GAITHERSBURG, Md., Nov. 6 /PRNewswire-FirstCall/ -- BioVeris
Corporation (NASDAQ:BIOV) reported today the financial results for
its fiscal second quarter ended September 30, 2006. BioVeris
recorded revenues of $5.5 million for the fiscal 2007 second
quarter ended September 30, 2006, compared to $6.1 million in the
corresponding prior year period. Revenues for the six months ended
September 30, 2006 were $9.6 million, compared to $11.0 million in
the corresponding prior year period. Revenues include product
sales, which were $5.0 million for the three months ended September
30, 2006, compared to $5.8 million in the corresponding prior year
period. Product sales were $8.6 million for the six months ended
September 30, 2006, compared to $10.4 million in the corresponding
prior year period. Sales of biosecurity products for the three and
six months ended September 30, 2006 were $2.1 million and $3.6
million, respectively, compared to $2.9 million and $5.2 million in
the respective prior year periods. Sales of products for the life
science market for the three and six months ended September 30,
2006 were $2.9 million and $5.0 million, respectively, compared to
$2.9 million and $5.2 million in the respective prior year periods.
These changes in product sales reflect the change of orders and
product deliveries which are based on customers' requirements.
Product costs were $3.4 million (69% of total product sales) for
the quarter ended September 30, 2006 compared to $2.1 million (37%
of total product sales) in the corresponding prior year period.
Product costs were $5.8 million (68% of total product sales) for
the six months ended September 30, 2006 compared to $4.2 million
(40% of total product sales) in the corresponding prior year
period. The current year increase includes approximately $400,000
and $500,000 of costs incurred during the three and six month
periods, respectively, in connection with detection module
upgrades. Product costs also increased due to higher service costs
related to instrumentation. Research and development expenses were
$4.3 million for the quarter ended September 30, 2006, compared to
$4.2 million in the corresponding prior year period. Research and
development expenses were $8.6 million for the six months ended
September 30, 2006, compared to $9.0 million in the corresponding
prior year period. Research and development expenditures decreased
in the current six month period due primarily to lower facilities
and personnel costs. Research and development expenses primarily
relate to ongoing development costs and product enhancements
associated with vaccines, the M- SERIES family of products,
development of new assays and research and development of new
systems and technologies, including point-of-care products.
Selling, general and administrative expenses were $6.0 million in
the quarter ended September 30, 2006, compared to $6.9 million in
the corresponding prior year period. Selling, general and
administrative expenses were $12.2 million in the six months ended
September 30, 2006, compared to $12.6 million in the prior year
period. The decrease in selling, general and administrative costs
in the quarter and six months ended September 30, 2006 is primarily
attributable to a decrease in personnel costs and professional
fees. The net loss for the quarter ended September 30, 2006 was
$7.0 million ($0.26 per common share), compared to a net loss of
$6.5 million ($0.24 per common share) in the corresponding prior
year period. The net loss for the six months ended September 30,
2006 was $14.4 million ($0.54 per common share), compared to a net
loss of $13.2 million ($0.49 per common share) in the corresponding
prior year period. At September 30, 2006, the Company had cash,
cash equivalents and short- term investments of $53.3 million.
BioVeris Corporation is a global health care and biosecurity
company developing proprietary technologies in diagnostics and
vaccinology. The Company is dedicated to the development and
commercialization of innovative products and services for
healthcare providers, their patients and their communities.
