Computer Motion Announces Record Quarterly and Annual Revenue.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. 20, 2001 Quarterly Conference Call Scheduled for 8:30 a.m. PT; Simultaneous Webcast to Be Found at www.ComputerMotion.com Computer Motion Inc. (Nasdaq:RBOT RBOT Rotating Bomb Oxidation Test ), the world leader and pioneer in medical robotics, today announced record revenue for its fourth quarter and year ended Dec. 31, 2000. Revenue for the quarter totaled $8,191,000, a 102 percent increase from revenue of $4,049,000 in the fourth quarter of 1999. Gross profit of $5,230,000 also established a quarterly record and was up 597 percent from the $750,000 recorded in the fourth quarter of 1999. Compared with the third quarter, fourth-quarter revenue was up $1,980,000 (32 percent) and gross profit was up $1,564,000 (43 percent). The accelerated acceptance of the company's systems as well as expanding recurring revenue were responsible for this increase. AESOP/ZEUS fourth-quarter revenue of $6,718,000 set a record for quarter sales and represented a 71 percent increase over the previous year's fourth-quarter level. HERMES revenue of $535,000 in the quarter resulted mainly from commercial shipments of the HERMES Control Center under the company's arrangement with its initial 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 customer for this product, Stryker Corp. No HERMES Control Centers were shipped in the previous year's fourth quarter. Recurring revenues of $791,000 set a quarterly record and represented a 177 percent increase over the previous year's fourth quarter. Net loss for the fourth quarter 2000 was $4,124,000 (41 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ), compared with a net loss of $6,270,000 (72 cents per share) for the comparable prior-year period. Common shares outstanding increased from 8,745,000 at Dec. 31, 1999, to 10,151,000 shares at Dec. 31, 2000. For the full year ended Dec. 31, 2000, revenue of $21,732,000 in 2000 increased 20 percent from revenue of $18,058,000 in 1999. Net loss for the full year ended Dec. 31, 2000, increased by 22 percent to $16,349,000 ($1.90 per share available to common shareholders), in comparison with a net loss of $13,375,000 ($1.57 per share) in 1999. Chairman of the Board and Chief Executive Officer Robert W. Duggan commented: "We are pleased with our revenue growth over the last three quarters of Year 2000. Our focus going forward is on continued growth in revenues combined with a program to reduce our costs of doing business." Computer Motion will host a teleconference call today at 8:30 a.m. PT (11:30 a.m. ET) to discuss its results for the fourth quarter and Year 2000. To participate, call 952/448-9424 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 2, 2001, at 800/615-3210 or 703/326-3020, code 4976446. An archive of the Webcast will also be available until March 6, 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. The Computer Motion products include the AESOP/ZEUS Robotic surgical 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). . Other products include the HERMES 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. While 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. is FDA-approved, the ZEUS component is 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. . 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 and 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 studies with ZEUS. 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 news release contains 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. 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 12 months ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
Revenue $ 8,191 $ 4,049 $ 21,732 $ 18,058
Cost of revenue 2,961 3,299 8,577 9,135
Gross profit 5,230 750 13,155 8,923
Gross profit % 64% 19% 61% 49%
Research and development
expense 3,012 2,863 11,564 9,528
Selling, general and
administrative expense 6,294 4,265 17,798 13,431
Total operating expense 9,306 7,128 29,362 22,959
Loss from operations (4,076) (6,378) (16,207) (14,036)
Other expense/(income) 42 (108) 118 (681)
Loss before income taxes (4,118) (6,270) (16,325) (13,355)
Income tax provision 6 -- 24 20
Net loss (4,124) (6,270) (16,349) (13,375)
Dividend to warrant holders -- -- 1,362 --
Net loss available to
common shareholders $(4,124) $(6,270) $(17,711) $(13,375)
Weighted average common
shares outstanding used to
compute net loss per share
-- basic and diluted 10,104 8,663 9,309 8,503
Net loss available to
common shareholders per
share -- basic and diluted $ (0.41) $ (0.72) $ (1.90) $ (1.57)
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