Conceptus Reports Third Quarter 1999 Financial and Operational Results.SAN CARLOS San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. , Calif.--(BW HealthWire)--Nov. 3, 1999-- Conceptus conceptus /con·cep·tus/ (-tus) the product of the union of oocyte and spermatozoon at any stage of development from fertilization until birth, including extraembryonic membranes as well as the embryo or fetus. , Inc. (Nasdaq:CPTS CPTS Certified Penetration Testing Specialist (network security) CPTS Comptroller Squadron CPTS Computer Program Test Specifications CPTS Catastrophe Personnel Tracking System CPTS Claims Procedure Training Specialist ) reported a net loss of $2,156,000 or $0.22 loss per share for the third quarter of 1999, compared with $1,331,000 or $0.14 loss per share in 1998. Included in the third quarter of 1999 is $708,000 or $0.07 per share of non-recurring consulting and legal fees. Excluding these non-recurring items, net loss in the third quarter of 1999 was $1,448,000 or $0.15 per share. For the nine months ended September 30, 1999, the company reported a net loss of $4,737,000, or $0.49 loss per share, compared with $8,649,000, or $0.91 loss per share in 1998. Net loss in the nine months ended September 30, 1998, include $920,000 or $0.10 per share of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. recorded in June 1998. Cash, cash equivalents, and investments at the end of the quarter were approximately $12,686,000. The company continues to experience success in its Phase II study of the STOP(TM) non-surgical permanent contraception contraception: see birth control. contraception Birth control by prevention of conception or impregnation. The most common method is sterilization. The most effective temporary methods are nearly 99% effective if used consistently and correctly. device. As of October 31, 1999, there are 113 women with proven fertility continuing in the Phase II study of which 56 are relying on STOP(TM) devices. These 56 women have accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. 226 woman-months of efficacy with no reported pregnancies. Conceptus's bio-statisticians report that if STOP(TM) had no contraceptive contraceptive /con·tra·cep·tive/ (-sep´tiv) 1. diminishing the likelihood of or preventing conception. 2. an agent that so acts. effect, the expected number of pregnancies among the 56 women relying on STOP(TM) would be 12 and that it is extremely unlikely to have observed zero pregnancies among these women. A large pivotal trial, however, will be required to support a claim of permanent contraception. STOP(TM) is designed to provide a less invasive alternative to the most common form of contraception worldwide, surgical tubal Tubal (t  `bəl), in the Bible, son of Japheth. sterilization sterilizationAny surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). . Data from the United Nations estimates that 30% of worldwide reproductive couples using contraception, rely on surgical tubal sterilization. A survey performed by the Centers for Disease Control, indicate that surgical tubal sterilization is the number one form of contraception in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and 35% of women aged 35-44 have had a surgical tubal sterilization. STOP(TM) is designed to be a non-surgical alternative to tubal sterilization that can be performed in an office setting without general anesthesia Anesthesia, General Definition General anesthesia is the induction of a state of unconsciousness with the absence of pain sensation over the entire body, through the administration of anesthetic drugs. and with minimal patient discomfort. Except for the historical information contained herein, the matters discussed in this press release are 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. , the accuracy of which is necessarily subject to risks and uncertainties. The receipt of regulatory approvals, results of product development programs, clinical efficacy of and market demand for products, among other matters discussed in this release, may differ significantly from the discussion of such matters in the forward-looking statements. Such differences may be based upon factors within Conceptus's control, such as strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. decisions by management and re-allocation of internal resources, or on factors outside of the company's control, such as delays by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , scientific advances by Conceptus or third parties and introduction of competitive products, as well as those factors set forth in the company's 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. for the year ended December 31, 1998 and other filings with the Securities and Exchange Commission.
CONCEPTUS, INC.
STATEMENTS OF OPERATIONS
(In thousands of dollars, except share data)
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
Net sales 14 86 82 338
Cost of sales 28 75 111 1,587
------ ------ ------ ------
Gross loss (14) 11 (29) (1,249)
Operating expenses:
R&D and regulatory 1,204 898 2,955 3,847
Selling, general and
administrative 1,135 731 2,399 4,550
------ ------ ------ ------
Total operating expenses 2,339 1,629 5,354 8,397
------ ------ ------ ------
Operating loss (2,353) (1,618) (5,383) (9,646)
Interest and investment
income, net 197 287 646 997
------ ------ ------ ------
Net loss (2,156) (1,331) (4,737) (8,649)
====== ====== ====== ======
Net loss per share $(0.22) $(0.14) $(0.49) $(0.91)
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Shares used in computing
basic and diluted net
loss per share 9,629 9,611 9,625 9,543
====== ====== ====== ======
Condensed Balance Sheet Data
(In thousands)
Sept. 30, December 31,
1999 1998
(Unaudited) (a)
Cash, cash equivalents and
short term investments $ 12,686 $ 17,071
Inventory -- --
Trade accounts receivable 19 139
Total current assets 13,072 17,275
PP&E, net 935 1,391
Total assets 14,312 19,031
Accounts payable & accruals 706 678
Total current liabilities 803 775
Accumulated deficit (50,133) (45,396)
Stockholders' equity 13,347 18,014
(a) Derived from audited financial statements.
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