Genomica Corporation Reports Financial Results for the Three and Six Months Ended June 30, 2001.Business Editors & Health/Medical Writers BIOWIRE2K BOULDER Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo.--(BW HealthWire)--Aug. 7, 2001 Genomica Corporation (Nasdaq: GNOM This article is about the Norwegian band. For the rocket, see Air-augmented rocket. gnom is the band that Janove Ottesen and Geir Zahl had before they started Kaizers Orchestra. Gnom is Norwegian for small people. ), a leading developer of innovative software products that facilitate drug discovery and development, today announced financial results for the three and six months ended June June: see month. 30, 2001. For the second quarter, the Company posted a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss of $3.8 million, or $0.17 per share, compared to a pro forma net loss of $2.9 million, or $0.19 per share, for the same period in 2000. Total revenues for the second quarter were $464,000, an increase of 17% from $396,000 during the same period of 2000. The increase in revenues was primarily due to licensing fees from the LinkMapper product and consulting fees generated from Genomica's strategic alliance with Applied Biosystems Applied Biosystems, Inc. (formerly NASDAQ: ABIO) is the original name of a pioneer biotechnology company founded in 1981 in Foster City, California, among the Silicon Valley cities of the southern San Francisco Bay Area. . Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the second quarter, excluding non-cash compensation charges, were $5.9 million, compared to $3.5 million during the same period of 2000. The increase in operating expenses reflects a 107% increase in the Company's employee base, with additions primarily in software development and sales and marketing. Pro forma net loss for the second quarter excludes non-cash compensation charges of $2.0 million in 2001 and $4.2 million during the same period in 2000. Pro forma weighted-average common shares outstanding used to compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. pro forma net loss per share takes into account the effects of an assumed conversion of the Company's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. outstanding in 2000 into shares of common stock at the beginning of the reporting period, or the date of original issuance if later. Genomica ended the quarter with cash, investments and interest receivable on investments of $115.5 million. "We continue to focus on becoming the market leader combining software and information based on genetic variation," said Teresa Teresa of Ávila, St. religious contemplation brought her spiritual ecstasy. [Christian Hagiog.: Attwater, 318] See : Mysticism Ayers "Ayers" may refer to:
v. To exhibit symptoms of seizure activity, usually with convulsions. opportunities and adapt to changes in the rapidly expanding field of genomics-based drug discovery and development." 2001 Financial Outlook The Company remains on track to meet the financial expectations released with the first-quarter earnings announcement on April 30, 2001. Pro forma net loss for 2001, excluding non-cash compensation charges, is expected to be in the range of $15.2 million to $16.2 million, or $0.68 to $0.73 per share. Genomica anticipates total revenues will be in the range of $1.7 million to $2.0 million. Revenues from the sale of Discovery Manager are expected to be $1.6 million to $1.8 million for 2001. Revenues from the sale of LinkMapper are expected to be $100,000 to $125,000 for the year. Total operating expenses, excluding non-cash compensation charges, are anticipated to be in the range of $24.8 million to $25.5 million. Excluding non-cash compensation charges, the operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. breakdown is as follows: R&D expenses in the range of $12.9 million to $13.2 million; sales and marketing expenses in the range of $6.1 million to $6.2 million; and, general and administrative expenses in the range of $5.0 million to $5.2 million. Non-cash compensation charges are expected to remain in the $8.2 million to $8.3 million range. Conference Call and Web Cast Scheduled for August 8, 2001, at 10:00 a.m. Eastern Genomica will hold a conference call on August 8, 2001, at 10:00 a.m. Eastern to discuss the second-quarter results. Teresa Ayers, Chief Executive Officer, and Dan Hudspeth, Chief Financial Officer, will lead the call.
