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ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES 1992 RESULTS

 IRVINE, Calif., March 17 /PRNewswire/ -- Advanced Interventional Systems (NASDAQ: LAIS) today announced results for the year ending Dec. 31, 1992. Revenues for the year were $14,017,000, an increase of $10,627,000 over revenues of $3,390,000 reported for the year 1991. The company reported a net loss for the year of $9,864,000, or $1.04 per share, after recognition of two unusual charges, compared to a net loss of $6,505,000 or $.91 per share, for the year ended Dec. 31, 1991.
 ADVANCED INTERVENTIONAL SYSTEMS
 Quarter Ended Dec. 31, 1992 Dec. 31, 1991
 Net revenues $3,443,000 $500,000
 Net loss (6,485,000) (1,668,000)
 Average shares 9,712,334 8,814,446
 Net loss per share ($.67) ($.19)
 Quarter Ended Dec. 31, 1992 Sept. 30, 1992
 Net revenues $3,443,000 $3,516,000
 Net loss (6,485,000) (1,970,000)
 Average shares 9,712,334 9,580,000
 Net loss per share ($.67) ($.21)
 Year Ended Dec. 31, 1992 Dec. 31, 1991
 Net revenues $14,017,000 $3,390,000
 Net loss (9,864,000) (6,505,000)
 Average shares 9,481,165 7,115,195
 Net loss per share ($1.04) ($.91)
 Richard Crosby, LAIS' chief financial officer, said that approximately $4.3 million of the $6.5 million operating loss reported in the quarter ended Dec. 31, 1992, resulted from the company's recognition of two unusual charges. "We are taking a charge for an inventory reserve associated with the DYMER 200+ unit in anticipation of increased pricing pressures and the planned introduction of the company's second generation laser unit in late 1993. LAIS received the federal Food and Drug Administration's marketing approval for its second generation laser unit, the LAISer II, in February 1993, which was earlier than expected. We also recognized a charge for initial license payments and legal expenses incurred in the settlement of the patent dispute with Pillco Limited Partnership," he said.
 According to Crosby, in December 1992, LAIS entered into a licensing agreement with Pillco Limited Partnership, which the company believes will not have a material, adverse impact on LAIS' future results of operations. "The costs associated with the litigation and settlement of this matter and the initial licensing fee represents 25 percent of the annual operating loss, or $.26 per share," Crosby said.
 In addition, during the fourth quarter, LAIS deferred approximately $490,000 in revenue related to Dymer 200+ sales agreements, which provide for an upgrade to the LAISer II unit when it becomes available. The company believes the current cash position will be sufficient to meet the company's operating expenses and capital requirements through 1993.
 Throughout 1992, the company focused on the primary business objective of establishing LAIS' excimer laser technology as the preferred means of treating heart disease patients who cannot be treated effectively with balloon angioplasty, or who would otherwise require highly invasive coronary bypass surgery.
 "Even though revenues increased 313 percent between 1991 and 1992, it has been a difficult year in terms of reaching our revenue expectations," Crosby said. "After receiving our marketing approval on Jan. 31, 1992, we shipped the backlog of laser orders which had accumulated in 1991. This resulted in a successful first quarter in 1992.
 "The following three quarters in 1992, we faced the realities of a generally depressed economy and an uncertain market for medical equipment," Crosby said. Even with these factors, LAIS increased its sales by 313 percent and expanded the installed base of its laser systems to approximately 80 hospitals in the U.S. At these hospitals, many of the leading interventional cardiologists in the country are successfully treating patients, while simultaneously awaiting regulatory approval on new LAIS products. Such products are expected to further expand physicians' ability to treat heart disease patients with the laser procedure.
 The company has continued its commitment to investment in the development of innovative cardiovascular products and received approval in the first quarter of 1993 for its second generation laser system, the LAISer II. The company anticipates that the LAISer II will be available for commercial sale in late 1993. LAIS also began clinical trials during 1992 with two new catheters. LAIS' new Directional Laser Catheter (DLC) for treatment of eccentric lesions has received broad acceptance by physician investigators and has the potential of significantly increasing the number of patients that can be treated with the laser. The new family of "z" catheters with their increased cutting ability further improves clinical success rates, particularly in treating calcified lesions. These two new catheters remain under investigation and should continue to expand the clinical utility of the laser procedure.
 Overall catheter usage in the U.S. at Dec. 31, 1992, average 4.1 catheters per month. Those sites with access to only the approved 1.6 millimeter Litvack catheter averaged 1.7 uses, while those with access to the investigational 50-micron catheters averaged 5.9 uses per month. Those sites with access to all of LAIS' catheters, including the investigational DLC and "z" catheters, averaged 7.4 uses per month.
 During the year, the company also focused significant effort on educating physicians, hospitals, patients and referring physicians regarding the clinical utility and effectiveness of the LAIS system.
 LAIS' strategic acquisition of Polymicro Technologies Inc. (PTI), has proven to be successful by significantly reducing the cost of fiber optics, the principal material used in the manufacture of LAIS' catheters. "In future years," Crosby said, "it should contribute further to LAIS competitiveness by increasing gross margins. Additional products developed by PTI are expected to offer diversification into other potentially high growth medical markets."
 ADVANCED INTERVENTIONAL SYSTEMS
 Consolidated Condensed Financial Statements
 Statement of Operations
 Year Ended Dec. 31 1992 1991
 Net revenues $14,017,000 $ 3,390,000
 Cost of sales 9,773,000 2,724,000
 Gross profit 4,244,000 666,000
 Operating expenses:
 Research and development 5,097,000 4,005,000
 General & admin., sales & marketing 10,287,000 3,545,000
 Total operating expense 15,384,000 7,550,000
 Operating loss (11,140,000) (6,884,000)
 Net interest income 1,282,000 379,000
 Net loss before tax (9,858,000) (6,505,000)
 Income tax expense (6,000) --
 Net loss after tax (9,864,000) (6,505,000)
 Weighted average no. of shares 9,481,165 7,115,195
 Net loss per share $(1.04) $(0.91)
 Balance Sheet Summary
 Year Ended Dec. 31 1992 1991
 Assets:
 Current assets $26,542,000 $38,571,000
 Property, plant & equipment, net 3,435,000 1,172,000
 Other assets 3,164,000 160,000
 Total assets 33,141,000 39,903,000
 Liabilities & stockholders' equity
 Current liabilities $ 5,021,000 $ 2,705,000
 Long-term debt 508,000 570,000
 Stockholders' equity 27,612,000 36,628,000
 Total liabilities and equity 33,141,000 39,903,000
 -0- 3/17/93
 /CONTACT: Connie McCluskey, director - corporate communications of Advanced Interventional Systems, 714-586-1342, or 714-581-8510, ext. 234/
 (LAIS)


CO: Advanced Interventional Systems ST: California IN: MTC SU: ERN

LR-PS -- NY011 -- 6893 03/17/93 09:03 EST
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Date:Mar 17, 1993
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