HYCOR REPORTS INCREASE IN 4TH QTR AND YEAR-END PROFIT.
Sales for the 12 months ended Dec. 31, 2002, were $18,591,000, compared with sales of $17,313,000 for the same period last year, an increase of 7.4%.
Net income for the fourth quarter was $264,000, or $0.03 per share, compared with a net loss of $417,000, or $0.05 per share, for the fourth quarter ended Dec. 31, 2001. Sales for the fourth quarter were $4,816,000, compared with $4,451,000 for the same period last year, an increase of 8.2%.
"We are pleased with the solid growth in revenues and income in 2002 compared to 2001," said J. David Tholen, president and chief executive officer of Hycor Biomedical.
"The increase in sales was primarily due to increased sales of allergy diagnostics to existing accounts and new placements of the HY-TEC(TM) 288 Plus, Hycor's fully automated instrument for allergy and autoimmune testing. In addition, our balance sheet includes a strong cash position of $5.5 million up $2.4 million from Dec. 31, 2001.
"Last year was critical to the implementation of our growth strategy for autoimmune diagnostics," Tholen continued. "We gained FDA clearance for two more autoimmune tests bringing our total portfolio in the U.S. to 28. Overseas, we now offer a portfolio of 32 autoimmune tests. More importantly, our efforts in 2002 have resulted in a significant agreement with Bayer Diagnostics which was announced on Feb. 6, 2003.
"Under this agreement, Hycor will adapt our autoimmune reagent portfolio to Bayer's ADVIA Centaur Immunoassay System. Once the tests are adapted and approved by the FDA, there is an immediate opportunity for substantial market penetration given Bayer's installed base of thousands of instruments. Over the long term, this agreement has the potential to be a very large revenue generator for Hycor in the history of our company."
Hycor Biomedical discovers, develops, manufactures and markets diagnostic products for a variety of human medical conditions. These products include high-quality automated instrument and reagent systems that use blood samples to test for more than 1,000 different allergies and autoimmune disorders, and urinalysis controls and disposable products under the KOVA(R) brand, the market leader in standardized microscopic urinalysis.
Hycor products are used by physicians and clinical laboratories all over the world to provide accurate, reliable test results for physicians and their patients. With headquarters in Garden Grove, and facilities in Germany and Scotland, Hycor employs more than 140 people worldwide and serves customers in more than 50 countries.
For more information, visit http://www.hycorbiomedical.com or call 714/933-3000.
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|Title Annotation:||Hycor Biomedical Inc.|
|Publication:||Biotech Financial Reports|
|Date:||Apr 1, 2003|
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