UroCor Announces First Quarter Results.Business/Health Editors OKLAHOMA CITY--(BUSINESS WIRE)--April 25, 2000 Reports Increased Diagnostic Revenues While Continuing ProstaSeed Development With Mallinckrodt and PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. and Preparing for Upcoming Launch of PACIS PACIS Pacific Asia Conference on Information Systems BCG BCG bacille Calmette-Guérin. BCG abbr. 1. bacillus Calmette-Guérin 2. ballistocardiogram BCG, n.pr See bacille Calmette-Guórin. UroCor, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UCOR UCOR Uniform Code of Operating Rules ), a leading provider of diagnostic services diagnostic services, n.pl the imaging and laboratory capabilities available for determining the cause of an illness. for the management and treatment of urological cancers and diseases, today announced results for the first quarter ended March 31, 2000. For the first quarter 2000, the company reported total revenues of $12.0 million, compared to $12.3 million for the first quarter 1999. Revenues for the quarter from core diagnostic and related businesses were $11.9 million, a 3% increase from the $11.6 million recorded in first quarter 1999. Therapeutic revenue of $55,000 for first quarter 2000 was derived from the initial sales of ProstaSeed, UroCor's sources for radiation treatment of 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. ; therapeutic revenue for 1999 was $651,000 derived principally from the co-promotion agreement with Zeneca that terminated at year end 1999. The company reported 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. for first quarter 2000 of $509,000, compared to operating income of $1.3 million for first quarter 1999. The company reported net income of $407,000, or $0.04 per share, in the first quarter 2000, compared to net income of $945,000, or $0.09 per share, in 1999. Net income results reflected launch and pre-launch expenses incurred during first quarter 2000 of approximately $600,000 for the company's two new therapeutics for cancer. These include ProstaSeed and UroCor's second cancer therapeutic, PACIS BCG intravescular immunotherapy, for carcinoma-in-situ (CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S ) of the bladder. PACIS is licensed exclusively by UroCor in the U.S. from BioChem Pharma, a Canadian-based company. President & 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. Michael W. George comments: "We believe the positive financial results UroCor realized this quarter, especially in our core diagnostics business, are the result of critical measures we undertook during the last 12 months towards reducing costs and improving net earnings. The increased Medicare reimbursements, effective January 1, are beginning to translate into our bottom line. Also, our own price increases, also effective January 1, are proof that our urologist Urologist A physician who deals with the study and treatment of disorders of the urinary tract in women and the urogenital system in men. Mentioned in: Congenital Bladder Anomalies, Lithotripsy, Men's Health, Overactive Bladder urologist customers are accepting the value of our products and services. "At the same time, we have continued to make the investments necessary for the launch of ProstaSeed I-125 radiation sources for prostate cancer treatment and for the pre-launch of PACIS BCG for bladder cancer bladder cancer Malignant tumour of the bladder. The most significant risk factor associated with bladder cancer is smoking. Exposure to chemicals called arylamines, which are used in the leather, rubber, printing, and textiles industries, is another risk factor. treatment. We also continue to scale up production of ProstaSeed. In clinical application, radiation oncologists radiation oncologist Radiation therapist A radiologist specialized in using radioactive substances and x-rays to treat tumors and CA; an oncologist who uses various formats of radiation to manage CA Salary ± $200K. See Oncologist. report ProstaSeed has performed as expected when implanted into cancerous prostates to kill tumors. We have been working with Mills Biopharmaceuticals on production scale up, which resulted in the acquisition of Mills announced last week. Meanwhile, our relations with Mallinckrodt Inc. and Prostate Services of America (PSA) as sales and marketing partners have been proceeding favorably. Our other cancer therapeutic product, PACIS BCG, was cleared by the Food and Drug Administration in March and is on schedule for a mid-year launch for treatment of carcinoma-in-situ (CIS) of the bladder." Sr. V.P. & CFO See Chief Financial Officer. Bruce C. Hayden comments: "First quarter 2000 performance represents continued cost management efforts plus improved bottom-line results over the previous two quarters. We continue to build momentum in our core diagnostics operations, and are anxious to see the results related to our forthcoming therapeutic product revenues in the balance of 2000. We have made significant progress over the past year related to the difficult decisions made in early 1999, which resulted in decreased revenue and physician clients as part of our actions. "Our days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying are now at 78 days. