ChromaVision Reports Fourth Quarter and Year-End 1999 Results.Business Editors SAN JUAN CAPISTRANO San Juan Capistrano (săn wän kăpĭsträ`nō), city (1990 pop. 26,183), Orange co., S Calif.; inc. 1961. San Juan Capistrano has some manufactures, including aircraft parts, medical apparatus, and boats, but the economy is , Calif.--(BUSINESS WIRE)--Feb. 29, 2000 ChromaVision Medical Systems Inc. (Nasdaq:CVSN), a unique cellular imaging systems company and manufacturer of the Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Cellular Imaging System (ACIS)(TM), Tuesday announced results of its fourth quarter and year ended Dec. 31, 1999. For this year's fourth quarter, the company incurred a net loss of $3.1 million or $0.16 loss per share on revenues of $172,000, as compared with $2.1 million or $0.12 loss per share on revenues of $10,000 for the prior year. During the fourth quarter, the company accelerated its commercial rollout of ACIS in both Europe and 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 prepared for the launch of multiple new tests that occurred shortly after the conclusion of the fiscal period. For the year ended Dec. 31, 1999, the company incurred a net loss of $11.6 million or $0.64 loss per share on revenues of $269,000, as compared with a net loss of $8.1 million or $0.47 loss per share on revenues of $17,000 for the same period in 1998. 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 announcement by ChromaVision President and 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. , Douglas S Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. . Harrington, MD, instrument placements during the fourth quarter and early this year have increased steadily. Harrington commented, "Recent additions to the ACIS test menu complete the tumor tumor: see neoplasm. evaluation panel and enhance the value of ACIS to our customers. We have seen a significant increase in interest and sales activity related to the enhanced menu in the current period." Harrington continued, "Following a year of tremendous accomplishment -- including a broad 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. clearance for the ACIS technology, the first significant revenue-generating placements, the identification of many new ACIS tests for the development pipeline, and a successful financing -- the level of excitement at the company is at an all time high. "While we are extremely proud of the ChromaVision team and our accomplishments during 1999, our enthusiasm is focused on the opportunities that lie ahead. We are very encouraged by the initial response of university medical centers, commercial laboratories and research institutions to the technology, and our team continues to respond to the demands of our growing customer base. "In addition, recent peer reviewed publications and presentations by international leaders in pathology and oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. have broadened our audience and created a greater demand for both current and new applications." The increase in the net loss for both periods was primarily due to planned increases in the company's sales and marketing costs related to staffing and commercial launch activities for ACIS. In addition, research and development costs increased resulting from the addition and release of several new ACIS applications. Offsetting the increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. is an increase in interest income from the fourth quarter comparable period due to the investment of $18.6 million of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). received from the completion in October 1999 of the company's private placement of 1,775,000 newly issued shares of common stock. About ChromaVision Medical Systems ChromaVision Medical Systems has developed and markets an advanced cellular imaging system designed to assist in the detection, diagnosis and treatment of cellular disease. The Automated Cellular Imaging System (ACIS)(TM) combines proprietary, color-based imaging technology with automated microscopy microscopy /mi·cros·co·py/ (mi-kros´kah-pe) examination under or observation by means of the microscope. mi·cros·co·py n. 1. The study of microscopes. 2. to bring unprecedented sensitivity, accuracy and reproducibility to the assessment of cell-based diseases such as cancer and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . ChromaVision currently markets its products to physicians and researchers in university medical centers and commercial laboratories throughout the world. ChromaVision Medical Systems Inc. (Nasdaq:CVSN) was formed by XL Vision Inc. and is a Safeguard Scientifics Inc. (NYSE NYSE See: New York Stock Exchange :SFE See Sydney Futures Exchange. ) partnership company. For more information on ChromaVision Medical Systems, visit the company's Web site at http://www.chromavision.com. The statements contained herein regarding ChromaVision Medical Systems Inc. contain 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 involve risks and uncertainty. Future events and the company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, uncertainty of success in developing any new diagnostic test, failure to obtain FDA clearance or approval for particular applications and dependence on third parties for clinical testing. ACIS is a trademark of ChromaVision Medical Systems Inc.
ChromaVision Medical Systems Inc.
Summary Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1999 1998 1999 1998
Revenues: $171,904 $9,629 $268,720 $16,823
Cost of revenue: 67,475 5,053 126,507 9,576
Expenses:
Selling, general and
administrative 1,840,992 1,083,166 6,186,332 4,068,675
Research and
development 1,628,750 1,236,491 6,075,835 4,664,311
Legal settlement 0 0 0 300,000
Loss from
operations $(3,365,313) $(2,315,081)$(12,119,954) $(9,025,739)
Other income 253,684 175,173 559,124 947,414
Net loss $(3,111,629) $(2,139,908)$(11,560,830) $(8,078,325)
Net loss per
common share:
Basic and diluted $(0.16) $(0.12) $(0.64) $(0.47)
Weighted average
number of common
shares outstanding 19,370,750 17,268,167 18,027,471 17,233,340
ChromaVision Medical Systems Inc.
Summary Consolidated Balance Sheets
Dec. 31, Dec. 31,
1999 1998
Cash and cash equivalents $11,802,668 $2,853,546
Marketable securities and
other investments 5,822,451 3,533,747
Note receivable --
Safeguard Scientific Inc. -- 5,000,000
PP&E, net 4,344,891 2,891,471
All other assets, net 464,845 352,191
Total assets $22,434,855 $14,630,955
Total current liabilities $1,314,797 $1,243,735
Stockholder's equity 21,120,058 13,387,220
Total current liabilities and
stockholder's equity $22,434,855 $14,630,955
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