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PERSEPTIVE BIOSYSTEMS ANNOUNCES FISCAL 1993 RESULTS

 CAMBRIDGE, Mass., Nov. 16 /PRNewswire/ -- PerSeptive Biosystems Inc. (NASDAQ-NMS: PBIO) today reported results for the fiscal year ended Sept. 30, 1993. Revenues for the year were $18,654,000, compared with revenues of $5,008,000 for the fiscal year ended Sept. 30, 1992. The company recorded a net loss for the year of $1,009,000, or $0.10 per share, as compared with a loss of $3,282,000, or $1.00 per share, for fiscal 1992.
 The fourth quarter of fiscal 1993 also marked the first profitable quarter in the company's history. For the quarter, PerSeptive reported revenues of $6,091,000, as compared with revenues of $2,051,000 for the quarter ended Sept. 30, 1992. Net income for the quarter was $46,000, as compared with a loss of $552,000 for the quarter ended Sept. 30, 1992.
 Noubar B. Afeyan, Ph.D., president and chief executive officer of PerSeptive, commented on the financial results as follows: "Fiscal year 1993, our first full fiscal year as a public company, was an exceptional one. We more than tripled revenues, achieved our first quarter of profitability and significantly strengthened our balance sheet. We substantially expanded our product portfolio, increased the size of our sales and marketing organization five-fold, made significant additions to our senior management team and broadened the commercial applications of our core technology to large, life science markets outside of our principal business in the purification and analysis of biomolecules."
 PerSeptive Biosystems designs, manufactures and markets proprietary products and systems for the purification and analysis of biomolecules. These bioseparations products significantly reduce the time and cost required for the development and manufacture of biopharmaceuticals. Its current and planned products are based on its core technologies: Perfusion Chromatography(R) for high resolution separations of biomolecules 10 to one thousand times faster than conventional chromatography; ImmunoDetection(TM) for real-time immunoassays in a flow-through cartridge format; Rational Surface Design(TM), synthetic surfaces that bind biomolecules with the high specificity of antibodies; and Mass Spectrometry for biomolecular analysis with high resolution and sensitivity.
 PERSEPTIVE BIOSYSTEMS INC.
 SELECTED FINANCIAL INFORMATION
 SELECTED INCOME STATEMENT DATA
 Fiscal year ended Sept. 30, 1993 1992
 Revenue:
 Product sales $14,223,000 $ 5,008,000
 Contract research and development 4,431,000 --
 Total 18,654,000 5,008,000
 Costs of goods sold:
 Product sales 5,234,000 1,923,000
 Contract research and development 2,924,000 --
 Total 8,158,000 1,923,000
 Gross profit 10,496,000 3,085,000
 Operating expense 12,415,000 6,619,000
 Loss from operations (1,919,000) (3,534,000)
 Other income (expense) 910,000 252,000
 Net loss $(1,009,000) $(3,282,000)
 Net loss per share $ (0.10) $ (1.00)
 Weighted average common shares
 outstanding 10,240,096 4,027,036
 Pro forma net loss per share $ (0.56)
 Weighted average common shares
 outstanding 7,251,196
 SELECTED BALANCE SHEET DATA
 Sept. 30, 1993 1992
 Cash and investments $36,357,000 $17,174,000
 Total assets $57,098,000 $22,209,000
 Total indebtedness $ 4,230,000 $ 2,912,000
 Total stockholders' equity $52,868,000 $19,297,000
 SELECTED FINANCIAL INFORMATION
 SELECTED INCOME STATEMENT DATA
 Quarter ended Sept. 30, 1993 1992
 Revenue:
 Product sales $ 4,458,000 $ 2,051,000
 Contract research and development 1,633,000 --
 Total 6,091,000 2,051,000
 Costs of goods sold:
 Product sales 1,605,000 794,000
 Contract research and development 1,372,000 --
 Total 2,977,000 794,000
 Gross profit 3,114,000 1,257,000
 Operating expenses 3,419,000 2,002,000
 Loss from operations (305,000) (745,000)
 Other income (expense) 351,000 193,000
 Net loss $ 46,000 $ (552,000)
 Net loss per share $ 0.00 $ (0.06)
 -0- 11/16/93
 /CONTACT: Robert A. Fein, senior vice president-finance of PerSeptive Biosystems, 617-621-1787/
 (PBIO)


CO: PerSeptive Biosystems ST: Massachusetts IN: MTC SU: ERN

RB-IC -- SE010 -- 5222 11/16/93 19:36 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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