Date: Wednesday, August 8, 2001
Time: 10:00 a.m. Eastern
Conference call numbers:
Toll-free: 888/569-5033
Toll/International: 719/457-2653
Webcast: www.genomica.com
A replay of the conference call can be accessed by dialing toll-free 888/203-1112 and outside the U.S., 719/457-0820. The access code is 410296. The replay and webcast will be available through August 15, 2001. About Genomica Corporation Genomica Corporation (Nasdaq: GNOM) develops and markets innovative software products and services that enable pharmaceutical and biotechnology researchers to accelerate the drug discovery and development process. Genomica's customers include leading genomics-based research organizations such as AstraZeneca AstraZeneca PLC[1] (LSE: AZN, ), is a large Anglo-Swedish pharmaceutical company formed on 6 April 1999 by the merger of Swedish Astra AB and British Zeneca Group PLC. , GlaxoSmithKline GlaxoSmithKline plc (LSE: GSK NYSE: GSK) is a British based pharmaceutical, biological, and healthcare company. GSK is a research-based company with a wide portfolio of pharmaceutical products covering anti-infectives, central nervous system (CNS), respiratory, , Aventis Aventis Is a pharmaceutical and lab assay testing company. It was formed in 1999 when Rhône-Poulenc S.A. merged with Hoechst AG. The merged company was based in Strasbourg, France. Sanofi-Aventis was formed in 2004 when Sanofi-Synthélabo purchased Aventis. , Pfizer Pfizer Incorporated (NYSE: PFE) is a major research-based pharmaceutical company, which ranks number two in sales The company is based in New York City. It produces the number-one selling drug Lipitor (atorvastatin, used to lower blood cholesterol); the oral antifungal , and the National Cancer Institute. Genomica also has strategic alliances with Applied Biosystems and Celera Genomics ge·no·mics n. The study of all of the nucleotide sequences, including structural genes, regulatory sequences, and noncoding DNA segments, in the chromosomes of an organism. . For additional information on Genomica, please visit its Website at www.genomica.com. Certain statements in this press release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "anticipate," "should," "planned," "estimated," and "potential," among others. These 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. are based on Genomica Corporation's current expectations. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for such forward-looking statements. In order to comply with the terms of the safe harbor, Genomica Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such factors include, but are not limited to, quarterly fluctuations in Genomica's revenues or other operating results, failure by Genomica to meet financial expectations of analysts and investors, reliance by Genomica on a limited number of customers for a majority of its revenue, Genomica's reliance on key personnel, risks as related to market acceptance of Genomica's product, rapid technological change in Genomica's market, potential defects associated with Genomica's product, Genomica's need to maintain and enhance strategic relationships with larger companies, Genomica's ability to expand its sales and marketing departments, Genomica's ability to manage growth, Genomica's use in its product of third-party components, activities by Genomica and others regarding protection of intellectual property, release of competitive products and other actions by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , and economic downturns in either domestic or foreign markets. Further details on these risks and other risks are set forth in Genomica's filings with the Securities and Exchange Commission. These filings are available on a website maintained by the Securities and Exchange Commission on the world wide web at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Genomica does not undertake an obligation to update forward-looking statements. -0-
GENOMICA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per-Share Amounts)
Three Months Ended Six Months Ended
June 30 June 30
------- -------
(Unaudited) (Unaudited)
2001 2000 2001 2000
---- ---- ---- ----
Revenue $ 464 $ 396 $ 907 $ 766
------- ------- ------- -------
Costs and Expenses:
Costs of revenue 108 93 223 195
Research and development 3,694 3,244 7,240 6,038
Selling and marketing 2,133 1,662 4,057 3,030
General and administrative 1,964 2,742 4,084 5,236
------- ------- ------- -------
Total operating costs 7,899 7,741 15,604 14,499
------- ------- ------- -------
Loss from operations (7,435) (7,345) (14,697) (13,733)
Interest Income 1,645 261 3,564 375
Interest Expense -- (12) -- (29)
------- ------- ------- -------
Net Loss (5,790) (7,096) (11,133) (13,387)
Deemed Dividend Related to
Beneficial Conversion
of Preferred Stock -- -- -- (15,009)
------- ------- ------- -------
Net Loss Applicable to Common
Stockholders $(5,790) $(7,096) $(11,133) $(28,396)
======= ======= ======= =======
Net Loss Per Share $ (0.26) $ (5.30) $ (0.50) $ (22.13)
======= ======= ======= =======
Weighted Average Common
Shares Outstanding -- basic
and diluted 22,479 1,339 22,435 1,283
======= ======= ======= =======
Pro Forma Net Loss $(3,762) $(2,890) $(6,980) $(20,138)
======= ======= ======= =======
Pro Forma Net Loss Per Share $ (0.17) $ (0.19) $ (0.31) $ (1.47)
======= ======= ======= =======
Pro Forma weighted average common
shares outstanding, basic
and diluted 22,479 15,133 22,435 13,738
======= ======= ======= =======
June 30 December 31
2001 2000
---- ----
(Unaudited)
Balance sheet data (In Thousands)
Cash, cash equivalents, interest
receivable on investments,
and marketable securities $ 115,455 $ 126,094
Working capital 59,314 99,303
Total assets 122,537 129,590
Stockholders' equity 120,300 127,086
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