Cytyc Reports Record Revenues; First Quarter 2004 Revenues $80.7 Million; Reported EPS $0.01 per Diluted Share; Pro Forma EPS $0.18 per Diluted Share.Business Editors/Health/Medical Writers BOXBOROUGH, Mass.--(BUSINESS WIRE)--April 28, 2004 Cytyc Cytyc Corporation (NASDAQ: CYTC) engages in the design, development, manufacture, and marketing of clinical products that focus on women’s health. Its products cover a range of women's health applications, including cervical cancer screening, breast cancer risk Corporation (Nasdaq:CYTC) today announced results for the first quarter ended March 31, 2004. Revenues for the quarter rose 11 percent to $80.7 million compared to $72.6 million in the first quarter of 2003. Net income for the first quarter of 2004 was $1.5 million, or $0.01 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $19.8 million, or $0.17 per diluted share, for the first quarter of 2003. Excluding nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". related to the acquisition of Novacept, net income was $20.6 million, or $0.18 per diluted share. Acquisition charges include acquired in-process research and development costs of $19.1 million. "This has been an exciting first quarter and a great start to 2004," said Patrick J. Sullivan, Cytyc's chairman, chief executive officer, and president. "We achieved significant milestones in each segment of our expanding women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. franchise. We completed the acquisition of Novacept and have begun marketing the NovaSure(R) System for endometrial ablation Endometrial ablation is a medical procedure that is used to remove (ablate) or destroy the endometrial lining of a woman's uterus. This technique is most often employed for women who suffer from excessive or prolonged bleeding during their menstrual cycle but can not or do not wish . In addition, our aggressive rollout plan for the ThinPrep ThinPrep™ Cytology A proprietary system–Cytec, Inc, in which specimens are obtained with a special fluid collection system and the slides for cytologic examination are spread in one-cell-thick layers. See thin prep. (R) Imaging System is ahead of schedule, and we have begun patient enrollment for our pivotal SEDE SEDE Software Engineering and Data Engineering trial for the FirstCyte(R) Breast Test. We also continue to increase conversion to the ThinPrep(R) Pap Test Pap test, Pap smear, or Papanicolaou test (păp'ənē`kəlou), medical procedure used to detect cancer of the uterine cervix. in the U.S. and international markets. Overall, I am very pleased with our progress and performance," Mr. Sullivan concluded. Cytyc management will discuss first quarter results, business highlights and future expectations during a conference call on April 28, at 5:30 p.m. (Eastern). The call will be hosted by Patrick Sullivan, chairman, chief executive officer, and president, Leslie Leslie (Gaelic, derived from a surname meaning 'garden of hollies,'grey fortress, or'garden by the pool')[1] can refer to any of the following: Places in Scotland:
Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. Levangie, executive vice president, commercial operations, and John McDonough McDonough is the name of several places in the United States:
Cytyc Corporation is a leading medical device company that designs, develops, manufactures, and markets innovative and clinically effective products primarily focused on women's health. Cytyc products cover a range of women's health applications, including cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. screening, breast cancer risk assessment, and treatment of excessive menstrual menstrual /men·stru·al/ (men´stroo-al) pertaining to the menses or to menstruation. men·stru·al or men·stru·ous adj. Of or relating to menstruation. bleeding. The ThinPrep(R) System is the most widely used method for cervical cancer screening 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. . The ThinPrep System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, ThinPrep(R) Imaging System, and related reagents, filters, and other supplies. The ThinPrep System also provides the platform from which the Company has launched its expansion into breast cancer risk assessment with the FirstCyte(R) Breast Test. Cytyc Surgical Products manufactures and markets the NovaSure(R) Impedance impedance, in electricity, measure in ohms of the degree to which an electric circuit resists the flow of electric current when a voltage is impressed across its terminals. Controlled Endometrial Ablation System, or the NovaSure(R) System, an innovative endometrial ablation device to treat menorrhagia menorrhagia /men·or·rha·gia/ (men?ah-ra´jah) hypermenorrhea. men·or·rha·gia n. See hypermenorrhea. , or excessive menstrual bleeding. Cytyc is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CYTC. Cytyc, ThinPrep, NovaSure, and FirstCyte are registered trademarks of Cytyc Corporation. 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. in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's financial condition, operating results and future economic performance, and management's expectations regarding future growth opportunities, product acceptance and business strategy, constitute forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from those statements. Risks and uncertainties include, among others, dependence on key personnel and proprietary technology, uncertainty of product development efforts, product acceptance, management of growth, risks associated with litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the effective integration of acquired businesses and technologies, competition and competitive pricing pressures, risks associated with the 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. regulatory approval processes and any healthcare reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including under the heading "Certain Factors Which May Affect Future Results" in its 2003 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 cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions, or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Cytyc Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
2004 2003
------------ ------------
Assets:
Current assets
Cash and investment securities $220,627 $177,897
Accounts receivable, net 56,610 42,070
Inventories 23,230 17,801
Other current assets 7,503 4,859
------------ ------------
Total current assets 307,970 242,627
------------ ------------
Property and equipment, net 34,524 32,561
Goodwill and other intangible assets, net 393,713 107,246
Other assets, net 22,480 8,466
------------ ------------
Total Assets $758,687 $390,900
============ ============
Liabilities and Stockholders' Equity:
Current liabilities $137,713 $32,920
Long-term debt and other non-current
liabilities 254,943 4,349
Stockholders' equity 366,031 353,631
------------ ------------
Total Liabilities and Stockholders' Equity $758,687 $390,900
============ ============
Cytyc Corporation
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months
Ended
Three Months Ended March 31,
March 31, 2004 2003
------------------------------- -----------
Pro Adjustment As As
Forma Reported Reported
------------------------------- -----------
Net sales $80,725 $- $80,725 $72,620
Cost of sales 15,183 - 15,183 12,367
--------- --------- --------- -----------
Gross profit 65,542 - 65,542 60,253
--------- --------- --------- -----------
Operating expenses:
Research and development 4,312 - 4,312 2,955
In-process research and
development - 19,100 (1) 19,100 -
Sales and marketing 20,173 - 20,173 18,908
General and
administrative 7,446 - 7,446 6,069
--------- --------- --------- -----------
Total operating
expenses 31,931 19,100 51,031 27,932
--------- --------- --------- -----------
Income from operations 33,611 (19,100) 14,511 32,321
Other income, net:
Interest income 714 - 714 728
Other expense (499) - (499) (112)
--------- --------- --------- -----------
Total other income, net 215 - 215 616
--------- --------- --------- -----------
Income before provision for
income taxes 33,826 (19,100) 14,726 32,937
Provision for income taxes 13,190 - 13,190 13,183
--------- --------- --------- -----------
Net income $20,636 $(19,100) $1,536 $19,754
========= ========= ========= ===========
Net income per common and
potential common share:
Basic $0.19 $0.01 $0.17
========= ========= ===========
Diluted $0.18 $0.01 $0.17
========= ========= ===========
Weighted average common and
potential common shares
outstanding:
Basic 109,870 109,870 113,418
========= ========= ===========
Diluted 113,023 113,023 115,305
========= ========= ===========
(1) One-time charge to write off in-process research and development
costs related to acquisition of Novacept in Q1 2004
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion