PolyMedica Industries Inc. announces record year end revenues and earnings.WOBURN, Mass.--(BUSINESS WIRE)--May 15, 1995--PolyMedica Industries Inc. (AMEX AMEX See: American Stock Exchange :PM) today announced record revenues of $27.0 million in fiscal 1995, a 20 percent increase when compared to $22.5 million in fiscal 1994. Net income for the year rose to $1,789,000, or $.26 per share, compared to a net loss of $(415,000) or $(.06) per share in fiscal 1994. Steven J. Lee, president and chief executive officer, said: "We have now generated net income for seven consecutive quarters while at the same time the company spent $1.1 million funding R&D projects for the further development of our proprietary polyurethanes for advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, and medical device applications. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. grew to $3.9 million in fiscal 1995. EBTDA EBTDA Earnings Before Taxes, Depreciation and Amortization for fiscal 1995 was $5.4 million which is a 64 percent increase over the $3.3 million in Fiscal 1994. The strategic goal of PolyMedica is now to direct our resources to accelerate proprietary technological advances. We believe that we have a critical mass of business which will allow us to continue earnings growth and undertake and complete projects that can create new business." "PolyMedica has focused a major portion of its R&D effort on our synthetic vascular graft devices which are intended to address an estimated $500 million market. At the present time there are no synthetic small bore products which service patients, and the only current medical recourse is to use the natural vein. PolyMedica has made significant progress in the last year towards the development of a vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing graft for easy access to the blood stream; a peripheral tapered graft for patients suffering from atherosclerosis; and a synthetic small bore coronary bypass coronary bypass Surgical treatment for coronary heart disease to relieve angina pectoris and prevent heart attacks. It became widely used in the 1960s. One or more blood vessels—usually an artery in the chest or a vein from the leg—are transplanted to create graft. In addition, advances were made in the cold coagulation coagulation (kōăg'y  lā`shən), the collecting into a mass of minute particles of a solid dispersed throughout a liquid (a sol), usually followed by the precipitation or casting process which resulted in
refinement of the company's proprietary compressible com·press·i·ble adj. That can be compressed: compressible packing materials; a compressible box. com·press wall technology with an ability to 'self-seal.' In the coming year we intend to complete testing in animals and begin appropriate clinical trials in humans for the vascular access graft." "Sales of AZO-CRANBERRY, an internally-developed concentrate for the 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. market, were stronger than expected in the fourth quarter. This is the first expansion of the AZO-STANDARD family of products which the company hopes to follow with additional offerings. In the coming year, CYSTOSPAZ-M, a time release version of CYSTOSPAZ anti-spasmodic, will be reintroduced to the marketplace. In-house manufacturing of other pharmaceutical products continues on schedule, and the company has funded the upgrade of our Woburn, Mass. facilities from working capital." "Wound care product sales grew significantly as FLEXZAN continued to broaden its market acceptance. In the last year, the introduction of proprietary skin care products such as Tricoderm by Laboratoires Polive, in France, and FLEXIPORE by Schiapparelli, in Italy, exceeded management expectations. These innovative dressings have become rapidly accepted OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). products in Europe." "Building on European success, several new wound care products are under development including an adhesive SPYROGEL dressing which is designed to meet the requirements of the professional, first-aid, and OTC burn markets. The company is taking advantage of the synergies between PolyMedica Wound Care and PolyMedica Healthcare by introducing in the U.S. an internally-developed line of sports care products called "Patch Kits for People." These abrasion and blister kits are becoming available in retail drug stores and sporting goods chains and are being promoted by print media and a television ad campaign. If the retail marketing efforts of the company are as successful as we expect, the next step may be to offer certain other wound care products directly into hospital and nursing home settings." "PolyMedica appears to be receiving increased recognition for its technology. Our move to the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. may help to increase our visibility. In the area of financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , management will continue to place emphasis on enhancing earnings." The company will file its 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. with the Securities and Exchange Commission in late June 1995.
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PolyMedica Industries Inc. and Subsidiaries
Consolidated Financial Summary
($000's in thousands, except per share amounts)
Fiscal Year Ended March 31
1995 1994
Revenues $27,020 $22,481 Net income (loss) 1,789 (415) Net income (loss) per common share .26 (.06) Weighted average common shares outstanding 6,789,651 6,538,967 CONTACT: PolyMedica Industries Inc. Steven J. Lee 617-933-2020 |
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