BioVeris is headquartered in Gaithersburg, Maryland. Further
information about BioVeris is available at
http://www.bioveris.com/. This press release contains
forward-looking statements within the meaning of the federal
securities laws that relate to future events or BioVeris' future
financial performance. All statements in this press release that
are not historical facts, including any statements about
consolidation of future financial information and future financial
or operational plans are hereby identified as "forward-looking
statements." The words "may," "should," "will," "expect," "could,"
"anticipate," "believe," "estimate," "plan," "intend" and similar
expressions have been used to identify certain of the
forward-looking statements. In this press release, BioVeris has
based these forward-looking statements on management's current
expectations, estimates and projections and they are subject to a
number of risks, uncertainties and assumptions that could cause
actual results to differ materially from those described in the
forward-looking statements. Such forward-looking statements should,
therefore, be considered in light of various important factors,
including changes in BioVeris' strategy and business plans;
BioVeris' ability to develop and introduce new or enhanced
products; BioVeris' ability to enter into new collaborations on
favorable terms, if at all; and changes in general economic,
business and industry conditions. The foregoing sets forth some,
but not all, of the factors that could impact upon BioVeris'
ability to achieve results described in any forward-looking
statements. A more complete description of the risks applicable to
BioVeris is provided in the Company's filings with the SEC
available at the SEC's web site at http://www.sec.gov/. Investors
are cautioned not to place undue reliance on these forward-looking
statements. Investors also should understand that it is not
possible to predict or identify all risk factors and that neither
this list nor the factors identified in BioVeris' SEC filings
should be considered a complete statement of all potential risks
and uncertainties. BioVeris has no obligation to publicly update or
release any revisions to these forward- looking statements to
reflect events or circumstances after the date of this press
release. (Financial data follows.) BioVeris Corporation
Consolidated Statement of Operations (In thousands, except per
share data) (Unaudited) Three Months Six Months Ended Ended
September 30, September 30, 2006 2005 2006 2005 REVENUES: Product
sales $ 4,969 $ 5,789 $ 8,559 $ 10,369 Royalty income 517 360 1,015
670 Total 5,486 6,149 9,574 11,039 OPERATING COSTS AND EXPENSES:
Product costs 3,404 2,118 5,788 4,166 Research and development
4,332 4,249 8,594 9,014 Selling, general, and administrative 6,017
6,897 12,219 12,578 Total 13,753 13,264 26,601 25,758 LOSS FROM
OPERATIONS (8,267) (7,115) (17,027) (14,719) INTEREST INCOME 1,255
1,250 2,456 2,568 OTHER, NET (16) (638) 171 (1,020) NET LOSS $
(7,028) $ (6,503) $(14,400) $(13,171) Net loss per common share
(basic and diluted) $ (0.26) $ (0.24) $ (0.54) $ (0.49) COMMON
SHARES OUTSTANDING (basic and diluted) 26,929 26,808 26,905 26,768
BioVeris Corporation Consolidated Balance Sheet (In thousands)
(Unaudited) September 30, March 31, 2006 2006 ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 32,145 $ 29,693 Short-term
investments 21,123 39,938 Accounts receivable, net 4,123 3,360 Note
receivable - current 1,286 1,230 Inventory, net 6,538 5,429 Other
current assets 2,554 2,508 Total current assets 67,769 82,158
Equipment and leasehold improvements, net 3,397 3,456 OTHER
NONCURRENT ASSETS: Note receivable, net 4,743 4,436 Technology
licenses 14,381 15,356 Other 447 447 TOTAL ASSETS $ 90,737 $
105,853 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 4,594 $ 5,362 Accrued wages
and benefits 1,384 1,862 Other current liabilities 1,336 1,520
Total current liabilities 7,314 8,744 NONCURRENT DEFERRED
LIABILITIES 569 546 Total liabilities 7,883 9,290 SERIES B
PREFERRED STOCK, 1,000 shares designated, issued and outstanding
7,500 7,500 STOCKHOLDERS' EQUITY: Preferred stock, par value $0.01
per share, 15,000,000 shares authorized, issuable in series: Series
A, 600,000 shares designated, none issued - - Common stock, par
value $0.001 per share, 100,000,000 shares authorized, 27,239,000
and 27,238,000 shares issued and outstanding at September 30, 2006
and March 31, 2006, respectively 27 27 Additional paid-in capital
204,934 205,997 Deferred compensation - (1,688) Accumulated other
comprehensive loss (17) (128) Accumulated deficit (129,590)
(115,145) Total stockholders' equity 75,354 89,063 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 90,737 $ 105,853 DATASOURCE:
BioVeris Corporation CONTACT: George Migausky of BioVeris
Corporation, +1-301-869-9800, ext. 2013; or investors: Jonathan
Fassberg of The Trout Group, +1-212-477-9007, ext. 16, for BioVeris
Corporation; or media: Paul Caminiti or Andrew Cole of Citigate
Sard Verbinnen, +1-212-687-8080, for BioVeris Corporation Web site:
http://www.bioveris.com/
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