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the first quarter was $3.1 million, and our total cash and cash equivalents at March 31, 2000 was approximately $12.2 million. I'm very pleased with the results we have achieved in this area." About UroCor UroCor markets directly to Urologists and managed care organizations a comprehensive range of integrated products and services to assist in detecting, diagnosing, treating and managing prostate cancer, bladder cancer, kidney stones Kidney Stones Definition Kidney stones are solid accumulations of material that form in the tubal system of the kidney. Kidney stones cause problems when they block the flow of urine through or out of the kidney. and other complex urologic disorders urologic disorder Any condition affecting the kidneys, often understood to be of the collecting tubules and southward. Cf Kidney disease. . The Company's primary focus is helping Urologists improve patient care and outcomes while reducing the total cost of managing these diseases. The Company presently serves approximately one-third of the office-based Urologists 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. . Statements in this news release that are not strictly historical, including statements as to plans, objectives and future financial performance, are "forward-looking" statements that are made pursuant to the 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. provisions of 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. Although UroCor believes that the expectations reflected in such 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 reasonable; it can give no assurance that the expectations will prove to be correct. Factors that could cause actual results to differ materially from UroCor's expectations include, among others, competition within the healthcare and medical services industries; the effects of government regulation and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies on the healthcare market and the Company, including the possibility of being deemed not to be in compliance with federal or state regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. ; the Company's access to and the market's acceptance of new diagnostic and therapeutic products; the Company's ability to market and distribute diagnostic and therapeutic products profitably; the Company's ability to maintain or expand contractual relationships with managed care organizations; Company's ability to acquire or develop and implement appropriate management information systems; as well as the risks, uncertainties and other factors described from time to time in the Company's periodic filings with the Securities and Exchange Commission. Visit the UroCor website @ www.urocor.com
UROCOR, INC.
CONDENSED BALANCE SHEETS
(in thousands)
March 31, December 31,
2000 1999
-------- -----
(Unaudited) (Audited)
ASSETS
Cash and marketable investments $ 12,153 $ 11,054
Accounts receivable, net 10,193 11,033
Property and equipment, net 8,973 8,868
Intangible and other assets, net 4,590 3,897
Deferred tax asset, net 5,410 5,660
Prepaid expenses 950 824
Laboratory supplies, at average cost 478 616
Inventory 214 210
---- ---
Total assets $ 44,466 $ 42,162
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable $ 2,871 $ 3,458
Obligations under capital lease - 8
Accrued compensation 706 402
Other accrued liabilities 1,963 163
Deferred Compensation 348 257
--- ---
Total liabilities 5,889 4,288
------------- -------------
Common stock 110 108
Treasury stock (7,175) (7,175)
Additional paid-in capital 59,559 59,265
Accumulated deficit (13,917) (14,324)
------------- -------------
Stockholders' equity 38,577 37,874
------------- -------------
Total liabilities
and stockholders' equity $ 44,466 $ 42,162
============= =============
UROCOR, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Ended March 31
2000 1999
REVENUE $ 12,040 100.0% $ 12,277 100.0%
OPERATING EXPENSES:
Direct cost of services
and products 4,376 36.3% 4,314 35.2%
Selling, general and
administrative expenses 6,756 56.1% 6,315 51.4%
Research and development 399 3.3% 378 3.1%
-------- ----------
Total operating expenses 11,531 95.7% 11,007 89.7%
----------- -----------
Income from operations 509 4.3% 1,270 10.3%
OTHER INCOME (EXPENSE):
Interest, net 171 1.4% 256 2.1%
Other (24) (0.2%) - -
---------- --------------
Total other income
(expense) 147 1.2% 256 2.1%
---------- -----------
Income before income taxes 657 5.5% 1,526 12.4%
Income taxes (250) (2.1%) (581) (4.7%)
-------- --------
NET INCOME $ 407 3.4% $ 945 7.7%
============ ===========
PER COMMON AND COMMON
EQUIVALENT SHARE:
Basic:
Net Income Per Common Share $ .04 $ .09
========== ========
Weighted Average Common and
Common Equivalent Shares
Outstanding 9,367 10,497
========= =========
Diluted:
Net Income Per Common Share
Assuming Dilution $ .04 $ .09
========= ==========
Weighted Average Common
and Common Equivalent
Shares Outstanding
- Assuming Dilution 9,662 11,074
======== =========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion