Computer Motion Announces First Half Revenues Up 35% Versus Previous Year.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)--July 19, 2001 2nd Quarter Conference Call Scheduled For Thursday, July 19 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 leader and pioneer in medical robotics, today announced revenue results for the first half of fiscal year 2001 ended June 30. Revenues totaled $9,719,000 as compared to $7,330,000 recorded in the first half of fiscal year 2000 ended June 30. Gross profit improved by 27% to $5,397,000 from $4,259,000.
Total World Revenue By Product
1st half 2000 1st half 2001
AESOP $2,494,000 $3,338,000
Hermes 475,000 1,445,000
Socrates 0 145,000
Zeus 2,731,000 2,835,000
Development 679,000 372,000
Recurring 952,000 1,584,000
---------------------------------
Total $7,331,000 $9,719,000
Units By Product
AESOP 43 51
HERMES 59 148
Socrates 0 2
ZEUS 5 4
Revenue By Region
1st half 2000 1st half 2001
No. America $4,206,000 $7,633,000
Europe & Middle East 628,000 1,775,000
Rest of World 2,497,000 311,000
---------------------------------
$7,331,000 $9,719,000
Computer Motion has now shipped 1,350 systems to customers in over 32 countries around the world. This number includes shipments of 578 AESOPS AESOPS Antarctic Environment Southern Ocean Process Study , 723 HERMES', 46 ZEUS', and 3 Socrates. It is estimated that over 250,000 procedures have been positively impacted by our technology. Sterile drapes drape v. draped, drap·ing, drapes v.tr. 1. To cover, dress, or hang with or as if with cloth in loose folds: draped the coffin with a flag; a robe that draped her figure. are used to cover and keep sterile 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. and ZEUS robotic arms and represent a metric for the number of procedures performed. Sterile drape drape v. To cover, dress, or hang with or as if with cloth in loose folds. n. A cloth arranged over a patient's body during an examination or treatment or during surgery, designed to provide a sterile field around the area. sales totaled 20,000 units for the first half of 2001 versus 15,000 units during the first half of 2000. This represents a 33% increase year over year. Revenue for the quarter totaled $4,003,000, as compared to last year's second quarter of $5,962,000. The gross profit of $2,121,000 compares with the previous year's second quarter result of $3,580,000. For the quarter, Computer Motion ZEUS(R) sales totaled $1,345,000 with 2 systems placed. AESOP(R) sales totaled $1,371,000 with 22 systems placed. Socrates(TM) systems totaled $90,000 with one system placed, bringing total Robotic System robotic system An integrated system of devices that automate production and manufacturing of goods and services Surgery An AI-based surgical assistant system, which processes sensory input from haptic interfaces and/or allows surgeons to act with more accuracy than revenues to $2,806,000. HERMES(TM) system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. to our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partner, Stryker Corporation, totaled $351,000. Developmental revenue totaled $69,000. Recurring revenues of supplies, accessories and service totaled $777,000. Net loss for the quarter totaled $5,300,000 ($0.52 per share before dividend to preferred shareholders) as compared to $3,609,000 ($0.41 per share) for the same period in 2000. Weighted average common shares outstanding increased to 10,179,000 at June 30, 2001 compared to 8,831,000 on June 30, 2000. Working capital at the end of the second quarter was $6,388,000 with no debt. Computer Motion has in place a $12,000,000 equity line from Societe Generale which has not yet been used. The company anticipates drawing from the equity line during the second half of this year. This equity line does not preclude the company from utilizing other sources of capital. Computer Motion will host a teleconference call today at 1:30 pm PT (4:30 pm ET) to discuss its results for the second quarter. To participate, please call 800-863-3255 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 August 3rd, 2001 at 703-925-2505/888-836-6074, code 5370947. An archive of the Webcast will also be available until August 3rd, 2001 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, which enhance surgeons' capabilities, improve outcomes and reduce costs. Computer Motion plays a significant role in transitioning the surgical community from current open procedures to increasingly demanded 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. Computer Motion's products include the ZEUS(R) robotic system for new minimally invasive microsurgical procedures, such as endoscopic beating heart bypass surgery Bypass surgery A surgical procedure that grafts blood vessels onto arteries to reroute the blood flow around blockages in the arteries (arteriosclerosis). , and the HERMES Control Center, a centralized system that enables the surgeon to voice control a network of "smart" medical devices. The AESOP 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 FDA-cleared 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 , and the ZEUS(R) Robotic Surgical System is CE-Marked for commercial sale in the European Community. Computer Motion has completed an FDA-approved Phase 1 Investigational Device Exemption An Investigational Device Exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Premarket Approval (PMA) application or a Premarket Notification [510(k)] submission to Food and (IDE) coronary bypass coronary bypass Surgical treatment for coronary heart disease to relieve angina pectoris and prevent heart attacks. It became widely used in the 1960s. One or more blood vessels—usually an artery in the chest or a vein from the leg—are transplanted to create study and has initiated an IDE mitral valve mitral valve n. A valve of the heart, composed of two triangular flaps, that is located between the left atrium and left ventricle and regulates blood flow between these chambers. Also called bicuspid valve, left atrioventricular valve. surgery, general laparoscopic Laparoscopic A minimally-invasive surgical or diagnostic procedure that uses a flexible endoscope (laparoscope) to view and operate on structures in the abdomen. Mentioned in: Obstetrical Emergencies and thoracic studies with the ZEUS system. Also, the company has begun the second phase of its tubal Tubal (t  `bəl), in the Bible, son of Japheth. reanastomosis
study. The company's Web site is www.ComputerMotion.com.This press release contains forward-looking statements concerning the company's business 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.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
Revenue $ 4,003 $ 5,962 $ 9,719 $ 7,330
Cost of revenue 1,882 2,382 4,322 3,071
Gross profit 2,121 3,580 5,397 4,259
Total operating expense 7,499 7,069 14,978 12,838
Loss from operations (5,378) (3,489) (9,581) (8,579)
Interest income 36 10 76 89
Interest expense (3) (72) (50) (74)
Other income/(expense) 69 1 105 2
Loss before income tax
provision (5,294) (3,602) (9,488) (8,616)
Income tax provision 6 7 12 12
Net loss (5,300) (3,609) (9,500) (8,628)
Dividend to preferred
shareholders 61 - 2,694 -
Net loss available to
common shareholders $ (5,361) $ (3,609) $ (12,194) $ (8,628)
Weighted average common
shares outstanding used to
compute net loss per share
-- basic and diluted 10,179 8,831 10,177 8,806
Loss per share - basic
and diluted $ (0.53) $ (0.41) $ (1.20) $ (0.98)
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion