Implant Sciences Reports First Quarter Results.Business Editors/Medical Writers WAKEFIELD, Mass.--(BUSINESS WIRE)--Nov. 9, 2000 Implant Sciences Corporation (AMEX AMEX See: American Stock Exchange : IMX IMX In My eXperience IMX Interactive Music Exchange (TV show) IMX Integrated Multimedia Exchange IMX Industrywide Mortgage Exchange IMX Intermodal Marketing Extension IMX Inverse Multiplexor , IMX. WS; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). : IMX), which develops products for the radiation oncology radiation oncology n. The branch of radiology that deals with the use of ionizing radiation to treat cancers. radiation oncology , interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based and orthopedic marketplaces, today reported results for its first fiscal quarter ended September 30, 2000. Total revenues for the first quarter were $854,405, compared with $874,428 for the corresponding quarter of the prior year. The Company incurred a net loss for the quarter of $878,606, or 15 cents per basic and diluted share, versus a net loss of $274,498, or five cents per basic and diluted share for the same period a year ago. Commenting on the results, Dr. Anthony J. Armini, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Implant Sciences, said, "We are pleased that revenues from our radioactive medical products rose 22.6 percent for the quarter. Our total revenues declined slightly due to a 36.9 percent decrease in government contract and grant revenue as several contracts and grants were completed, and to a 16.3 percent decrease in semiconductor revenues resulting from the upgrading of our production capacity this quarter with the installation of additional equipment and expansion of clean room facilities." During the first quarter, Implant Sciences announced that Vanderbilt University Medical Center The Vanderbilt University Medical Center (VUMC) is a collection of several hospitals and clinics associated with Vanderbilt University in Nashville, Tennessee. It comprises the following units:[2]
"The I-Plant(TM) seed is a key to the future of Implant Sciences, and we believe it can become a major contributor to revenues as we ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale production and sales. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we continue to pursue several other collaborative product development Collaborative Product Development (Collaborative Product Design) (CPD) is a business strategy, work process and collection of software applications that facilitates different organizations to work together on the development of a product. projects utilizing radiation therapy to treat coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. ," Dr. Armini said. The company also recently received three grants from the National Institutes of Health (NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. ) totaling $300,000 to supplement the company's research and development efforts involving the use of "soft gamma" sources for the reduction of restenosis and hyperplasia within blood vessels, he noted. Implant Sciences Corporation develops products for the medical device industry using ion implantation and thin film coatings of radioactive and non-radioactive materials. The Company has received Food and Drug Administration 510(k) clearance to market its I-Plant(TM) Iodine-125 radioactive seed for the treatment of prostate cancer and has recently partnered with MED-TEC, Inc. for its exclusive U.S. distribution. The Company also has under development interventional cardiology devices, temporary coronary brachytherapy systems and radioactive coronary stents, for the prevention of restenosis (reclosure of the artery) after balloon angioplasty. In addition, the Company modifies the surface characteristics of orthopedic joint implants to reduce polyethylene wear, thereby increasing the life of the implant. For more information, please visit our web site at www.implantsciences.com
IMPLANT SCIENCES CORPORATION
Financial Highlights (unaudited)
For the Three Months Ended
9/30/00 9/30/99
Revenues $854,405 $874,428
Net loss (878,606) (274,498)
Net loss per share
Basic ($0.15) ($.05)
Diluted ($0.15) ($.05)
Average shares outstanding
Basic 5,773,575 5,184,676
Diluted 5,773,575 5,184,676
Key Balance Sheet Data (unaudited)
September 30, 2000 June 30, 2000
Cash $3,123,723 $4,837,939
Current assets 4,292,720 6,042,826
Working capital 3,418,060 4,408,121
Total assets 7,990,897 9,468,757
Current portion of
long-term debt 182,143 182,143
Long-term debt 377,573 422,761
Stockholders' equity $6,709,664 $7,382,291
Statements included here that are not historical facts may constitute forward-looking statements and are subject to a variety of risks and uncertainties. There are a number of factors that could cause actual results to differ materially from those expressed on any forward- looking statements by the Company. |
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