Cytyc Reports Strong First Quarter 2003 Results; EPS Grows 23 Percent on Revenue Growth of 7 Percent.Business Editors/Health/Medical Writers BOXBOROUGH, Mass.--(BUSINESS WIRE)--April 23, 2003 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, 2003. Revenues for the quarter rose 7 percent to $72.6 million compared to $68.0 million in the first quarter of 2002. Earnings per share increased 23 percent to $0.17 compared to $0.14 reported in the first quarter of 2002. Net income increased 12 percent to $19.8 million compared to $17.6 million in the first quarter of 2002. Patrick J. Sullivan, Cytyc's chairman, president, and chief executive officer, commented, "We are pleased with our strong operating and financial performance throughout the quarter, and we reached several important milestones in our growth initiatives. Clinical support 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) Pap Test Pap test, Pap smear, or Papanicolaou test (păp'ənē`kəlou), medical procedure used to detect cancer of the uterine cervix. continues to build throughout the world and insurance reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. continues to expand for the FirstCyte(TM) Breast Test." "During the quarter, the Scottish 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 Programme selected the ThinPrep Pap Test as the exclusive technology for conversion of all cervical cervical /cer·vi·cal/ (ser´vi-k'l) 1. pertaining to the neck. 2. pertaining to the neck or cervix of any organ or structure. cer·vi·cal adj. screening centers in Scotland Scotland, political division of Great Britain (1991 pop. 4,957,000), 30,414 sq mi (78,772 sq km), comprising the northern portion of the island of Great Britain and many surrounding islands. . In the U.K., the National Institute for Clinical Excellence (NICE) Appraisals Committee issued a preliminary evaluation report recommending the use of liquid-based cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. as the primary means of collecting samples in the cervical screening program in England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. ." Mr. Sullivan added, "We also announced expanded insurance coverage for the FirstCyte Breast Test with the addition of Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). , Coventry Health Care Coventry Health Care, Inc. (Coventry) (NYSE: CVH) is a managed health care company in the United States. On February 8th of 2007 Coventry agreed to acquire Concentra's Workers Compensation Managed Care Services Businesses. External links
abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) has successfully completed its facility inspection, and we eagerly await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. final regulatory approval of the ThinPrep(R) Imaging System." Mr. Sullivan concluded, "We are focused on continuing U.S. conversion to the ThinPrep Pap Test, launching the ThinPrep Imaging System, increasing adoption of the FirstCyte(TM) Breast Test for breast cancer risk assessment, capitalizing on international opportunities, and evaluating business development opportunities to leverage our technology and distribution channel." Cytyc management will discuss first quarter results, business highlights and future expectations during a conference call on April 23, at 5:00 p.m. (Eastern). The call will be hosted by Patrick Sullivan, chairman, president, and chief executive officer, Robert Bowen, vice president and chief financial officer, Christopher Bleck, vice president of commercial operations, and Daniel Levangie, president and chief executive officer of Cytyc Health Corporation. A live webcast of the call may be accessed at Cytyc's website, http://ir.cytyc.com, and the event will be available for replay at this site approximately two hours following the call until May 2, 2003. Those without web access may access the call by dialing 212-346-6565. A telephonic replay of the call will be available through May 2, 2003, by dialing 402-977-9140 (Access Code: 21140167). Cytyc Corporation develops, manufactures, and markets products for medical diagnostic applications primarily focused on 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. . The ThinPrep(R) System is widely used for cervical cancer screening and is the platform from which the Company has launched its expansion into breast cancer risk assessment with the FirstCyte(TM) Breast Test. The ThinPrep System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, and related reagents, filters, and other supplies. 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 and ThinPrep are registered trademarks of Cytyc Corporation and FirstCyte is a trademark for which federal registration has been applied. 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, management of growth, risks associated with competition and competitive pricing pressures, risks associated with the FDA regulatory approval processes and any healthcare reimbursement 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 2002 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. filed with the Commission. 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,
2003 2002
Assets
Current assets:
Cash and investment securities $172,999 $163,744
Accounts receivable, net 39,741 34,066
Inventories 12,373 11,012
Other current assets 4,131 2,046
Total current assets 229,244 210,868
Property and equipment, net 28,289 27,281
Other assets, net 119,731 123,477
Total Assets $377,264 $361,626
Liabilities and Stockholders' Equity
Current liabilities $44,044 $36,585
Non-current liabilities 70 313
Stockholders' equity:
Capital stock 396,021 393,245
Treasury stock (108,340) (92,717)
Accumulated other comprehensive income 2,291 776
Retained earnings 43,178 23,424
Total stockholders' equity 333,150 324,728
Total Liabilities and Stockholders' Equity $377,264 $361,626
Cytyc Corporation
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2003 2002
Net sales $72,620 $68,035
Cost of sales 12,367 12,610
Gross profit 60,253 55,425
Operating expenses:
Research and development 2,955 4,190
Sales and marketing 18,908 17,084
General and administrative 6,069 6,715
Total operating expenses 27,932 27,989
Income from operations 32,321 27,436
Other income, net:
Interest income 728 899
Other income (expense) (112) 49
Total other income, net 616 948
Income before provision for income taxes 32,937 28,384
Provision for income taxes 13,183 10,786
Net income $19,754 $17,598
Net income per common and potential common share:
Basic $0.17 $0.14
Diluted $0.17 $0.14
Weighted average common and potential common
shares outstanding:
Basic 113,418 121,780
Diluted 115,305 126,017
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