EDAP TMS S.A. Reports 2002 First Quarter Financial Results.Business/Medical Editors VAULX-EN-VELIN, France--(BW HealthWire)--May 15, 2002 EDAP EDAP Eating Disorders Awareness and Prevention EDAP Extended Data Availability and Protection (fault tolerant disk technology) EDAP Emergency Department Approved for Pediatrics EDAP Energy Descent Action Plan TMS TMS Transcranial Magnetic Stimulation (alternative medicine for depression) TMS Test Match Special (sports - cricket) TMS Texas Motor Speedway TMS Transportation Management System TMS Toyota Motor Sales S.A. Strong European Acceptance of Ablatherm Substantial Backlog for Core Lithotripsy Lithotripsy Definition Lithotripsy is the use of high-energy shock waves to fragment and disintegrate kidney stones. The shock wave, created by using a high-voltage spark or an electromagnetic impulse, is focused on the stone. Products EDAP TMS S.A. (Nasdaq: EDAP), a global leader in the development, marketing and distribution of a portfolio of minimally-invasive medical devices for the treatment of urological diseases, today reported financial results for the first quarter ended March 31, 2002. EDAP TMS S.A. reported total revenues of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.1 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.4 million) for the first quarter of 2002, compared to EUR 5.7 million (USD 5.2 million) for the first quarter 2001. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were EUR 5.0 million (USD 4.3 million) compared to EUR 5.6 million (USD 5.1 million) for the same period a year earlier. The Company attributed the decline in revenues and net sales to the impact of transferring certain TUMT TUMT Transurethral microwave therapy, see there related manufacturing to Urologix in August of 2001. Gross profit was EUR 2.2 million (USD 1.9 million) as compared to EUR 2.4 million (USD 2.2 million) in the first quarter of 2001. The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the three months ended March 31, 2002, of EUR 0.7 million (USD 0.6 million), compared to a loss of EUR 0.3 million (USD 0.3 million) for the three months ending March 31, 2001. The Company recorded a net profit of EUR 1.2 million (USD 1.0 million) or EUR 0.14 per diluted share (USD 0.12), as compared with a net profit of EUR 0.2 million (USD 0.2 million) or EUR 0.02 per diluted share (USD 0.02), for the same quarter of the prior year. The net profit for the quarter is directly attributable to income generated from the sale of common stock acquired in connection with the sale of the TUMT division. Eric Simon, EDAP's Chief Executive Officer, commented, "Our results in the first quarter of 2002 are in line with our expectations and we believe that it places the Company in a good position to meet the guidance we provided during our 2001 fiscal year end report. At that time, we stated that in 2002 the Company expects to double our 2001 Ablatherm related revenues of EUR 1.6 million. In this quarter, we generated EUR 1.2 million related to our HIFU HIFU High-intensity focused ultrasound Surgery A method that focuses ultrasound to heat/ablate target tissue without injuring surrounding structures. See Sonablate 200™. business, including the sale of two units in Europe. To date, the acceptance and recognition of Ablatherm in Europe has been very successful. "Our total lithotripsy business, including the sale of four units during the quarter, contributed EUR 3.2 million to our total revenues. This business has a substantial backlog which is scheduled to be delivered over the balance of the year and includes our first Sonolith Praktis order 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. . "Finally, as a follow-up to the status of the Ablatherm primary protocol, after an initial meeting with a representative of the AUA AUA American Urological Association, see there , and prior to the Company's meeting 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. we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the FDA will be receptive to a resubmission of a protocol that is acceptable to the Company," concluded Mr. Simon. Separately, the Company announced that it will be exhibiting this year at the AUA meeting in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. beginning on May 26, 2002. Representatives of EDAP will be available at the Company's booth (Booth #821) to meet with interested parties and review the product lines. EDAP TMS S.A., is the global leader in the development, production, marketing and distribution of a portfolio of minimally invasive medical devices primarily for the treatment of urological diseases. The Company currently produces and markets devices for the minimally invasive treatment of localized prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , using High Intensity Focused Ultrasound HIFU (high intensity focused ultrasound) (sometimes FUS or HIFUS) is a highly precise medical procedure using high-intensity focused ultrasound to heat and destroy pathogenic tissue rapidly. (HIFU) and the treatment of urinary tract stones using Extra-corporeal Shockwave Lithotripsy (ESWL ESWL (Extracorporeal shock wave lithotripsy) The use of focused shock waves, generated outside the body, to fragment kidney stones. Mentioned in: Lithotripsy ). The Company also produces and markets in Japan and Italy devices for the non-surgical treatment of benign Prostate Hyperplasia Benign prostate hyperplasia (BPH) Enlargement of the prostate gland. Mentioned in: Paruresis (BPH BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. ) using Microwave Thermotherapy ther·mo·ther·a·py n. Medical therapy involving the application of heat. thermotherapy (TUMT). The Company is also developing HIFU for the treatment of certain other types of tumors. For more information, in the U.S., contact EDAP Technomed Inc., the Company's U.S. subsidiary located in Atlanta, GA, by phone at (770) 446-9950. For additional information on the Company, please see the Company's web site at: www.edaptechnomed.com. This press release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding the Company's growth and expansion plans. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission.
