Computer Motion Announces Third Quarter Revenue; Quarter Highlighted By FDA General Laparoscopic Clearance for ZEUS.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)--Oct. 31, 2002 Third Quarter Conference Call Scheduled For Today, Thursday, October 31st at 2:00 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 serving over 900 customers and 3,000 surgeons in 32 countries, today announced revenue results for the third quarter ended September 30, 2002. The company recorded $4,534,000 in revenue. Revenues recorded in the third quarter of 2001 were $7,158,000. Net loss per share for the third quarter of 2002 totaled $0.32 compared to net loss per share of $0.31 for the third quarter of 2001. Net loss for the third quarter was $5,526,000 compared to a net loss of $3,244,000 for the third quarter of 2001, which includes $307,000 recorded in dividends to the Series B preferred shareholders. 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, stated, "Third quarter revenue was impacted by later than anticipated 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 ZEUS(R), which was received in the last week of the third quarter. As a result of the timing of the clearance, we anticipate a significant increase, approximately 80% to 90%, in 4th quarter revenue versus the 3rd quarter. We believe that the recent additions to senior management, the 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 clearance for ZEUS, our new enhanced 3D visualization and articulating instruments work together to provide a solid foundation for success in the marketplace." "During the fourth quarter, we will continue our drive to shift Computer Motion from a research and clinically oriented company to a sales and marketing engine. We made some good strides, including a great showing at the American College of Surgeons This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. show in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . I am enthusiastic about the quarters ahead as we continue to forge this transition," stated Joseph DeVivo, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Computer Motion will host a conference call to discuss its third quarter earnings on October 31, 2002 at 2:00 p.m. PT. To participate, please call 800-937-6983, or 706-679-5457, and ask to be connected to the Computer Motion Third 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 through November 14, 2002 at 800-642-1687, or 706-645-9291, code 17264. An archive of the webcast will also be available through November 14, 2002 on the Computer Motion Investor Relations website under the events section. Computer Motion's products include: the ZEUS(R) Surgical System and accessories for minimally invasive surgery minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. , the HERMES(R) 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, 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 category of Robotic Telemedicine Devices, and is designed to facilitate surgeon collaboration using video and audio conferencing See audioconferencing. , 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 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 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. RBOT-Santa Barbara
COMPUTER MOTION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2002 2001 2002 2001
Revenue $4,534 $7,158 $15,289 $16,877
Cost of revenue 1,997 2,939 6,859 7,261
Gross profit 2,537 4,219 8,430 9,616
Gross profit % 56% 59% 55% 57%
Research & development expense 2,943 2,744 8,454 8,384
Selling, general &
administrative expense 5,138 4,390 14,887 13,728
Total operating expense 8,081 7,134 23,341 22,112
Loss from operations (5,544) (2,915) (14,911) (12,496)
Total other income/(expense) 28 (16) 15 77
Loss before income tax
provision (5,516) (2,931) (14,896) (12,419)
Income tax provision 10 6 22 18
Net loss (5,526) (2,937) (14,918) (12,437)
Dividend to Series B preferred
shareholders -- 307 4,978 3,001
Net loss available to common
shareholders $(5,526) $(3,244) $(19,896) $(15,438)
Weighted average common shares
outstanding used to compute
net loss per share - basic and
diluted 17,395 10,367 16,382 10,206
Net loss per share - basic and
diluted $(0.32) $(0.31) $(1.21) $(1.51)
COMPUTER MOTION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value)
September 30, June 30,
2002 2002
ASSETS (unaudited) (unaudited)
Current assets:
Cash and cash equivalents $2,151 $3,925
Restricted cash 173 107
Accounts receivable, net 2,510 4,700
Inventories 7,022 6,074
Other current assets 872 683
Total current assets 12,728 15,489
Property and equipment, net 3,881 4,067
Other assets 57 59
Total assets $16,666 $19,615
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Note payable to shareholder 1,000 --
Accounts payable 4,855 3,540
Accrued expenses 4,361 3,534
Deferred revenue 2,568 3,101
Total current liabilities 12,784 10,175
Deferred revenue 1,404 1,642
Other liabilities 11 14
Total liabilities 14,199 11,831
Shareholders' equity:
Common Stock 18 18
Additional paid-in capital 107,309 107,069
Deferred compensation (287) (273)
Accumulated deficit (104,491) (98,964)
Other comprehensive loss (82) (66)
Total shareholders' equity 2,467 7,784
Total liabilities & shareholders' equity $16,666 $19,615
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