Computer Motion Announces First Quarter Earnings.Business Editors/High-Tech Writers 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)--April 15, 2002 1st Quarter Conference Call Scheduled For Today, Monday, April 15th at 1:30 p.m. PT; Simultaneous Webcast Available 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 revenue results for the first quarter ended March 31, 2002. The company recorded $6.9 million in bookings and $5.7 million in revenue. Bookings were up 47% year over year and reported revenue was essentially flat. The first quarter of 2002 saw a 20% year over year rise in business in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "Results in the U.S. were in-line with expectations. However, rest of world sales under performed," stated Bob 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 recognize our responsibility to improve performance in these areas, and we have taken immediate steps to bolster the sales and marketing efforts by applying additional resources and sales support. On a positive note, the market potential worldwide for the systems solution Computer Motion provides and for the procedures we are creating or to which we are adding value is large and growing." Net loss for the quarter totaled $4,458,000 ($0.31 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 loss per share before dividends to preferred shareholders) compared to $4,200,000 ($0.40 pro forma loss per share before dividends to preferred shareholders) for the same period in 2001. In February, the holders of the Company's Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". converted all of their remaining shares into common stock, which included receiving the present value of the future non-cash dividends in common stock. The present value of the future dividends, and the write off of the unamortized beneficial conversion feature was determined to be $4,978,000 ($0.34 per share) and was recognized as a non-cash dividend. The result was a net loss per share for the first quarter of 2002 of $0.65. Computer Motion will host a conference call to discuss its first quarter earnings on April 15, 2002 at 1:30 p.m. PT. To participate, please call 800/937-6983, or 706/679-5457, and ask to be connected to the Computer Motion First Quarter Earnings Conference Call. A live webcast will also be available at the Computer Motion Investor Relations Investor relations The process by which the corporation communicates with its investors. website under the events section. Computer Motion's website is www.ComputerMotion.com. For parties interested in a replay of the call, a digital playback will be available until April 29, 2002 at 800/642-1687, or 706/645-9291, code 3783232. An archive of the webcast will also be available through April 29, 2002 on the Computer Motion Investor Relations website under the events section. Computer Motion's products include: the ZEUS(R) MicroWrist(TM) Robotic Surgical System for minimally invasive surgery minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. , the HERMES(TM) Control Center, a centralized system that enables the surgeon to voice control a network of "smart" medical devices, and 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. (R) 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, which was also 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, is the first device in the newly created 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. category of Robotic Telemedicine Devices, and is designed to facilitate surgeon collaboration using video and audio conferencing, shared control of the 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 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. 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
(Amounts in thousands, except per share amounts)
Three Months Ended
March 31,
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2002 2001
--------- --------
Revenue $ 5,691 $ 5,716
Cost of revenue 2,645 2,440
-------- --------
Gross profit 3,046 3,276
-------- --------
Gross profit % 54% 57%
Research & development expense 2,652 3,134
Selling, general &
administrative expense 4,816 4,345
-------- --------
Total operating expense 7,468 7,479
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Loss from operations (4,422) (4,203)
Total other income/(expense) (30) 9
--------- --------
Loss before income tax provision (4,452) (4,194)
Income tax provision 6 6
-------- --------
Net loss (4,458) (4,200)
Dividend to Series B
preferred shareholders 4,978 2,633
Net loss available to common
shareholders $ (9,436) $ (6,833)
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Weighted average common
shares outstanding used to
compute net loss per share
-- basic and diluted 14,467 10,535
======== ========
Net loss per share -- basic
and diluted $ (0.65) $ (0.65)
========= =========
Proforma net loss per share
before and dividend $ (0.31) $ (0.40)
========= =========
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