Pyxis Corp.

OTC -- PYXS

Pyxis Corp. develops and markets advanced point-of-use systems for the control of medications and supplies in hospitals. The company markets three systems: The Medstation System for the management of narcotics and floor-stock drugs; The Supplystation System for hospital supplies and medication management; and The MedstationRX, which is linked to each patient's drug profile and designed to handle all medications. The company completed its initial public offering on July 22, 1992, and raised $58.9 million by issuing 4.6 million shares of common stock at $14 per share. Some 197 hospitals installed Pyxis systems for the first time last year, bringing the number of hospitals with Pyxis systems to 343. Net income for the year was $11.9 million, compared with a loss of $673,000 in 1991. Revenues were $46.3 million, an increase of 246 percent from 1991's revenues of $13.4 million. The increase was due to the growth in new Pyxis systems installed during 1992. The hike also included $1.5 million of revenue from the introduction of Supplystation Systems and expansion of other systems previously installed. Expansion of Pyxis systems in 1992 contributed approximately 61 percent of total revenues, with 31 percent from newly installed systems. The company's marketing efforts are directed toward expanding existing installations, which management believes will continue to provide a significant portion of future revenues. A typical Pyxis system consists of a network of microprocessor-controlled secure storage units located in patient-care areas throughout the hospital, and the central console in the hospital pharmacy or central supply. Each unit communicates with the central console using telephone lines. The console is connected to the hospital's information system for updating of patient census records and for the transfer of patient medication and supply usage data. By entering a personal identification number and following a simple menu, a nurse can obtain medications and supplies in seconds. All transaction information, including the name of the patient, the description and quantity of items removed, is automatically recorded for accounting, restocking and billing purposes, thereby eliminating time-consuming paperwork.

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Performance Record
(for years ended Dec. 31, in thousands of dollars, except
per-share data)
                                 1992         1991         1990
Revenues                       46,263       13,443          343
Net earnings (loss)            11,897        (673)      (5,090)
Net income (loss) per share      0.77       (0.05)       (0.43)
Total assets                   97,875       17,034        3,946

Directors

Ronald R. Taylor, 45 ... a founder of the company, has been president, CEO and a director since 1987. He has been secretary of the company since June 1989.

Howard E. Greene Jr., 50 ... has been chairman since 1989. He has been a general partner of Biovest Partners, a venture capital firm since 1986, and chairman and CEO of Amylin Pharmaceuticals Inc., a biotechnology company, since 1989. He is also a director of Allergan Inc. and Cytel Corp.

Dick P. Allen, 48 ... a founder of the company, has been a director since 1987. Since 1986, he has been president and CEO of DIMA Ventures Inc., a private investment firm specializing in health care. He is also a director of Hoag Memorial Hospital Presbyterian, HYCOR Biomedical Inc., and several privately held companies.

Douglas C. Carlisle, 36 ... has been a director since March 1990. He joined Menlo Ventures, a venture capital firm, in 1982 and is now a general partner.

Thomas C. McConnell, 38 ... has served as a director since March 1990. He is a general partner of New Enterprise Associates IV L.P., a venture capital investment firm he joined in 1985. He is a director of Cardiovascular Imaging Systems Inc. and Cholestech Corp.

W. David Swenson, 42 ... has been a director since 1989. He is a co-owner of Franklin Venture Capital Inc., and managing partner of two health care and biotechnology-focused venture capital funds, Franklin Capital Associates L.P. and Franklin Capital Associates II L.P.

L. John Wilkerson, Ph.D., 49 ... has been a director since September 1991. Since 1980, he has been associated with The Wilkerson Group, a leading health-care products consulting firm, where he has served as president since 1982. He is a director of Gensia Pharmaceuticals Inc., Walsh International, DeVilbiss Corp. and Cyrolife Inc.

Timothy J. Wollaeger, 49 ... was a founder of the company, served as president and chief executive officer from its inception until August 1987, and as chairman from 1987 to 1989. He is also a director of Amylin and Celtrix Pharmaceuticals Inc.

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Information was compiled from the company's annual report and 1993 proxy statement.