EDAP TMS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of Euro's and U.S. Dollars,
except per share data)
Three Months Ended : Three Months Ended :
------------------- ------------------
March 31, March 31, March 31, March 31,
2002 2001 2002 2001
Euros Euros $US $US
Net sales of
medical equipment 2,548 1,777 2,205 1,618
Net sales of spare
parts, supplies
and services 2,455 3,845 2,125 3,501
---------- ---------- ---------- ----------
NET SALES 5,003 5,622 4,330 5,119
Other revenues 77 74 67 68
---------- ---------- ---------- ----------
TOTAL REVENUES 5,080 5,696 4,397 5,187
Cost of sales (2,926) (3,291) (2,533) (2,996)
---------- ---------- ---------- ----------
GROSS PROFIT 2,154 2,405 1,864 2,191
Research &
development
expenses (779) (905) (674) (824)
S, G & A expenses (2,087) (1,813) (1,807) (1,650)
---------- ---------- ---------- ----------
Total operating
expenses (2,866) (2,718) (2,481) (2,474)
OPERATING PROFIT
(LOSS) (712) (313) (617) (283)
Interest (expense)
income, net 64 (39) 55 (35)
Currency exchange
gains (loss), net (28) 663 (23) 603
Other income
(loss), net 2,039 71 1,765 65
---------- ---------- ---------- ----------
INCOME (LOSS)
BEFORE TAXES AND
MINORITY
INTEREST 1,363 382 1,180 350
Income tax
(expense) credit (204) (204) (177) (186)
---------- ---------- ---------- ----------
NET INCOME (LOSS) 1,159 178 1,003 164
========== ========== ========== ==========
Earning per share
- Basic 0.15 0.02 0.13 0.02
Average number of
shares used in
computation of
EPS 7,740,106 7,784,850 7,740,106 7,784,850
Earning per share
- Diluted 0.14 0.02 0.12 0.02
Average number of
shares used in
computation of
EPS 8,220,735 8,083,258 8,220,735 8,083,258
NOTE: Translated for convenience of the reader to U.S. dollars at the
year 2002 average three months noon buying rate of 1 Euro = 0.8656
USD, and year 2001 average three months noon buying rate of 1 Euro =
0.9105 USD.
EDAP TMS S.A.
CONSOLIDATED BALANCE SHEETS HIGHLIGHTS (UNAUDITED)
(Amounts in thousands of Euro's and U.S. Dollars)
March 31, December 31, March 31, December 31,
2002 2001 2002 2001
Euros Euros $US $US
Cash, cash
equivalents and
short term 20,061 19,361 17,487 17,233
investments
Investments
available for
sale 2,022 9,686 1,763 8,622
Total assets 45,840 53,114 39,958 47,277
Shareholders'
Equity 35,516 38,909 30,959 34,633
NOTE: Translated for convenience of the reader to U.S. dollars at the
noon buying rate of 1 Euro = 0.8717 USD, on March 31, 2002 and at the
noon buying rate of 1 Euro = 0.8901 USD, on December 31, 2001.
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