Computer Motion Announces 11th Consecutive Year of Revenue Growth.Business Editors SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Feb. 25, 2002 4th Quarter Annual Conference Call Scheduled For Monday, February 25th at 1:30 p.m. PT; Simultaneous Webcast To Be Found At www.ComputerMotion.com Computer Motion, Inc. (Nasdaq:RBOT RBOT Rotating Bomb Oxidation Test ), the world's leading developer of surgical robotic systems, today announced record revenue results for the fourth quarter and fiscal year 2001 ending December 31. Revenues for the quarter totaled $8,654,000 as compared to $8,191,000 recorded in the fourth quarter ended December 31, 2000. Revenues for the year totaled $25,531,000 as compared to $21,732,000 recorded in 2000. Gross profit for the fourth quarter 2001 improved to $5,328,000 from $5,230,000 for the fourth quarter of 2000. Gross profit for the year ended December 31, 2001 improved by 14% to $14,944,000 from $13,155,000 for the year ended December 31, 2000. "The fourth quarter of 2001 represents an important milestone for the company's performance and the robotic surgical device sector as a whole. New 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. clearances, new market territories, and the introduction of new products during the year combined to drive increased interest in robotics and minimally invasive surgery minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. alternatives," stated Robert W. Duggan, Chairman 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. of Computer Motion. "We are very encouraged by the strategy of many of the premier health care institutions in the world to substantially increase the adoption and development of patient friendly surgery. Patients, the medical community, and hospitals are expressing unprecedented interest in the benefits of robotically assisted surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. ." The adoption of robotically assisted techniques continued during the year across multiple surgical disciplines. Several new and important market opportunities emerged, fueled by surgeon innovations worldwide. 2001 saw the introduction of important new procedures in Pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. and Cardiac applications. Net loss per share for the fourth quarter of 2001 totaled $0.43 as compared to $0.41 for the fourth quarter of 2000. Net loss per share for the year totaled $1.98 as compared to $1.90 for the year 2000. Net loss per share before dividend to shareholders for the fourth quarter totaled $0.35 as compared to $0.41 for the fourth quarter of 2000. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss per share before dividend to shareholders for the year totaled $1.60 as compared to $1.76 for the year 2000. Pro forma net loss for the fourth quarter was $3,976,000 versus a loss of $4,124,000 recorded in the fourth quarter of 2000. Net loss for the year 2001 was $16,413,000 versus a loss of $16,349,000 recorded in the prior year 2000. Included in the net loss for the quarter and year ended December 31, 2001 are expenses related to the acceleration of clinical trials on the ZEUS(R) product, patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and associated costs of approximately $1,800,000 and $2,500,000, respectively. Computer Motion will host a teleconference call today at 1:30 pm PT (4:30 pm ET) to discuss its results for the fourth quarter and fiscal year 2001. To participate, please call 800-937-6983/706-679-5457 and ask to be connected to the Computer Motion earnings conference call. A live webcast will also be available at www.ComputerMotion.com. For parties interested in a replay of the call, a digital playback will be available through March 11th, 2002 at 800-642-1687/706-645-9291, code 3257923. An archive of the Webcast will also be available until March 11th, 2002 at www.ComputerMotion.com. Computer Motion is a high-tech medical device company evolving surgical practices to enhance patient lives. The company develops, manufactures and markets proprietary computer-enhanced and robotic surgical systems that enhance surgeons' capabilities, improve patient outcomes and reduce costs. Computer Motion plays a significant role in transitioning the surgical community from current open procedures to endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en procedures that are less painful and traumatic to the patient. Computer Motion's products include the ZEUS(R) robotic system for new minimally invasive microsurgical procedures, and the HERMES(TM) Control Center, a centralized system In telecommunications, a centralized system is one in which most communications are routed through one or more major central hubs. Such a system allows certain functions to be concentrated in the system's hubs, freeing up resources in the peripheral units. that enables the surgeon to voice control a network of "smart" medical devices. The AESOP Aesop (ē`səp, ē`sŏp), legendary Greek fabulist. According to Herodotus, he was a slave who lived in Samos in the 6th cent. B.C. and eventually was freed by his master. (TM) Robotic Endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. Positioner is the first surgical robot surgical robot Surgery A device used to perform some surgical procedures Pros Smaller incisions, ↓ pain, correction of surgeon error and tremors, ↓ infections and other post-surgical complications, faster recovery, better outcomes Cons to be made commercially available in the U.S. The company's newest product, the SOCRATES Socrates (sŏk`rətēz), 469–399 B.C., Greek philosopher of Athens. Famous for his view of philosophy as a pursuit proper and necessary to all intelligent men, he is one of the great examples of a man who lived by his principles even (TM) Telecollaboration System, facilitates surgeon collaboration using video and audio conferencing See audioconferencing. , shared control of the endoscopic camera, and video annotation on the surgical image in the operating room operating room n. Abbr. OR A room equipped for performing surgical operations. . The company's products are CE-Marked for commercial sale in the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. . The company's Web site is www.ComputerMotion.com. This press release contains forward-looking statements concerning the company's business, industry and products. Actual results may differ materially depending on a number of risk factors, including the risks of competition and competing technologies, duration or suspension of clinical studies, regulatory clearances and approvals, and physician, hospital and payor acceptance of the company's products. These factors and other risks inherent in the company's business are described from time to time in the company's Securities and Exchange Commission filings, 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. . The company undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
COMPUTER MOTION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
Three months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Revenue $ 8,654 $ 8,191 $ 25,531 $ 21,732
Cost of revenue 3,326 2,961 10,587 8,577
Gross profit 5,328 5,230 14,944 13,155
Gross profit % 62% 64% 59% 61%
Research & development
expense 3,650 3,012 12,034 11,564
Selling, general &
administrative
expense 5,554 6,294 19,282 17,798
Total operating
expense 9,204 9,306 31,316 29,362
Loss from operations (3,876) (4,076) (16,372) (16,207)
Other expense/(income) (98) (42) (21) (118)
Loss before income
taxes (3,974) (4,118) (16,393) (16,325)
Income tax provision 2 6 20 24
Net loss (3,976) (4,124) (16,413) (16,349)
Other comprehensive
income, net of tax:
Foreign currency
translation
adjustment (181) - (193) (21)
Comprehensive loss (4,157) (4,124) (16,606) (16,370)
Dividend to Series B
preferred
shareholders 896 - 3,897 -
Dividend to warrant
holders - - - 1,362
Net loss available to
common shareholders $ (4,872) $ (4,124) $ (20,310) $ (17,711)
Weighted average
common shares
outstanding used to
compute net loss per
share - basic and
diluted 11,294 10,104 10,276 9,309
Net loss available to
common shareholders
per share - basic and
diluted $(0.43) $ (0.41) $ (1.98) $ (1.90)
Proforma net loss per
share before
comprehensive loss
and dividend $(0.35) $ (0.41) $ (1.60) $ (1.76)
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