to the call from the US, please dial 1-888-489-9485 and ask to be connected to the Calypte conference call. International callers please dial 212-676-5061. This conference call will also be webcast on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . A link to a live broadcast of the call on the Internet can be found at "Investor" at www.calypte.com or at www.companyboardroom.com. If you are unable to participate, a rebroadcast of the call will be available beginning 1:00 PM (EDT) on Friday, July 20, 2001 until Thursday, July 26, 2001 at 1:00 PM (EDT). To access the rebroadcast domestically, please dial: 1-800-633-8284, reservation #: 19375298. International callers please dial: 858-812-6440. To access a rebroadcast of the webcast, please visit "Investor" at www.calypte.com or visit www.companyboardroom.com.
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Six Months
Ended Ended
June 30, June 30,
2001 2000 2001 2000
Revenues:
Product sales $ 1,612 $ 787 $ 3,014 $ 1,885
Operating expenses:
Product costs 1,743 1,307 3,732 2,723
Research and development
costs 354 572 851 1,115
Selling, general and
administrative costs 2,138 2,213 4,094 3,524
Total expenses 4,235 4,092 8,677 7,362
Loss from operations (2,623) (3,305) (5,663) (5,478)
Interest income 1 120 7 162
Interest expense (non-cash
expense of $830 for the three
months and $1,318 for the
six months of 2001,
respectively) (838) (27) (1,351) (64)
Other income (expense) 501 7 524 (1)
Loss before income taxes (2,959) (3,205) (6,483) (5,381)
Income taxes - - (2) (2)
Loss before extraordinary
item (2,959) (3,205) (6,485) (5,382)
Extraordinary gain on repurchase
of beneficial conversion
feature, net of tax expense 145 - 145 -
Net loss (2,814) (3,205) (6,340) (5,382)
Less dividends on mandatorily
redeemable Series A
preferred stock (30) (30) (60) (60)
Net loss attributable to
common stockholders $ (2,844) $ (3,235) $ (6,400) $ (5,442)
Net loss per share attributable
to common stockholders
(basic and diluted) $ (0.10) $ (0.13) $ (0.23) $ (0.24)
Weighted average shares used
to compute net loss per
share attributable to common
stockholders (basic and
diluted) 29,070 24,518 27,451 22,549
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Unaudited
June 30, December 31,
2001 2000
----------- -----------
----------- -----------
Cash, cash equivalents, and restricted cash $ 172 $ 1,203
Working capital (3,627) (875)
Total Assets 3,931 5,006
Current portion of notes payable - 471
Long-term portion of capital lease obligations 71 78
Mandatorily redeemable Series A preferred stock 2,396 2,336
Total stockholders' equity (4,519) (1,531)
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